8 Mins Ago
UBS got a great deal for Credit Suisse in the medium-term but uncertainties lie ahead, asset manager says
The numbers show UBS has a huge “margin of safety” in its Credit Suisse acquisition, but its investment case in the future will rely on several unknowns, says Daniele Scilingo, head of Swiss equities at Mirabaud Asset Management.
58 Mins Ago
UBS pares earlier losses after annual meeting
Shares of UBS tentatively moved into positive territory around midday London time, after dipping at least 0.7% during the bank’s first annual general meeting since its controversial takeover of Credit Suisse.
See Chart…
UBS share price.
UBS Chairman Colm Kelleher described March 19, the date of the emergency rescue of Credit Suisse, as a “historic day and a day we hoped would never come.”
At the time of writing, shares of UBS gained 0.1% from the Tuesday settlement, while Credit Suisse was up 0.3%.
— Hannah Ward-Glenton
An Hour Ago
Gold extends rally as investors weigh economic uncertainty
Gold prices have extended their recent rally, as a cut in oil production, banking sector concerns and U.S. data weigh on investor sentiment elsewhere. The precious metal tends to surge when economic uncertainty grows, as it is considered a more reliable asset.
The spot gold price reached an all-time high of $2,075 per ounce in August 2020, according to Refinitiv data, and was at $2,022 at the time of writing.
“The investments we see in gold pushing it to an all-time high are in response to these broader systemic events. There are better places to put savings and asset allocation to preserve capital and gold fulfills that role,” Joseph Cavatoni, market strategist at the World Gold Council, wrote in a note.
Analysts have flirted with the idea of gold hitting fresh price highs in 2023, with some anticipating the precious metal would trade at up to $2,600 per ounce.
Investors are also looking ahead to the non-farm payrolls data set, due out for release Friday, which could further bolster prices.
— Hannah Ward-Glenton
An Hour Ago
Aviva Investors: This has been a very unloved rally so far
Sunil Krishnan, head of multi-asset funds at Aviva Investors, discusses banking turmoil, earnings revisions and where stocks could trade for the rest of this year.
2 Hours Ago
Swiss regulator: Switzerland faced a full-scale bank run if Credit Suisse went bankrupt
Allowing the bankruptcy of troubled lender Credit Suisse would have crippled Switzerland’s economy and financial center and likely resulted in deposit runs at other banks, Swiss regulator FINMA said Wednesday.
FINMA (the Swiss Financial Market Supervisory Authority) and the Swiss central bank brokered UBS’ takeover for embattled Zurich rival Credit Suisse for 3 billion Swiss francs ($3.3 billion), in a deal announced on March 19.
The full story can be found here.
3 Hours Ago
UBS shares lower during first annual meeting since Credit Suisse takeover
Shares of UBS dropped 0.7% from the start of trade as the Swiss bank hosted its first annual meeting since its takeover of Credit Suisse.
See Chart…
UBS share price.
3 Hours Ago
HSBC: Climate tech investment is currently lower than last year
Martin Richards, global head of sustainable finance at HSBC Global Commercial Banking and president of HSBC Ventures, discusses climate innovation and the planned energy transition.
5 Hours Ago
Stocks on the move: Sodexo up 9%, Nexans down 7%
Sodexo shares jumped more than 9% in early deals to lead the Stoxx 600 after the French hospitality company reported strong first-half earnings and announced its intention to spin off its benefits and rewards unit in 2024.
At the bottom of the European blue chip index, French power cable company Nexans fell 7.5% after Invexans, a subsidiary of Chilean conglomerate Quiñenco, reduced its stake in the company.
– Elliot Smith
11 Hours Ago
CNBC Pro: These low-risk funds offer more than 4% in returns — and are seeing massive inflows
9 Hours Ago
CNBC Pro: Netflix vs Disney: Analysts names their favorite — and give one nearly 30% upside
Netflix and Disney are two of the biggest players in the streaming space, but one stock is a clear favorite among analysts.
Pro subscribers can read more here.
— Zavier Ong
8 Hours Ago
European markets: Here are the opening calls
European markets are heading for a flat open Wednesday as investor uncertainty resurfaces.
The U.K.’s FTSE 100 index is expected to open 5 points higher at 7,644, Germany’s DAX 5 points lower at 15,607, France’s CAC down 8 points at 7,326 and Italy’s FTSE MIB 5 points lower at 26,527, according to data from IG.
Data releases include final purchasing managers’ index data for the euro zone in March and Italian retail sales for February. There are no major earnings.
— Holly Ellyatt
