UBS is vigorously defending itself amid allegations linked to the Bulgarian mafia, a scandal that has resurfaced in connection with Credit Suisse. The banking giant faces scrutiny as it navigates the implications of this old affair.
The Federal Criminal Court has denied UBS's request to halt proceedings in a money laundering case linked to the Bulgarian mafia, which arose after UBS's acquisition of Credit Suisse. UBS argues that the demise of Credit Suisse should end the case, but the court insists it will proceed, allowing for a financial expert's testimony on due diligence obligations. Previously, Credit Suisse was fined for facilitating money laundering for a cocaine trafficking network.
UBS Asset Management anticipates a soft landing for the global economy, favoring U.S. equities and European high-yield bonds in a volatile market. With central banks maintaining accommodative policies and a divided U.S. Congress likely to temper extreme measures, the firm sees potential in commodities like gold and emerging markets, while remaining cautious on European equities due to disappointing economic data.
The SPI index fell by 0.24% to 16,092.74 points, reflecting a 1.04% decline since the start of the week. Year-to-date, the index has risen by 10.45%, with a high of 16,557.98 points and a low of 14,455.60 points recorded this year. Top performers include Schlatter Industries and EFG International, while HOCHDORF and DocMorris faced significant losses.
UBS has raised its price target for Telenor, as reported by Cercle Finance. BOURSORAMA, acting solely as a distribution channel, emphasizes that it has not influenced the analysis, which is provided for informational purposes only and does not carry contractual value. The institution maintains a conflict of interest management policy to ensure objectivity in its investment recommendations.
The SPI index on the Zurich Stock Exchange fell 0.18% to 16,103.02 points at midday, marking a weekly decline of 0.974%. Over the past year, the index has risen by 10.52%, with a current high of 16,557.98 points and a low of 14,455.60 points. Notable gainers include Schlatter Industries and Rieter, while HOCHDORF and Evolva are among the biggest losers.
Glarner Kantonalbank (GLKB) remains resilient amid a challenging market, maintaining its attractive dividend policy despite a 0.44% decline in share price last month. With a forecast dividend yield of 5.09% for 2024 and solid key figures, the stock appears well-valued, though investors should watch for the upcoming quarterly statement on February 25, 2025, for potential market insights.
Major US banks, led by JPMorgan and Wells Fargo, will report 3Q 2024 earnings starting October 11. JPMorgan's revenue is expected to rise 2.4% YoY to $41.7 billion, but EPS may drop 11% due to increased credit loss provisions amid economic caution. Analysts anticipate a contraction in net interest income as the Fed begins rate cuts, while investment banking activities may continue to show resilience.
IG
Martin Schlegel, the new CEO of the Swiss National Bank, highlighted significant geopolitical risks during his inaugural speech in Bellinzona, predicting subdued economic growth and a GDP increase of just 1% for the year, below the long-term average. His visit to Ticino was met with pride from local officials, reflecting the region's support for his leadership.
Basler Kantonalbank (BKB) marks 125 years since opening its first counter in Basel, reflecting significant changes in the banking sector. In an interview with CEO Basil Heeb, insights into the bank's history, evolution, and future are shared, along with a glimpse into BKB's gold vault.
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