U.K. borrowing costs rose following a budget announcement that included £70 billion in spending funded by tax hikes, raising concerns about fiscal responsibility and inflation. Analysts believe this situation differs from the 2022 mini-budget crisis, though market apprehension remains due to the government's investment strategy and upcoming U.S. elections. The British pound has also seen fluctuations against the dollar and euro amid these developments.
German online car-parts dealer Autodoc SE has selected Barclays, Citigroup, Deutsche Bank, and Jefferies to lead its upcoming initial public offering in Frankfurt, several years after a previous attempt. The company's valuation for the IPO may be lower than the €10 billion sought in 2021.
CA Indosuez has appointed Mikhail Galtsov as the new Head of Corporate and Investment Banking, effective immediately. Previously with BNP Paribas, Galtsov brings over 25 years of experience and will focus on enhancing the bank's corporate banking presence, particularly with major Swiss corporations. CEO Marc-André Poirier emphasizes the potential synergies between corporate and private banking divisions.
The DAX index faced its third consecutive day of losses, dipping to a low of 19,005 before recovering slightly to close at 19,078 points. Despite a positive test of the 50-day moving average, the index fell 1.3% in October, with critical support levels at 19,000 and 18,912. For upward momentum, the DAX needs to surpass the 19,250 mark and the previous week's low of 19,330.
Deutsche Bank AG has rated UBS shares as "Hold" with a price target of 26 francs, following a strong performance by the Swiss bank in the last quarter. As of 16:06, UBS shares fell 2.5% to CHF 26.50, indicating a downside potential of 1.89% relative to the target. Year-to-date, UBS shares have increased by 4.2%, with key figures for Q4 2024 set to be released on February 4, 2025.
Deutsche Bank Research has maintained a 'Hold' rating on UBS, setting a price target of 26 francs. Analyst Benjamin Goy highlighted the Swiss bank's strong performance in the last quarter in a study published on Thursday.
Deutsche Bank Research has maintained a 'Hold' rating on UBS, setting a price target of 26 francs. Analyst Benjamin Goy commended the Swiss bank's strong performance in the last quarter, as noted in a study published on Thursday.
Deutsche Bank Research has rated UBS as a 'Hold' with a target price of 26 francs, citing diminishing surprise from the integration of Credit Suisse ahead of upcoming quarterly results. In contrast, Goldman Sachs has raised its target for UBS to 38.70 francs, maintaining a 'Buy' rating, reflecting improved asset management expectations. Despite a recent upward trend, UBS shares have underperformed compared to the financial sector average, with an annual return of 17.59 percent.
In the latest episode of the Swiss trading podcast TELL me!, the focus is on significant investments by Meta and Microsoft, alongside UBS and Deutsche Bank surpassing market expectations in their quarterly results. For in-depth insights, listeners are encouraged to subscribe to the podcast for future updates.
UBS Group reported a third-quarter 2024 net profit of $1.42 billion, a significant recovery from a loss of $715 million a year prior, driven by strong performances across its Global Wealth Management, Asset Management, and Investment Bank divisions. Total revenues rose 5% to $12.3 billion, while operating expenses decreased by 12% to $10.3 billion. The company continues to advance its integration of Credit Suisse, aiming for $13 billion in gross cost savings by the end of 2026.
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