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UBS has increased its target price for ArcelorMittal from €27.10 to €35.00 while maintaining a "Buy" rating. Analyst Andrew Jones noted an improved outlook for the EU steel market, driven by a shift of US funds to the EU due to changes in Germany's debt policy and US trade dynamics.
Deutsche Bank AG has issued additional Tier 1 (AT1) capital instruments totaling €1.5 billion. This issuance supports the bank's Tier 1 leverage ratio and its Pillar 1 and 2 solvency requirements, featuring a fixed coupon of 7.125% payable annually until April 30, 2031. The securities are expected to be listed on the Luxembourg Stock Exchange.
Morgan Stanley Investment Management has announced a portfolio management change for the Morgan Stanley China A Share Fund, Inc. In other news, Indian equities continued to rise, driven by gains in banks and energy stocks, while Citigroup adjusted its price target on Morgan Stanley to $125, maintaining a neutral rating. Additionally, Morgan Stanley raised its GDP growth forecast for China in 2025.
UBS has maintained a "Neutral" rating for RTL Group, setting a target price of 21.40 euros following the media group's annual results, which met expectations. Analyst Adam Berlin noted that the earnings outlook for 2025 could lead to increased consensus estimates.
Swisscanto Asset Management International has expanded into the Spanish market by opening an office in Madrid, following its entry into Italy last year. The new branch will be led by Gonzalo Ramón-Borja Alvarez De Toledo, who brings over 25 years of asset management experience, particularly in bond portfolios. He will focus on promoting sales to Spanish partners in the wholesale segment, which is identified as a rapidly growing sector.
UBS is contemplating the sale of Swiss real estate assets valued at under $1 billion as part of a strategic overhaul of its asset management unit. This move aims to enhance profitability and streamline operations following the acquisition of Credit Suisse, with a goal of achieving $13 billion in cost reductions by 2026. The asset management division, contributing 6.5% to total revenues, is being restructured to focus on core functions while integrating Credit Suisse's businesses.
Julius Baer is set to open a branch in Milan by the first half of 2025, marking its entry into the onshore Italian market. Roberto Coletta, formerly of Deutsche Bank, will lead the new branch, which will operate under Bank Julius Baer Europe SA in Luxembourg. This expansion underscores the bank's commitment to serving Italian clients and enhancing its presence in Europe.
Julius Baer is set to open a new branch in Milan in the first half of 2025, targeting wealthy private clients and family offices. Roberto Coletta, formerly of Deutsche Bank and Credit Suisse, will lead the Italian operations, reporting to Falk Fischer, CEO of Julius Baer Europe. This expansion enhances the bank's presence in Europe and its offerings for affluent clients.
UBS Group AG is considering a partial divestment of its asset management division, particularly its Swiss real estate assets, which could be valued at under $1 billion. This move follows a recent restructuring aimed at enhancing profitability and streamlining operations post-Credit Suisse acquisition. UBS aims to achieve significant cost reductions and has already made substantial progress in integrating its businesses.
UBS Group AG is considering a partial divestment of its asset management division, specifically its Swiss real estate assets, which could be valued at under $1 billion. This move follows a recent restructuring aimed at enhancing profitability and streamlining operations after the acquisition of Credit Suisse. The bank's asset management division, contributing 6.5% to total revenues, is being refocused to align with its growth ambitions in real assets.
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ubs raises arcelormittal target price to 35 euros maintains buy rating
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