The Federal Reserve's recent hawkish stance, signaling a slower pace of interest rate cuts, has led to a surge in the US dollar, causing significant pressure on major currency pairs like AUD/USD, EUR/USD, GBP/USD, and USD/JPY. Traders are adjusting positions as the dollar strengthens, with AUD/USD nearing 2 ¼ year lows and USD/JPY sensitive to the divergence in monetary policy between the Fed and the Bank of Japan. Market expectations now reflect a reduced outlook for rate cuts in 2025, influenced by strong US inflation and economic indicators.
UBS Group AG has reduced its stake in DS Smith PLC to below the 5% reporting threshold, exempting it from further reporting obligations. This shift in ownership may influence market perceptions and stakeholder interests in the UK-based packaging company, which focuses on sustainable solutions. DS Smith has seen a year-to-date price performance of 83.84% and currently holds a market cap of £7.49 billion.
UBS Group AG has reduced its stake in DS Smith PLC to below the 5% reporting threshold, exempting it from further reporting obligations. This shift in ownership may influence market perceptions and stakeholder interests in the UK-based packaging company, which focuses on sustainable solutions. DS Smith has seen a year-to-date price performance of 83.84% and currently holds a market cap of £7.49 billion.
Beatriz Martin, UBS's Head of Non-Core and Legacy Operations, is successfully managing the integration of Credit Suisse, stating the process has been easier than anticipated. With over 90% of her team from CS, she emphasizes the need for cultural change and plans to focus on growth in Europe post-2026, when her role expires. Martin is seen as a strong candidate to succeed Sergio Ermotti.
AUD/USD, EUR/USD, and GBP/USD have sharply declined following hawkish comments from the Fed. AUD/USD has reached a 13-month low of $0.62, with support at $0.6171. EUR/USD has dropped to a November low, while GBP/USD slid to a three-week low of $1.2562, facing resistance at $1.2608 to $1.2617.
European stocks fell 1.2% following a hawkish shift from the Federal Reserve, which reduced its forecast for interest rate cuts in 2025. The yen weakened past 156 against the dollar as the Bank of Japan maintained its borrowing costs, while US stock futures indicated a potential recovery amid a resilient economy. European government bonds also saw significant losses, with UK 10-year yields reaching their highest since October 2023 ahead of the Bank of England's policy decision.
AUD/USD has fallen to a new 13-month low, currently trading at $0.63, with potential support at the October low of $0.6271. Meanwhile, EUR/USD remains range-bound, and GBP/USD is struggling to gain momentum, hovering near recent lows while facing resistance around $1.2715 to $1.275. Upcoming monetary policy decisions from the Fed and BoE are anticipated to influence market movements.
National Grid plc focuses on electricity and gas networks, with 50.6% of sales from the USA and 45.7% from the UK. The company operates extensive transmission and distribution networks, including over 7,000 km of power lines and 300 substations in the UK, alongside significant telecoms and LNG storage activities.
UBS has upgraded its rating for National Grid to 'Buy' with a target price of 1120 pence following the announcement of a new business plan for 2026-2031. Analyst Mark Freshney noted that while the plan aligns with expectations, the operator's ambitious total cost of £35 billion raises concerns.
UBS Group AG has reduced its stake in Equals Group Plc to below 5%, exempting it from detailed reporting obligations. This reduction may diminish UBS's influence over the company, potentially affecting market dynamics and stakeholder relations. Equals Group Plc specializes in payment solutions and financial management services, aiming to enhance efficiency and manage currency risks.
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