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Japan's Asia Zero Emission Community (AZEC) initiative, aimed at fostering regional decarbonization, has faced criticism for promoting fossil fuel projects, with over one-third of its agreements supporting such technologies. Critics argue that this approach undermines genuine emissions reductions and perpetuates reliance on fossil fuels, despite Japan's commitment to end financing for unabated fossil energy. While some agreements focus on renewable energy, the majority still favor fossil-based solutions, raising concerns about long-term climate impacts in Southeast Asia.
UBS economists have revised their 2025 GDP growth forecast for Switzerland down to 1.3% from 1.5%, citing a weaker eurozone economy as a key factor. While a recovery is expected compared to 2024's projected 1% growth, uncertainties remain regarding domestic demand and eurozone developments, with risks of a stalled recovery. Inflation is anticipated to decrease more sharply, with forecasts of 1.1% for the current year and 0.7% for 2025.
UBS economists have revised their growth forecasts for the Swiss economy in 2025, now predicting a GDP growth of 1.3%, down from 1.5%. The slowdown in the eurozone is expected to hinder Swiss industrial recovery, while inflation forecasts have been adjusted to 1.1% for this year and 0.7% for 2025, supporting consumption outlook.
UBS has reiterated its buy recommendation for Infineon, as reported by Cercle Finance and published by BOURSORAMA. The analysis is provided for informational purposes only, with BOURSORAMA maintaining a conflict of interest management policy to ensure objectivity in its investment recommendations.
The EUR/USD exchange rate sharply declined last week, falling below $1.10 as geopolitical tensions in the Middle East and a strong US employment report drove investors towards the dollar. The euro's retreat from $1.12 signals a bearish outlook, with key support levels at $1.0860 and $1.08. Upcoming US inflation data will be critical in shaping market expectations for Federal Reserve rate cuts.
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UBS has reduced its target prices for several major companies, including Stellantis, which is now set at 16 euros per share (down from 24), and STM, lowered to 38 euros per share (from 44). Stellantis is expected to show erratic performance with resistance at 12.17 and support at 12.06, while STM anticipates uncertainty with resistance at 25.82 and support at 25.69.
STMicroelectronics experienced a slight decline of 0.5% to €25.6250, as UBS lowered its target price from €44 to €38 while maintaining a "buy" recommendation. The Semiconductor Industry Association reported global semiconductor sales of $53.12 billion in August, marking a 20.6% year-on-year increase. Additionally, the World Semiconductor Trade Statistics forecasts 2024 sales to reach $611.2 billion, up 16% from the previous year.
UBS economists have revised their growth forecast for the Swiss economy in 2025 to 1.3%, down from 1.5%, citing potential risks from a sluggish eurozone recovery impacting Swiss industry. For 2024, GDP growth is projected at 1.4%, with inflation expectations also lowered to 1.1% for this year and 0.7% for 2025, which may bolster consumption.
UBS economists have revised their GDP growth forecast for the Swiss economy in 2025 to 1.3%, down from 1.5%, citing a slowdown in the eurozone as a significant factor. Adjusted for sporting events, growth is expected to be 1.5%, compared to a previous estimate of 1.7%. Inflation forecasts have also been lowered, indicating a more favorable outlook for consumption.
The French government is proposing significant budget cuts and tax increases to address a growing public deficit, targeting wealthy households and large businesses. Key measures include a temporary tax on the wealthiest, reduced support for clean vehicle purchases, and increased penalties for CO2 emissions in the automotive sector. Additionally, pension adjustments and spending cuts across various ministries aim to save billions by 2025, amidst a politically unstable environment.

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