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AUD/USD and EUR/GBP have fallen to multi-year lows, with AUD/USD dropping to a 13-month low following the RBA's decision to maintain rates at 4.35% while adopting a dovish stance. EUR/GBP has slipped to a 2¾-year low, facing resistance in the £0.8260 to £0.8271 range. Meanwhile, EUR/USD is retreating from a recent high, approaching last week's low of $1.0461.
UBS is restructuring its wealth management business in the US, effective January 2025, to enhance client solutions and profitability. The division will be reorganized into four regions, alongside a segment for international clients and a "Wealth Advice Center" for managing lower asset clients primarily through digital channels. Rob Karofsky will lead the US wealth management unit, aiming for growth in this sector.
Australia is set to abolish Additional Tier 1 (AT1) bonds by January 1, 2027, as part of a regulatory overhaul aimed at enhancing banking stability following lessons learned from recent global banking crises. The Australian Prudential Regulation Authority (APRA) will allow banks to replace AT1 capital with Tier 2 and Common Equity Tier 1 capital, responding to concerns that AT1 bonds failed to effectively absorb losses during financial distress. This move positions Australia as the first country to eliminate AT1 bonds as eligible capital, reflecting a shift towards a more resilient banking framework.
The Nasdaq remains in a strong uptrend, with key support levels at 19,000 and 21,000, despite potential rate cut implications from core CPI data. The ASX 200 faces fluctuations influenced by China's stimulus and the RBA's dovish stance, with a possible pullback to 8200 if support at 8350 is breached.The Australian dollar is under pressure, trading below $0.64, while Bitcoin recently peaked at 103,000 but is expected to pull back to around 90,000, with year-end predictions around 95,000. Gold's rally is inconsistent, with traders eyeing buying opportunities near the 200-day moving average around 2500.
Warner Bros. Discovery, Inc. will present at the UBS Global Media and Communications Conference on December 10, 2024, starting at 12:00 PM ET. Interested parties can access the live webcast at https://ir.wbd.com/.
M&A activity in Europe remains predominantly domestic, with hopes for a shift towards greater unification influenced by changes in the US. Cultural fit is often overlooked in deal-making, yet it plays a crucial role in successful integrations, as seen in recent acquisitions like UBS's of Credit Suisse. Predictions for 2025 suggest a more active market, with increased valuations and a functioning IPO market providing alternative exit strategies for private equity firms.
Art Basel Miami kicked off with an exclusive dinner hosted by UBS, featuring a panel discussion titled "UBS Let’s Talk Legacy: Crafting the Future of Cultural Impact." Moderated by Wale Ogunleye, the panel included former NBA star Amar’e Stoudemire, textile artist Bisa Butler, and curator Larry Ossei-Mensah, focusing on the intersection of sports, visual arts, and philanthropy. The event highlighted art's role as a cultural bridge and a means of legacy-building.
AT&T Inc. will present at the UBS Global Media & Communications Conference on December 10, 2024, starting at 8:15 AM ET. The event will be accessible via a live webcast at https://investors.att.com/news-and-events/events-and-presentations.
The NASDAQ 100 has edged lower after reaching a record high, finding support near the 50-day SMA at 20,717, with potential losses targeting the post-election low of 20,350. The Dow continues its gentle pullback, with a critical level at 44,400, while the Nikkei 225 gained slightly, supported by China's policy shift, yet struggles to close above 40,000. A drop below 38,500 could signal a test of recent lows around 38,000.
The US dollar strengthened, trading at CHF 0.8827, while the euro weakened to 1.0502 against the dollar. Market activity remains subdued ahead of key US price figures and interest rate decisions from the SNB and ECB on Thursday, with expectations of a 25 basis point cut.
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