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Gold prices have surged, recovering from a recent selloff and targeting $2720, with further gains possible towards $2790. WTI crude oil shows signs of stabilizing, needing to maintain above $72.00 for a bullish outlook, while natural gas has formed a higher low, aiming for November's 3600 highs.
UBS is restructuring its US wealth management business to target a wider range of affluent clients, excluding the ultra-wealthy. The new structure will consist of six divisions, including regional centers for wealth management, an international client division, and a "Wealth Advice Center" for clients with lower assets, primarily utilizing digital services. Rob Karofsky will lead the US wealth management division, aiming for growth in this sector.
The St.Gallen region is experiencing high demand for residential properties, with only 3.5% of condominiums for sale, compared to the national average of 4.6%. While condominium prices have risen by 2.7%, single-family home prices remain stable. Experts predict continued price increases in 2025 due to strong demand and falling mortgage rates.
The Rhine Valley continues to lead St. Gallen in real estate supply, with a 4.6% supply ratio despite a slight decline in condominiums. While new single-family home construction is decreasing, prices remain high, with a 2.2% increase to nearly CHF 1.6 million, and condominiums rising 4.8% to around CHF 910,000. Strong population growth and rising demand are expected to sustain price increases, although economic risks from international companies may affect buyer willingness.
Japan's wholesale prices have risen for three consecutive months, driven by increased costs for food, non-ferrous metals, and plastics, prompting speculation of a potential interest rate hike by the Bank of Japan in December. Meanwhile, the dollar has seen mixed performance against Asian currencies, losing ground to the yen but gaining slightly against the yuan and Swiss franc. The euro remains stable against the dollar while appreciating slightly against the franc.
Walgreens Boots is in talks for a sale to Sycamore Partners, while Domino’s bids for Wingston’s UK franchise. In a significant move, a federal judge blocked Kroger's $24.6bn merger with Albertsons, favoring antitrust regulators. Meanwhile, Evergrande's liquidation efforts face challenges as its assets are primarily in mainland China, complicating recovery for investors.
Stephan Elmenhorst, head of the index team at Swiss Life Asset Managers, emphasizes the active approach within indexed investing, aiming for minimal tracking error while strategically deviating from index rules to enhance returns. With over CHF 2 billion managed across 17 funds, the team is capitalizing on the growing demand for indexed funds, particularly following the decline of Credit Suisse, and leveraging established relationships to attract institutional investors. Elmenhorst advocates for diversification and low-cost index solutions as essential components of a balanced investment portfolio.
UBS Group AG is restructuring its US wealth management unit to enhance profitability, expanding from two divisions to four regional units, alongside a team for international clients and an advice center. This move aligns with CEO Sergio Ermotti's strategy for US growth, particularly following the integration of Credit Suisse. Additionally, UBS is launching a new Ultra-High Net Worth Plus segment for clients with assets exceeding $50 million.
Silver prices surged to a one-month high, with support around $30.00 as buyers regain control. Brent crude oil is on track to test the $74.00 level, maintaining support at $70.50. Meanwhile, New York cocoa prices have reached a five-month high, recovering from previous declines.
UBS is restructuring its US wealth management division to attract a wider range of affluent clients, moving beyond its focus on ultrawealthy individuals. The plan includes creating six divisions, enhancing banking services, and pursuing a national banking charter to improve profitability and compete with rivals like Morgan Stanley and Bank of America’s Merrill Lynch. This initiative is part of a broader effort to realign US operations under new leadership, aiming for higher profit margins and growth.
Market Updates
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Gold and Energy Prices Rally Amid Market Recovery
09:48 11.12.2024
ubs restructures us wealth management to target broader client base
09:37 11.12.2024
St Gallen Real Estate Market Faces High Demand and Limited Supply
09:20 11.12.2024
Rhine Valley Real Estate Market Sees Price Increases Amid High Demand
09:07 11.12.2024
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