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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.
AUD/USD fell below $0.6400 as the RBA maintained rates at 4.35% while adopting a mildly dovish stance. Despite this drop, the pair remains above last Friday's low of $0.6373, with potential resistance at $0.6434 and $0.6482. In contrast, EUR/JPY and USD/JPY are on the rise, with USD/JPY recovering from a low of ¥148.65 and approaching the 55-day SMA at ¥150.88. Further resistance for USD/JPY is seen at ¥151.94.
Ethereum's price has retreated from the ambitious USD 4,000 mark amid concerns over US inflation data, which is expected to show core inflation steady at 3.3%. A consolidation phase appears to be underway, with technical factors influencing market sentiment as investors await key monetary policy decisions from the European Central Bank. If downward pressure continues, attention will shift to the USD 3,400 and USD 3,000 levels.
PrivatBank, Oschadbank, Mono, and Raiffeisen Bank have signed a memorandum to enhance financial monitoring, accounting for 64.5% of population funds in banks and 87.5% of active payment cards. Starting February 1, 2025, monthly transaction limits will be set for high-risk clients at UAH 50,000, while medium and low-risk clients will have limits of UAH 150,000, reducing to UAH 100,000 from June 1. The agreement also includes measures for better banking information exchange and increased control over clients without confirmed income.
The Swiss stock exchange closed down for the third consecutive day, with the SMI Index falling 1.01% to 11,642.39 points, marking its sharpest decline in nearly a month. Investor caution prevailed ahead of key economic data, including US inflation figures and upcoming rate decisions from the Swiss National Bank and the European Central Bank.In the market, Richemont and other economically sensitive stocks like ABB and Geberit faced declines, while Nestlé hit a new yearly low. The financial sector was impacted by discussions surrounding UBS's takeover of Credit Suisse, with several insurance companies also struggling.
Switzerland has achieved a 24% reduction in emissions since 1990 while doubling its economy, but faces significant challenges to meet net-zero goals. An annual investment of CHF 13 billion is essential, with the financial sector playing a crucial role in funding renewable energy and carbon capture technologies. Regulatory changes and increased electricity generation capacity are vital for addressing the upcoming energy demands and the shutdown of nuclear reactors.
UBS AG has maintained a "Sell" rating for K+S, setting a target price of 10 euros. Analyst Geoff Haire highlighted that a potential ceasefire between Russia and Ukraine could lead to increased gas exports to Europe, significantly lowering gas prices, which would benefit companies like BASF, Covestro, and Lanxess.
Helios Towers is poised to capitalize on the growing demand for mobile services in emerging markets, supported by a strong buy rating from analysts. Key trends such as 5G deployment, IoT integration, and broadband expansion present significant growth opportunities, despite challenges like regulatory pressures and high capital expenditures. Investors should conduct thorough research and consider risk management strategies when exploring telecommunication stocks.
Market Updates
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United States Dollar
Credit Suisse High Yield Bond Fund, Inc.
UBS Group AG
CHE
Sergio Ermotti
Michael Camacho
23:17 10.12.2024
22:37 10.12.2024
United States Dollar
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Bank of America Corporation
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Sergio Ermotti
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22:35 10.12.2024
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19:50 10.12.2024
18:41 10.12.2024
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17:43 10.12.2024
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11:00 10.12.2024
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09:30 10.12.2024
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