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Raiffeisen banks Thunersee and Kiesental plan to merge to enhance their market position and address challenges like regulatory pressures and digitalization. The merger aims to maintain customer proximity while improving advisory services, with all jobs retained and a combined asset total of CHF 2.4 billion. The new entity will be named Raiffeisenbank Thunersee-Kiesental, with a planned technical merger on June 10, 2025.
UBS is in the process of acquiring full ownership of its securities joint venture in China, currently held at 67% after its partner, Beijing State-owned Assets Management, decided to auction its 33% stake. This move follows UBS's strategic exit from the securities business of Credit Suisse in China, where it sold a significant portion of its stake in CS Securities.
APi Group Corporation will participate in a fireside chat at the UBS Global Industrials and Transportation Conference on December 4 at 9:40 a.m. ET. A live webcast and archived replay will be available on the Investor Relations page of APi’s website. The company is a leading provider of fire and life safety, security, and specialty services, with over 500 locations globally.
Chinese automakers are poised to strengthen their presence in Europe as discussions on electric vehicle tariffs progress, with a potential agreement involving a price undertaking to prevent undercutting. Meanwhile, global automakers face challenges in both Europe and China, with significant layoffs and a looming price war as competition intensifies. UBS analysts suggest that foreign carmakers should pivot towards affluent consumers and leverage China's advancements in technology and R&D to remain competitive.
Leading banks in Vietnam reported strong profit growth in Q3 2024, driven primarily by credit activities. Vietcombank's pre-tax profit rose 18% to over $445 million, while BIDV and VietinBank also saw significant increases. The banking sector anticipates continued growth, with projections of 15-17% profit growth for 2024, supported by improved credit demand and competitive lending rates.
Raiffeisenbank Region linker Zürichsee is set to open a new branch in Siebenen in fall 2026, relocating advisory services from a nearby location to enhance its presence in the March district. The 150-square-metre branch will feature modern advisory spaces and a project competition for interior design is scheduled for completion by May 2025. While Siebenen will focus on personal advisory services, the Galgenen location will shift to self-service options and expand its digital offerings.
Brent crude oil, silver, and wheat prices have declined amid hopes for a ceasefire between Hezbollah and Israel. Brent crude approached its resistance zone before falling, while silver retested its uptrend line, and US wheat prices hit a three-month low, with key support levels in sight.
Foreign automakers in China risk losing USD20 billion in annual profits due to the rapid rise of local competitors in electrification and vehicle intelligence. While domestic brands have increased their market share to over 70%, international firms face declining capacity utilization and must adapt by focusing on niche markets. Despite challenges, withdrawing from China could limit access to vital technologies and hinder overall development.
The ASX 200 fell 38 points (-0.45%) to 8380 amid market reactions to the president-elect's tariff plans, which could see a modest increase in tariffs on Chinese imports. Energy stocks declined following a 3.1% drop in crude oil prices, while the banking sector was pressured by APRA's decision to maintain the mortgage serviceability buffer. Despite a slight recovery in iron ore prices, gold stocks suffered losses due to geopolitical developments and fiscal policy changes.
Wall Street showed mixed results as concerns over Trump's proposed high import tariffs on goods from Mexico, Canada, and China loom, potentially impacting markets for the next four years. The Swiss stock market remained undecided, with UBS lagging behind in the SMI. Investors await the latest Fed meeting minutes and upcoming data on personal consumption expenditures, the Fed's preferred inflation measure.
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