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The Latest Breaking News from UBS

Stocks Decline as Debt Ceiling Agreement Heads to the House

What you need to know… The S&P 500 Index ($SPX ) (SPY ) today is down -0.31%, the Dow Jones Industrials Index ($DOWI ) (DIA ) is down -0.48%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is down -0.05%. Over the weekend a tentative agreement was reached between...

Barchart

Stocks See Support from Debt Ceiling Agreement

What you need to know… The S&P 500 Index ($SPX ) (SPY ) today is up +0.22%, the Dow Jones Industrials Index ($DOWI ) (DIA ) is down -0.33%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is up +0.92%. U.S. stocks this morning are mixed, with the S&P...

Barchart

Tech stocks surge as wave of interest in AI drives $4tn rally

Shares in some firms involved in AI technology more than double in value as traders bet on massive growth in industry

The Guardian - UK

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‘Greedflation’ takes a turn: Republicans’ hatred of Joe Biden’s economy makes them easy prey for ‘profit-led inflation episodes,’ UBS chief economist says

Look closely at the Michigan consumer sentiment data, Paul Donovan says: “The detail is hilarious…The two groups appear to be living on different planets.” It was flipped under Trump.

Fortune

Coles and Woolworths food prices rise by 9.6 per cent in past year, outpacing inflation rate

Analysis by investment bank UBS finds food prices at Australia's major supermarket chains have risen at a faster rate than inflation.

ABC News

Here's what could happen in markets if the U.S. defaults. Hint: It won't be pretty

Investors are still hopeful that lawmakers will clinch a deal to raise or suspend the debt ceiling. That's because failure to do so could have devastating consequences in markets.

WEKU

S&P 500 could plunge 20% if US fails to raise debt ceiling, UBS warns

Stocks are primed for a precipitous drop if the U.S. fails to raise the debt limit and delays government payments.

Tribune News Service

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UBS to make $35bn in Credit Suisse takeover – but lose $17bn in rushed deal

UBS says it will absorb costs related to litigation, regulatory matters and liability adjustments in emergency rescue

The Guardian - UK

Filipino priest on mission in Europe to halt fossil fuel financing

A Filipino priest is touring top European banks to demand they curtail ties with companies behind new fossil fuel projects in a region of his home country that is rich in fish and coral. But he is leaving his meetings with bankers feeling frustrated.

Reuters

UBS to take in Credit Suisse CEO as merger closes in 2 weeks

UBS says it’s bringing the CEO of Credit Suisse on to its executive board and will keep the two banks operating separately “for the foreseeable future” as it moves forward with a high-profile merger expected to close within two weeks

The Independent UK

Credit Suisse History Of Doing Business Members Of The Nazi Party Remembered

Top Republican in the U.S. Senate Budget Committee questions the bank's history of the Nazi's interests.

Zenger

UBS reaps $28B in new money amid Credit Suisse fallout

Swiss bank UBS says it took in $28 billion in new money from wealthy clients in the first three months of the year

The Independent UK

Morgan Stanley analysts think commercial real estate is heading for something ‘worse than in the Great Financial Crisis’—here’s what Goldman Sachs and UBS have to say

Commercial real estate headwinds—which are particularly strong in the office space sector—will increase the risk of defaults, distress, and delinquencies.

Fortune

Credit Suisse saw $69 billion in outflows at start of 2023

Credit Suisse says it saw nearly $69 billion in outflows in the first three months of the year and that clients are still withdrawing assets

The Independent UK

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Evening Standard

Bank panic leads to £55 billion in outflows at fallen giant Credit Suisse

Extent of bank run highlights City job fears into the shotgun marriage with UBS

The Guardian - UK

Credit Suisse investors suing Swiss regulator after £4bn bond wipeout

Finma accused of acting unlawfully and undermining confidence in Switzerland as a financial centre

The Independent UK

Credit Suisse investors sue after facing billions in losses

A group of Credit Suisse investors have sued Swiss financial regulators after a government-engineered takeover of the struggling bank by rival UBS left them with billions in losses

ABC News

What does the Reserve Bank of Australia review mean, and how will it affect interest rates and mortgage payments?

A scathing review of the Reserve Bank of Australia is set to deliver a shake-up of the central bank not seen in a generation. Here's what it means for interest rates, your mortgage, and RBA governor Philip Lowe.

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Fortune

Beware the boomerang CEO

Boomerang CEOs signal a succession-planning failure, as evidenced by Disney’s Bob Iger.

The Independent UK

Credit Suisse rescue rebuked by half of Swiss parliament

Switzerland’s lower house of parliament has issued a searing — though symbolic — rebuke of an emergency plan spearheaded by the executive branch to prop up embattled Credit Suisse and shepherd it into a takeover by Swiss banking rival UBS

France 24

IMF forecasts inflation could remain high until 2025, affecting global growth

During its annual Spring Meeting in Washington, the International Monetary Fund has revised its forecasts upward to 7 percent for global inflation this year and 4.9 percent in 2024. Those figures, above the target rate of 2 percent, will be contributing factors in slowing down growth, including for developing economies.…

Reuters

Credit Suisse rescue package rejected by Swiss parliament

Switzerland's parliament rejected on Wednesday the government's 109 billion Swiss francs ($120.82 billion) aid for Credit Suisse's merger with UBS, leaving the fallen bank's hastily arranged rescue without a largely symbolic parliamentary blessing.

The Times of India

UBS mulls retaining Credit Suisse unit serving India’s rich

NEW DELHI: UBS Group AG is considering retaining Credit Suisse Group AG’s private banking unit in India after the emergency rescue of its smaller rival last month, paving the way for a potential return to the market.

The Independent UK

Swiss lawmakers pick apart Credit Suisse woes ahead of deal

Switzerland’s parliament is opening a special session to scrutinize the state-imposed takeover of Swiss bank Credit Suisse by rival UBS

Reuters

Credit Suisse rescue receives initial snub from Swiss parliament

Switzerland's parliament on Tuesday failed to approve the 109 billion Swiss francs ($120.5 billion) of financial guarantees used to rescue Credit Suisse last month, in a first-round vote that was largely symbolic given the state had committed the funds.

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