Core Viewpoint - UBS anticipates a significant increase in copper prices due to ongoing supply disruptions and strong long-term demand driven by electrification and clean energy investments, revising its price forecast for March 2026 to $11,500 and setting a new year-end target of $13,000 per ton [1] Supply and Demand Dynamics - UBS has sharply revised its deficit forecasts, now expecting a 230,000-ton shortfall in 2025, up from 53,000 tons, and a 407,000-ton deficit in 2026, previously expected to be 87,000 tons [2] - Structural supply constraints are expected to persist in 2026 due to disruptions in major producing countries, slower recovery in Chile, and ongoing protests in Peru [3] Market Influences - The U.S. Dollar Index (DXY) has decreased by 0.52% over the past five days and 8.19% year to date, making dollar-priced copper more attractive to global buyers, which supports higher copper prices [4] - Market expectations of a Fed rate cut in December, with an 85.1% likelihood of lowering rates to 3.50-3.75%, are seen as a tailwind for copper prices, easing financial pressures on manufacturers and construction firms [5] Demand Growth Factors - Global copper demand is expected to rise by 2.8% in both 2025 and 2026, driven by sectors such as electric vehicles, renewable energy expansion, power-grid investments, and increasing data-center activity [6] Investment Opportunities - UBS recommends maintaining long copper positions, noting that any near-term price softness is likely to be short-lived. Several ETFs are highlighted for exposure to copper, including: - Global X Copper Miners ETF (COPX) with a year-to-date gain of 56.27% [7] - United States Copper Index Fund (CPER) with a year-to-date gain of 18.60% [8] - iShares Copper and Metals Mining ETF (ICOP) with a year-to-date gain of 48.63% [8] - Sprott Copper Miners ETF (COPP) with a year-to-date gain of 37.31% [8] - Themes Copper Miners ETF (COPA) with a year-to-date gain of 64.26% [9]

Group 1: HIBOR Trends - The overnight Hong Kong Interbank Offered Rate (HIBOR) increased by 144 basis points to 3.37%, marking the largest single-day rise since December 2023 [1][3] - The one-month HIBOR, which is related to mortgage rates, has risen for six consecutive days, surpassing the 3% level to reach 3.24% [1][3] - Short-term rates saw significant increases, with the overnight rate rising to 3.36905% and the one-week rate increasing to 2.9125% [3] Group 2: Global Economic Outlook - UBS forecasts a 15% upside potential for global equities by the end of 2026, with a particular focus on Chinese technology stocks, expecting a 37% growth in corporate earnings [1][6] - The investment outlook for the Chinese stock market remains positive, with expectations of double-digit growth for the Hang Seng Index [1][6] Group 3: AI and Technology Sector - AI is expected to drive global stock markets, with capital expenditure on AI projected to reach $4.7 trillion by 2030, and current contracts totaling $2.4 trillion [5][6] - The financial health of leading AI companies is stronger compared to past tech bubbles, as they are investing in AI with free cash flow and have healthy balance sheets [5] Group 4: Investment Recommendations - UBS suggests diversifying investments into stable assets such as private equity funds, bonds, and hedge funds, while also recommending a minimum of 5% allocation to gold in investment portfolios [7] - The firm anticipates that gold prices could reach up to $4,900 per ounce during periods of significant economic volatility [7]

UBS has warned of greater market volatility next year, citing risks ranging from weaker-than-expected artificial intelligence revenue to geopolitical tensions, but the Swiss investment bank remains bullish about Chinese technology shares and gold. UBS identified five major market risks for next year: economic weakness, a resurgence of inflation, government debts, renewed US-China conflicts, and disappointing returns from AI after three years of heavy investment. "One point that we can be very sure of is ...

Core Viewpoint - Rio Tinto is planning to sell its boron assets in California as part of its strategy to simplify operations under new CEO Simon Trott, with the sale expected to generate up to $2 billion [1][6]. Group 1: Company Strategy - The sale of the boron mine aligns with Rio Tinto's efforts to reorganize its operations into three divisions and review its minerals unit, which includes borates [5]. - The company has been focusing on maximizing earnings from its core businesses, primarily iron ore, copper, and aluminum [5]. Group 2: Asset Details - Rio Tinto's California boron assets include a mine and processing operations in the Mojave Desert, a refinery and shipping facility in Los Angeles, and the Owens Lake mining operation [1]. - These assets account for approximately 30% of global boron demand [2]. - The California boron mine has been operational for nearly 100 years and is a leading producer of borates and boron chemicals, with reserves expected to support production through the early 2040s [4]. Group 3: Market Context - Boron is utilized in various industrial applications, including fertilizers, glass and ceramics manufacturing, fiberglass insulation, and strengthening metal alloys [3]. - The U.S. has recognized boron as a critical mineral, highlighting its importance in economic and national security-related products [3]. Group 4: Sales Process - Rio Tinto has engaged UBS Group AG and JPMorgan Chase to assist with the sales process, which is anticipated to commence within the next two weeks [6]. - Potential bidders for the boron assets are likely to include private equity firms and chemical producers [6].

Core Insights - Rocket Companies, a Detroit-based fintech platform, will have its CFO Brian Brown participate in a fireside chat at the 2025 UBS Global Technology and AI Conference [1][2]. Company Overview - Founded in 1985, Rocket Companies operates in the mortgage, real estate, and personal finance sectors, with brands including Rocket Mortgage, Redfin, Mr. Cooper, Rocket Homes, Rocket Close, Rocket Money, and Rocket Loans [3]. - The company leverages insights from over 160 million client calls annually and possesses 30 petabytes of data, positioning itself as a leader in AI-driven homeownership solutions [4]. Client Satisfaction - Rocket Mortgage has been recognized by J.D. Power as the top lender in client satisfaction for primary mortgage origination and servicing, achieving this ranking 23 times, the highest among mortgage lenders [4].

Core Viewpoint - UBS Global Wealth Management's Dominic Schnider predicts that gold prices will rise to $4,500 in the coming months, potentially reaching $4,900 if conditions such as a depreciating dollar and ongoing uncertainty in Federal Reserve monetary policy persist [2][4]. Group 1: Gold Price Trends - The London spot price of gold surged from summer to October, reaching a peak of $4,381.21 per ounce before adjusting to around $4,100 [2]. - Despite a slowdown in the pace of increase, gold prices are expected to continue rising, influenced by speculative funds frequently entering and exiting the market [4]. - The increase in gold prices in 2025 is anticipated to be the most significant in decades, driven by factors such as inflation and a shift away from dollar assets [5]. Group 2: Market Influences - Current real interest rates in the U.S. remain positive, but a shift to negative real rates would create a favorable environment for gold, which does not yield interest [5]. - Central bank purchases of gold remain strong, with combined purchases and investment demand exceeding 700 tons per quarter, providing robust support for gold prices [5]. - Gold is viewed as a valuable asset in investment portfolios, capable of maintaining value during stock market downturns and potentially rising when market sentiment improves, especially in scenarios of central bank rate cuts [5].

Core Insights - Jack Henry & Associates, Inc. (Nasdaq: JKHY) is actively participating in upcoming conferences, with replays available on their investor relations website [1][7] - The company is a prominent financial technology provider, serving approximately 7,400 clients and focusing on innovation and user-centric solutions [2] Company Overview - Jack Henry & Associates is an S&P 500 company that enhances connections between financial institutions and their clients, emphasizing openness and collaboration [2] - The company has been providing technology solutions for nearly 50 years, enabling clients to innovate and compete effectively [2] Financial Updates - The Board of Directors has declared a regular quarterly cash dividend of $0.58 per share [6]

Group 1 - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The news team covers medium and small-cap markets, as well as blue-chip companies, commodities, and broader investment stories [3] - Proactive's content includes insights across various sectors such as biotech, pharma, mining, natural resources, battery metals, oil and gas, crypto, and emerging technologies [3] Group 2 - Proactive is committed to adopting technology to enhance workflows and content production [4] - The company utilizes automation and software tools, including generative AI, while ensuring all content is edited and authored by humans [5]

Core Points - SUSS MicroTec SE has released a voting rights announcement in accordance with the German Securities Trading Act, indicating a change in voting rights distribution [1] - UBS Group AG has crossed the threshold of 3% voting rights in SUSS MicroTec SE, with a new total of 4.94% voting rights [4][5] - The total number of voting rights in SUSS MicroTec SE is reported to be 19,115,538 [4] Summary of Holdings - UBS Group AG holds 0.76% of voting rights attached to shares directly and 4.18% indirectly, totaling 4.94% [4] - The previous notification indicated a total of 5.11% voting rights, showing a decrease in direct voting rights from 0.93% to 0.76% [4] - The breakdown of voting rights includes 145,901 indirect shares, contributing to the overall percentage [5] Instruments and Voting Rights - UBS Group AG holds various instruments that contribute to voting rights, including: - Right of Use over Shares: 4,220 voting rights (0.02%) - Right to Recall of Lent Shares: 74,595 voting rights (0.39%) - Long Call Options: 10,000 voting rights (0.05%) [7] - Additionally, UBS Group AG has significant holdings in swaps on baskets, amounting to 710,000 voting rights (3.71%) [8] Notification Details - The threshold for notification was crossed on November 19, 2025, indicating a significant change in the voting rights structure [4] - The announcement was disseminated on November 25, 2025, as part of regulatory compliance [1][12]

Core Viewpoint - UBS's trading department believes that the decline in the U.S. stock market may have come to an end, setting the stage for a year-end rebound [1] Group 1: Market Outlook - Michael Romano, head of equity derivatives hedge fund sales at UBS, anticipates that the S&P 500 index will rise to 7000 points by the end of the year [1] - The market turbulence in November is seen as having sufficiently adjusted positions, which is expected to favor a resumption of positive market conditions [1] Group 2: Sector Performance - Strong performance from Nvidia is highlighted, along with political support for chip exports, indicating a favorable environment for the semiconductor sector [1] Group 3: Fund Flows - The flow of funds into systematic funds appears to be stabilizing, with volatility-controlled funds having resumed buying operations [1]