Switzerland's federal prosecutor on Monday said it has filed an indictment against a former Credit Suisse employee, accusing the person of money laundering in relation to loans granted in Mozambique. ...

The Swiss National Bank probably didn’t step into currency markets in October to stop the haven run of the franc, according to UBS calculations based on balance sheet data https://t.co/KjZRHgZm1s ...

Today in stocks and translation, we're going to take a look at how the Dow is actually calculated. Now, the Dow was born all the way back in 1896, nearly 130 years ago, before computers, before calculators. So, this index of 30 stocks had to be easy to calculate. And for sakes of simplicity, only the stock price is used. So, the higher the stock price, the greater the weight in the index. And almost every other index, by the way, like the S&P and the NASDAQ, they use a company's market capitalization, but t ...

Core Viewpoint - Major financial institutions like Citigroup and Goldman Sachs anticipate a rebound in India's markets in 2026 as earnings stabilize and policy support is implemented [1][22]. Market Performance - India's markets have underperformed significantly, with stocks lagging peers by the widest margin in over 30 years and the rupee being the worst performer in Asia [2][22]. - The MSCI India gauge has increased by 8.2% this year, but still trails the broader emerging market benchmark by the largest gap since 1993 [8][22]. Economic Indicators - India's GDP grew by 8.2% in the September quarter compared to the previous year, although the IMF has revised its growth forecast for the next financial year down to 6.2% from 6.4% due to US tariffs [10][22]. - Corporate earnings for the top 100 firms rose by 12% in the September quarter, marking the first quarter without an estimate cut in many periods [11][22]. Currency and Bond Market - The rupee, which hit a record low in November and is down 4.3% this year, may be nearing a near-term floor, with ING Bank identifying it as having the most rebound potential in the region [10][22]. - Sovereign bonds have returned only 2.1%, significantly lagging behind the 8% gain for broader emerging market debt, primarily due to a weaker rupee and expectations of an end to the rate-cut cycle [16][22]. Investor Sentiment - There are early signs of improved sentiment due to growth-supportive measures and a pause in earnings downgrades, with investors considering a rotation out of the artificial intelligence trade [3][9][22]. - Global funds have started to return after pulling over $16 billion from equities earlier this year, with recent inflows of $1.7 billion indicating potential for a larger reversal if conditions improve [19][22]. Central Bank Actions - The Reserve Bank of India has cut policy rates by 100 basis points and engaged in record government debt purchases to ease liquidity pressures [15][22]. - Traders are anticipating another rate cut on December 5, which could lead to significant bond purchases and a potential drop in yields by about 25 basis points [18][22].

Core Viewpoint - UBS analyst Steven Fisher maintains a Buy rating and a price target of $535 on Deere (DE) shares, indicating confidence in the company's future performance despite a slightly lower initial FY26 earnings guidance midpoint [1] Group 1: Earnings and Guidance - The Q4 results and outlook for Deere were described as "directionally consistent" with UBS's expectations, establishing 2026 as the agricultural bottom [1] - The initial FY26 earnings guidance midpoint is slightly lower than UBS's previous model, attributed mainly to a weak Q1 in North America [1] - UBS expresses increased confidence in 2026 as the earnings bottom and anticipates a recovery in 2027 following the report [1]

Core Insights - The article discusses the current trends and developments in the gold market, highlighting the impact of economic factors on gold prices and investor behavior [1][2]. Group 1: Market Trends - Gold prices have shown significant fluctuations in recent months, influenced by global economic conditions and investor sentiment [1]. - The demand for gold as a safe-haven asset has increased amid rising inflation and geopolitical tensions, leading to a surge in investment [2]. Group 2: Economic Indicators - Key economic indicators such as interest rates and currency strength are affecting gold's attractiveness as an investment [1]. - The article notes that central bank policies and their implications for monetary stability are crucial in determining gold price movements [2].

Core Viewpoint - UBS Group reported a significant increase in net profit and revenues for Q3 2025, driven by strong performances across its divisions, although a decline in total assets raised concerns [2][3]. Financial Performance - The net profit attributable to shareholders for Q3 2025 was $2.48 billion, up from $1.43 billion in the prior-year quarter [2]. - Total revenues increased by 3.5% year over year to $12.76 billion, while operating expenses decreased by 4.4% to $9.83 billion [3]. - Total credit loss expenses were reported at $102 million, a decline of 15.7% from the previous year [3]. Business Divisions' Performance - Global Wealth Management's operating profit before tax rose to $1.35 billion from $1.09 billion year over year [4]. - Asset Management's operating profit before tax increased by 44.4% to $218 million [4]. - Personal & Corporate Banking reported a decrease in operating profit before tax to $631 million, down 25.4% year over year [4]. - The Investment Bank unit's operating profit before tax increased to $900 million from $405 million in the prior-year quarter [4]. Capital Position - Total assets fell by 2.3% from the previous quarter to $1.63 trillion [6]. - Return on Common Equity Tier 1 capital improved to 13.5% as of September 30, 2025, compared to 7.6% a year earlier [6]. - Risk-weighted assets declined by 2.7% year over year to $504.9 billion [6]. - CET1 capital rose marginally to $74.7 billion, while invested assets increased by 11.5% year over year to $6.9 trillion [6]. Outlook - Management expects the Underlying Ro CET1 exit rate for 2026 to be around 15–16%, an increase from the previous expectation of 15% [7]. - The underlying cost-to-income ratio for 2026 is anticipated to be less than 70%, with gross cost savings projected at around $13 billion by the end of 2026 [8]. - The Global Wealth Management business is expected to exceed $5 trillion in invested assets by 2028, with approximately $100 billion in net new assets in 2025 [9]. Estimate Trends - Recent estimates for UBS have shown a downward trend, with the consensus estimate shifting by -39.22% [11]. - UBS currently holds a Zacks Rank 3 (Hold), indicating an expectation of in-line returns in the coming months [13].

Consumer Behavior - The consumer is characterized as stable but choiceful, being careful with spending while still participating in key shopping events [2][4] - Retailers expect strong sales during the Turkey 5 holiday weekend, but a deeper drop-off in sales post-holiday is anticipated [3] Retail Environment - Retailers like Dick's Sporting Goods and Best Buy expect more promotional and deeper discounts this year due to consumer sensitivity to pricing [4] - Retailers are raising prices to create a cushion for deeper discounts during key events, reflecting the pressure on consumers [5] Technological Impact - The upcoming holiday season is expected to be the last before widespread adoption of artificial intelligence in shopping, which will change the competitive landscape [6][7] - Retailers will need to adjust quickly to a more commoditized pricing environment driven by technology [7] Profitability Strategies - Retail media and advertising sales are becoming increasingly important for retailer profitability as pricing becomes more ubiquitous [9] - Large, well-positioned retailers like Walmart, Home Depot, and Costco are expected to benefit from their technological advancements [10] Stock Performance - Target is actively working to improve its performance, and there is a belief that the stock's potential for successful improvement is greater than currently priced in [10]

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].