Stock Rotation Hits Tech Giants as Small Caps Rise: Markets Wrap
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(Bloomberg) — A tech selloff dragged down stocks from near-record levels amid a rotation into more economically sensitive industries. A flare-up in geopolitical risks lifted oil while gold bounced after a historic rout. Bitcoin hit the lowest since President Donald Trump’s election victory.
UBS Slammed by Senators for Obstructing Probe of Nazi Accounts
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(Bloomberg) — Members of a US Senate committee tore into UBS Group AG executives for refusing to hand over more than 150 documents that an investigator has requested that could shed light on the history of Credit Suisse accounts tied to Nazi Germany, as tensions flared again around a 1998 settlement in the case.
China Silver Fund Revaluation Sparks 31% Drop, Pushback
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(Bloomberg) — UBS SDIC Fund Management Co. changed the valuation model for a $2.2 billion silver fund to more closely track global futures prices, triggering a record drop in its net asset value and pushback from some investors already bruised by a precious metals slump.
Stocks Climb on Solid Factory Report as Bonds Fall: Markets Wrap
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(Bloomberg) — Stocks climbed after solid factory data bolstered optimism about Corporate America while losses in gold and silver moderated after a dramatic rout. Bonds fell. The dollar saw its biggest two-day gain since April.
More Baby Formula Recalls Likely After EU Advises Strict Toxin Limit
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(Bloomberg) — The European Union’s food safety regulator said almost no amount of the toxin cereulide is considered safe in infant formula, guidance that could prompt further product recalls.
Private Credit Defaults Would Hit 13% in UBS Worst Case for AI
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(Bloomberg) — Private credit could see default rates surge to as high as 13% in the US if artificial intelligence triggers an “aggressive” disruption among corporate borrowers, according to UBS Group AG.
Dollar Rallies Most Since May as Trump Taps Warsh: Markets Wrap
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(Bloomberg) — The biggest dollar rally since May accelerated a plunge in precious metals as President Donald Trump announced his pick for the Federal Reserve’s top job: Kevin Warsh, who’s seen as less supportive of deep rate cuts and more worried about inflation. Stocks fell. Bonds were mixed.
Rio and Glencore Set to Extend Deadline for Talks on Mega Deal
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(Bloomberg) — Rio Tinto Group and Glencore Plc are poised to seek more time to work on a deal to create the world’s biggest miner as they wrangle over the premium that Rio would need to pay, people familiar with the matter said.
Stock Buyers Step In After Tech-Fueled Selloff: Markets Wrap
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(Bloomberg) — Wall Street saw a sharp bounce from session lows as dip buyers stepped in following a slide driven by concerns over whether the unprecedented spending on artificial-intelligence will justify all that capital. Big moves in commodities saw gold plunging as oil soared. Bitcoin dipped below $85,000.
US Urges China to Let ‘Substantially Undervalued’ Yuan Rise
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(Bloomberg) — The US Treasury characterized the yuan as “substantially undervalued,” and called on China to allow its exchange rate to strengthen in a timely and orderly way.
Foodwatch Files Complaint in Paris Court Over Baby-Milk Recalls
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(Bloomberg) — Consumer group Foodwatch filed a complaint at the Paris Judicial Court on Thursday over an infant-formula recall, part of a crisis that’s engulfed food giants including Nestlé SA, Danone SA and Groupe Lactalis.
Swiss Price Pressures Have Barely Changed, SNB’s Schlegel Says
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(Bloomberg) — Switzerland’s inflation situation is basically unchanged from last year, according to Swiss National Bank President Martin Schlegel.
Rolex and Gold Given to Trump Before Swiss Deal Queried by Senator
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(Bloomberg) — US Senator Ron Wyden asked for a detailed account of Donald Trump’s acceptance of a Rolex table clock and one-kilogram gold bar from Swiss businessmen shortly before the president slashed tariffs he previously imposed on Switzerland.
Swiss Exports to US Hit Record in 2025, Defying Trump Levies
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(Bloomberg) — Switzerland exported a record amount of goods to the US in 2025, defying a period when President Donald Trump inflicted some of his highest tariffs on the country.
Roche Issues Prudent Forecast as Eye Drug’s Sales Disappoint
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(Bloomberg) — Roche Holding AG reported disappointing revenue for a blockbuster eye medicine and lackluster growth predictions for the year.
Swiss Watch Exports Return to Growth After US Eases Tariffs
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(Bloomberg) — Swiss watch exports returned to growth after four months of declines as brands rushed to send inventory to the US after it eased tariffs.
Stocks, Bonds Waver as Powell Signals Fed on Hold: Markets Wrap
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(Bloomberg) — The Federal Reserve’s decision to leave rates steady sent stocks and bonds wavering, with Jerome Powell refraining from signaling any imminent resumption of rate cuts amid a solid economy. The dollar rose as Treasury Secretary Scott Bessent touted a strong currency.
Swiss Government Bets on UBS Climb-Down in Capital Deadlock
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(Bloomberg) — The Swiss government is entering the next stage of the political process to set new capital requirements for UBS Group AG, expecting that the bank will ultimately be forced to accept most of its demands.
