Asian Stocks Drop, Yen Falls to Lowest Since 1990: Markets Wrap
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(Bloomberg) — European and US equity futures slipped following weakness in Asian markets, with Meta Platforms Inc.’s disappointing outlook underscoring the risk of volatility in a high-stakes earnings week. The Euro Stoxx 50 contract edged down 0.2% while S&P 500 futures fell 0.8%. Stock benchmarks fell more than 1% in South Korea and Japan. Facebook…
Nestle Sales Growth Sputters on North America, Vitamins
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(Bloomberg) — Nestle sales growth sputtered in the first quarter as the maker of Nespresso coffee was hit by cooler demand in North America and supply constraints at its vitamins unit. Sales rose 1.4% in the period on an organic basis, the Swiss company said Thursday, about half the estimate of analysts. Its real internal…
SNB Returns to Quarterly Profit Thanks to Swiss Franc Weakness
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(Bloomberg) — The Swiss National Bank returned to a quarterly profit because of the weakness of the franc, potentially helping officials to rebuild the central bank’s depleted capital base. The Zurich-based institution notched up a gain of 58.8 billion francs ($64 billion) in the first quarter, according to a statement on Thursday. That’s the strongest…
UBS Analyst Who Took on Evergrande Now Bullish on China Property
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(Bloomberg) — When it comes to Chinese real estate, John Lam is a lone wolf. The UBS analyst shocked markets three years ago with a rare sell rating on China Evergrande Group, 11 months before it defaulted and became the poster child for the property collapse. Now Lam is going against the grain again, forecasting…
Tech Giants Hit in Late Hours After Meta’s Outlook: Markets Wrap
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(Bloomberg) — Big tech sold off in late hours after Meta Platforms Inc.’s disappointing outlook raised concern on whether the industry that has powered the bull market in equities has run too far. A $250 billion exchange-traded fund tracking the Nasdaq 100 (ticker: QQQ) got hit after the close of regular trading as the Facebook…
Qatar Will Host Meeting to Discuss Ukrainian Proposal to End War
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(Bloomberg) — National security advisors and senior officials from around the world are set to meet in Doha this weekend to discuss plans for a summit on Ukraine’s conditions for a settlement with Russia, according to people familiar with the matter. The meeting of officials from the Group of Seven and the so-called Global South…
French Grid Issues Are Causing Power Prices to Soar in Europe
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(Bloomberg) — Grid limitations in parts of France are constraining power exports, pushing up prices in neighboring countries. The capacity for transmitting electricity to Belgium, Germany, Switzerland and Italy has been reduced since early March, according to French power-grid operator RTE. That’s depriving those nations of exports of cheaper French nuclear power and boosting wholesale…
Julius Baer Plans Lisbon Office to Tap the Wealthy in Portugal
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(Bloomberg) — Julius Baer Group Ltd. plans to open an office in Lisbon next year as it seeks to tap into the wealth of a growing number of affluent foreigners taking up residence in Portugal. The Swiss wealth manager wants to have a presence that’s closer to its Portuguese clients and is in the process…
We Can Fix Your ‘Ozempic Face,’ Skincare Firm Galderma Says
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(Bloomberg) — Galderma Group AG’s boss has an answer for people suffering from sunken faces after taking other companies’ weight-loss drugs: fillers. The Swiss skincare company hopes to take advantage of a surge in demand for drugs such as Ozempic, which — although they help people lose weight — can lead to users looking gaunt.…
UBS Chairman Says Swiss Capital Plan Is ‘Wrong Remedy’
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(Bloomberg) — UBS Group AG Chairman Colm Kelleher said that the Swiss government’s proposal to require the bank to hold substantially more capital is the “wrong remedy” to the failings that brought down Credit Suisse over a year ago. “We are seriously concerned about some of the discussions related to additional capital requirements,” Kelleher said…
UBS CEO Ermotti Deserves His $16 Million Pay, Kelleher Says
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(Bloomberg) — UBS Group AG Chief Executive Officer Sergio Ermotti’s 14.4 million Swiss franc ($15.8 million) pay for last year is justified on the basis of his success in the work so far to integrate Credit Suisse, the bank’s chairman said. “The board has recognized the excellent performance of Sergio Ermotti during a defining year…
Roche Cuts Pipeline After Research Setbacks and Sales Drop
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(Bloomberg) — Roche Holding AG cut a fifth of its pipeline of experimental drugs in recent quarters as its new chief executive tries to revive growth after a series of research setbacks. Trimmed so far this year were a trio of cancer projects and an experimental psychiatric compound, Roche said on Wednesday as it reported…
Appaloosa Sues Credit Suisse Over $17 Billion AT1 Bond Wipeout
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(Bloomberg) — Hedge fund Appaloosa LP became the latest to sue over the $17 billion wipeout of high-risk bonds last year that was part of the deal to save Credit Suisse Group AG from a full-scale collapse. Appaloosa served as investment adviser to Palomino Master Ltd. and Azteca Partners LLC, who are also plaintiffs in…
Tech Giants Roar as Tesla Spikes in Late Hours: Markets Wrap
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(Bloomberg) — A rally in tech heavyweights lifted the broader stock market, with the group’s high-stakes earnings seen by Wall Street investors as a major test of the bull run in equities. In late hours, Tesla Inc. soared as the electric-vehicle giant said it will accelerate the launch of more-affordable models — and chief Elon…
Novartis Surges After Forecast Boost Beats Expectations
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(Bloomberg) — Novartis AG raised its forecast as sales of blockbuster medicines for heart disease and psoriasis outpaced expectations, giving the stock its biggest boost in nine months. Sales will grow at a high-single to low double-digit percentage this year, the Swiss drugmaker said Tuesday. Core operating income is expected to grow at a…
Switzerland Has Frozen $14 Billion in Total of Russia Assets
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(Bloomberg) — Switzerland has blocked 13 billion francs ($14.3 billion) in Russian assets held in the country, including more than 7 billion francs in reserves and assets of Russia’s central bank. In 2023, Swiss authorities froze a further 580 million francs in financial assets and two more properties, following its own investigations and detailed clarifications…
UBS Dials Back China Fund Plans on High Costs, Grim Outlook
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(Bloomberg) — UBS Group AG is postponing plans to build its own mutual fund business in mainland China due to high costs and a dim profit outlook, people familiar with the matter said. The Swiss bank will instead rely on existing joint ventures to expand in China’s mutual fund industry following the acquisition of Credit…
Stocks Climb as US Earnings Kick Into High Gear: Markets Wrap
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(Bloomberg) — Stocks rebounded after a $2 trillion selloff, with investors hanging their hopes on whether big tech will meet the lofty expectations for artificial intelligence during the busiest week of the earnings season. About 180 companies in the S&P 500 — representing over 40% of the gauge’s market capitalization — are due to report…
Swiss Banks Face $440 Million Hit on Higher SNB Reserve Rule
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(Bloomberg) — The Swiss National Bank is requiring banks to hold more money at the institution, a move that will cut how much interest it pays to them. The central bank is increasing the minimum reserve ratio to 4% from 2.5%, it said in a statement on Monday. As a result of the changes, the…
Rare Rolex Fetches Record $3.5 Million at Monaco Auction
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(Bloomberg) — A rare Rolex with a split-second chronograph sold for €3.3 million ($3.5 million) at auction in Monaco, a record price for the model. The Rolex 4113, produced in 1942 and one of just 12 ever made and nine known to exist, was sold on Saturday at the Monaco Legend Group auction. The sale…
