Greetings to all readers! UBS has achieved a magnificent feat by generating the largest quarterly profit ever recorded by a bank. This remarkable accomplishment follows its merger with Credit Suisse, amounting to a whopping $3 billion.
In the span of three months, UBS proudly announced a profit of $29 billion for the period between April and June. This remarkable surge in profit can be attributed to the inclusion of Credit Suisse’s balance sheet, significantly increasing UBS’s assets to approximately $5 trillion.
Start Your Day with These 5 Key Highlights
1) Biden Blocks Sale of Nvidia AI Chips to Middle East Over Concerns About China | This decision follows closer collaborations between Gulf countries and Beijing in the field of AI technology.
2) Shapps Accused of Indirectly Passing Hydrogen Costs to Households | The “Hydrogen Levy” has been replaced by a tax on gas shipping companies, but there is still a possibility that consumers will bear the burden.
3) Babylon Virtual GP Places Two Divisions in Administration | The company responsible for the NHS’s GP at Hand app has been seeking rescue funding or potential buyers for its businesses.
4) Pro-Putin Rapper Takes Over Domino’s Pizza in Russia | Pro-Kremlin figures are acquiring assets as Western brands continue to vacate the Russian market.
5) Marks & Spencer Makes a Comeback to the FTSE 100 | The renowned high street giant is set to rejoin Britain’s prestigious blue-chip index after a four-year absence.
Recent Developments Overnight
Asian shares are facing their worst month since February, primarily due to gloomy factory readings from China. Investors are eagerly awaiting a deluge of US data that may confirm the belief that interest rates have peaked.
Meanwhile, Tokyo stocks experienced gains thanks to positive performance on Wall Street. The benchmark Nikkei 225 index rose by 0.9% to 32,619.34, while the broader Topix index saw an increase of 0.8% to 2,332.00.
In August, China’s manufacturing activity contracted for the fifth consecutive month, although the rate of decline slowed. Additionally, there was a slight loss of momentum in the services sector expansion.
Wall Street closed on a positive note following a downward revision of US economic growth for the second quarter. The S&P 500 finished 0.4% higher at 4,514.87, the Dow Jones Industrial Average climbed 0.1% to 34,890.24, and the Nasdaq Composite rose 0.5% to 14,019.31.
Following the latest GDP release, the yield on the benchmark 10-year Treasury dropped to 4.11% from approximately 4.15%, and the yield on the 2-year Treasury, which reflects expectations for the Federal Reserve, decreased to 4.88% from 4.90%.
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