Switzerland

Brexit uncertainty persists after government defeat

UBS Latest Views | Mar 13, 2019 at 12:00 AM
  • The UK government’s plan to withdraw from the EU has suffered a second defeat in parliament, despite renewed assurances from European negotiators over the contentious Irish backstop clause.
  • Members of Parliament rejected the deal by a large margin.
  • Euroskeptic lawmakers focused on an admission by the attorney general, the government’s chief legal advisor, that the UK could still be unable to leave the customs union without EU consent.

Switzerland

Crisis? What crisis?

UBS Latest Views | Mar 13, 2019 at 12:00 AM
  • * The UK Parliament voted down the government’s plan for the interminably tedious EU-UK divorce. This was expected. Media are competing with one another for adjectives to sensationalize the situation. The British public simply does not care very much. * The UK Parliament will almost certainly reject a no-deal exit today. That leaves extending the […]

Switzerland

Crisis? What crisis?

UBS Latest Views | Mar 13, 2019 at 12:00 AM
  • * The UK Parliament voted down the government’s plan for the interminably tedious EU-UK divorce. This was expected. Media are competing with one another for adjectives to sensationalize the situation. The British public simply does not care very much. * The UK Parliament will almost certainly reject a no-deal exit today. That leaves extending the […]

Switzerland

Proposed defense budget increase is positive, but still a long way to the finish line

UBS Latest Views | Mar 13, 2019 at 12:00 AM
  • The Trump Administration’s initial defense budget proposal for FY 2020 was better than expected at a nearly 5% increase over the prior year.
  • At any time, investment decisions (including whether to buy, sell or hold securities) made by UBS and its employees may differ from or be contrary to the opinions expressed in UBS research publications.
  • External Asset Managers / External Financial Consultants: In case this research or publication is provided to an External Asset Manager or an External Financial Consultant, UBS expressly prohibits that it is redistributed by the External Asset Manager or the External Financial Consultant and is made available to their clients and/or third parties.

Switzerland

Proposed defense budget increase is positive, but still a long way to the finish line

UBS Latest Views | Mar 13, 2019 at 12:00 AM
  • The Trump Administration’s initial defense budget proposal for FY 2020 was better than expected at a nearly 5% increase over the prior year.
  • At any time, investment decisions (including whether to buy, sell or hold securities) made by UBS and its employees may differ from or be contrary to the opinions expressed in UBS research publications.
  • External Asset Managers / External Financial Consultants: In case this research or publication is provided to an External Asset Manager or an External Financial Consultant, UBS expressly prohibits that it is redistributed by the External Asset Manager or the External Financial Consultant and is made available to their clients and/or third parties.

Switzerland

Firing Warren Buffett

UBS Latest Views | Mar 13, 2019 at 12:00 AM
  • I was recently speaking with a client in California and he mentioned really liking a chart I published in 2015 that showed how often Berkshire Hathaway had outperformed over rolling quarterly, one-, five-, and 10-year time periods since 1995.
  • At any time, investment decisions (including whether to buy, sell or hold securities) made by UBS and its employees may differ from or be contrary to the opinions expressed in UBS research publications.
  • External Asset Managers / External Financial Consultants: In case this research or publication is provided to an External Asset Manager or an External Financial Consultant, UBS expressly prohibits that it is redistributed by the External Asset Manager or the External Financial Consultant and is made available to their clients and/or third parties.

Switzerland

Firing Warren Buffett

UBS Latest Views | Mar 13, 2019 at 12:00 AM
  • I was recently speaking with a client in California and he mentioned really liking a chart I published in 2015 that showed how often Berkshire Hathaway had outperformed over rolling quarterly, one-, five-, and 10-year time periods since 1995.
  • At any time, investment decisions (including whether to buy, sell or hold securities) made by UBS and its employees may differ from or be contrary to the opinions expressed in UBS research publications.
  • External Asset Managers / External Financial Consultants: In case this research or publication is provided to an External Asset Manager or an External Financial Consultant, UBS expressly prohibits that it is redistributed by the External Asset Manager or the External Financial Consultant and is made available to their clients and/or third parties.

Switzerland

Brexit uncertainty persists after government defeat

UBS Latest Views | Mar 13, 2019 at 12:00 AM
  • The UK government’s plan to withdraw from the EU has suffered a second defeat in parliament, despite renewed assurances from European negotiators over the contentious Irish backstop clause.
  • Members of Parliament rejected the deal by a large margin.
  • Euroskeptic lawmakers focused on an admission by the attorney general, the government’s chief legal advisor, that the UK could still be unable to leave the customs union without EU consent.

Switzerland

Brexit still hangs in the balance

UBS Latest Views | Mar 12, 2019 at 12:00 AM
  • UK PM Theresa May’s last-minute negotiations in Strasbourg, France on Monday yielded renewed EU assurances over the contentious Irish backstop clause, offering her fresh ammunition ahead of a “meaningful vote” on her Brexit withdrawal agreement in Parliament later today.
  • Only 5% of MSCI EMU’s revenues are directly linked to the UK and only a handful of Eurozone and Swiss companies have UK revenues that account for more than 20% of total revenues.
  • We think current economic forecasts for the Eurozone already account for a transition deal or a delay of Brexit beyond 29 March.

Germany

Cooperative banks generate a healthy profit before taxes of €6.4 billion and further expand their market share in the customer business

BVR | Mar 12, 2019 at 12:00 AM
  • Across all customer groups, the lending business expanded by 5.7 percent to €590 billion and market share improved by 0.2 percentage points to 16.9 percent.
  • Operating profit before gains and losses on valuation amounted to €7.6 billion – or 0.83 percent of average total assets – in 2018.
  • Tier 1 capital advanced by 6.8 percent to €77.9 billion and the Tier 1 capital ratio climbed by 0.15 percentage points to 15.0 percent.