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UBS Group offentliggjorde en stærk stigning i nettooverskud for andet kvartal, der overgik analytikernes forventninger, og bekræftede, at integrationen med Credit Suisse forløber planmæssigt. Nettooverskuddet nåede 2,395 milliarder dollars sammenlignet med 1,14 milliarder året før. På det schweiziske aktiemarked påvirkede vægtene inden for SMI-indekset, mens Sika oplevede et markant fald på grund af valutapresset. Internationalt steg Tysklands DAX med 1%, mens Novo Nordisk i Europa led et stort tab på grund af konkurrence i USA. I USA faldt Dow Jones med over 200 point på grund af potentielle toldudvidelser. Whirlpool og UnitedHealth Group oplevede begge store kursfald efter skuffelser i kvartalsresultaterne. Asien viser forsigtige stigninger på grund af den kommende beslutning fra den amerikanske centralbank, mens obligationsrenterne for lange amerikanske statsobligationer faldt.
Fra Swissquote:
Topic of the day
UBS Group reported a second-quarter net profit that more than doubled on year and beat analysts’ expectations, as the bank confirmed the integration of Credit Suisse remains on track. The Swiss banking giant published Wednesday that net profit for the quarter was $2.395 billion compared with $1.14 billion for the same period last year. Analysts had forecast net profit at $2.045 billion, according to consensus estimates provided by the bank. UBS confirmed conversations with clients and deal pipelines suggest investors and companies are ready to deploy capital, as conviction around the economic outlook strengthens. Looking ahead, for the third quarter, the company expects Global Wealth Management’s net interest income or NII and Personal & Corporate Banking’s NII in Swiss francs to be broadly stable. In US dollar terms, this translates to a sequential low single-digit percentage increase. Further, the firm said it is confident in its ability to deliver on 2025 and 2026 financial targets.
Swiss stocks
On the Swiss stock market, the SMI market barometer lagged slightly behind the European context, rising by only 0.4 per cent to 11,959 points. Of the 21 SMI stocks, 12 gained and 8 lost ground, with Richemont closing unchanged. A total of 20.94 (Monday: 21.54) million shares were traded. The index heavyweights, which are considered to be less cyclical, had a dampening effect. Roche lost 0.4 per cent and Nestlé was only able to recover by 0.2 per cent after the previous day’s losses in response to disappointing quarterly figures. The day’s loser in the SMI was Sika, down 3.7 per cent. The specialty chemicals company is feeling the effects of the strong Swiss franc. Although the margin outlook for operating profit was confirmed, the sales forecast was downgraded. Sika now expects only a moderate increase in local currency terms, after previously forecasting growth of 3 to 6 per cent. The second-weakest performer was Logitech, down 1.2 per cent. Shares in cyclical companies led the SMI. The day’s winners were Lonza, up 2.7 per cent, ahead of Amrize (+2.0 per cent).
International markets
Europe
Stocks in Germany gained Tuesday, as the DAX rose 1.0% to 24217.37, snapping a two-session losing streak. Among large local companies, Friedrich Vorwerk Group was the biggest leader during the session, jumping 6.2%, and TeamViewer surged 5.2%. Hamburger Hafen & Logistk rounded out the top three movers, as shares jumped 5.0%. K+S was the biggest laggard, plunging 10%, followed by shares of Siltronic, which plunged 8.9%. Shares of Northern Data plunged 5.2%. In other parts of Europe, indexes rose, with the FTSE 100 Index increasing 0.6% and the STOXX Europe 600 Index adding 0.3% from the previous close. Air Liquide’s financial results (+1.7%) were well received. The French industrial gas manufacturer performed slightly better than expected in the second quarter. The annual outlook was confirmed. Novo Nordisk experienced a price debacle after another profit warning. The share price plummeted by 23.1 per cent and has halved since the beginning of the year. The Danish company is feeling the high competitive pressure in the US market for weight-loss drugs due to generic versions of its former cash cow Wegovy. Meanwhile, AstraZeneca added 3.4 per cent in London, buoyed by better-than-expected results. Things are going well for eyewear manufacturer Essilorluxottica, which is now also focusing on AI. Its shares climbed 6.9 per cent. Essilorluxottica expects sales growth in the US to accelerate.
United States
The Dow Jones Industrial Average fell more than 200 points on Tuesday, with investors considering a possible tariff extension for China and a fresh batch of corporate earnings. The Dow fell 0.5%, or 204.57 points. The S&P 500 declined 0.3%, ending its streak of six consecutive record highs, and the Nasdaq composite lost 0.4%. The latest batch of earnings reports showed signs of tariff-induced stress for American corporations. Chrysler maker Stellantis said it expects a roughly $1.7 billion hit from tariffs this year. Consumer bellwether Procter & Gamble said shoppers were delaying purchases and searching for discounts. Whirlpool shares declined 13% after the company slashed its outlook but said it would eventually benefit from tariff policies. Investors also parsed data that suggests the economy is weakening. The goods-trade deficit shrank last month, as fewer goods traded in either direction across U.S. borders. Imports dropped more than exports, according to preliminary figures from the Commerce Department. SoFi Technologies rose 6.6%. The fintech reported better-than-expected adjusted earnings and posted revenue of $858 million, marking 44% growth and the company’s highest growth rate in over two years. UnitedHealth Group reported second-quarter adjusted earnings of $4.08 a share, missing analysts’ estimates of $4.48. The stock declined 7.5%. Sarepta Therapeutics stock surged 14% after the U.S. Food and Drug Administration said the company could lift its voluntary pause on shipments of its gene therapy for ambulatory patients with Duchenne muscular dystrophy. United Parcel Service declined 11% after reporting second-quarter adjusted earnings of $1.55 a share, below consensus of $1.57. Merck declined 1.7%. The pharmaceutical giant posted second-quarter revenue that missed Wall Street forecasts and said it would be laying off workers as part of an extensive cost-savings plan. Shares of Boeing were down 4.4% after the aerospace giant posted a second quarter adjusted loss of $1.24 a share, narrower than analysts’ calls for a loss of $1.40. Whirlpool tumbled 13% after the appliance maker reduced its full year adjusted earnings guidance to between $6 and $8 a share, down from previous expectations of $10. Spotify Technology fell 12% after reporting a surprise second-quarter loss and as revenue missed analysts’ estimates. Norfolk Southern was down 3% at $277.70 after agreeing to be acquired by Union Pacific in a deal that establishes the first transcontinental railroad. Under the terms of the deal, which values Norfolk at $320 a share, each Norfolk share will be swapped for one share of Union Pacific and $88.82 in cash. Union Pacific fell 2.4%.
Asia
On Wednesday, investors on Asian stock markets are taking a cautious stance ahead of the US Federal Reserve’s monetary policy decision in the evening. With gains of 0.5 per cent, the Shanghai stock exchange is performing better, and share prices are also rising sharply in Seoul. The Nikkei 225 remains unchanged and thus appears, at least so far, unaffected by a tsunami warning following a severe earthquake on the east coast of Russia.
Bonds
Long-dated U.S. government debt yields slipped on Wednesday. The 10-year Treasury note yield declined by 11 basis points to 4.33%. How the government borrows is a big focus in the Treasury market because of the large sums involved. The federal deficit is about $2 trillion annually, and the government sells a variety of maturities to cover the gap. The Federal Reserve’s interest rate decision is due later in the day, with the central bank’s officials expected to hold rates steady.
Analysis
UBS downgrades Heineken target to EUR 92 (93) – Buy
Morgan Stanley downgrades Nestlé target to CHF 71 (77) – Underweight
UBS raises Essilorluxottica target to EUR 262 (256) – Neutral
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