Bloomberg Daybreak: Europe Edition
UBS Share Buyback, China Stocks Support & King Charles Cancer Treatment
Feb 6, 2024
King Charles, receiving treatment for an unspecified form of cancer, is discussed along with UBS's share buybacks and China's efforts to stabilize the market. Bank of England considers potential rate cuts and concerns are raised about the far-right AfD party in Germany.
15:52
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Quick takeaways
- UBS plans to hand $1 billion to shareholders and focus on the United States for growth.
- Chinese President Xi Jinping will be briefed on the state of financial markets and there are concerns about investors' ability to exit the market.
Deep dives
UBS Resumes Share Buybacks and Increases Cost-Cutting Targets
UBS, the Swiss lender, plans to hand as much as a billion dollars to shareholders this year. The bank reported a bigger than expected net loss of $279 million in the fourth quarter and increased its plant cost savings from $10 billion to $13 billion. CEO Sergio Armati is looking to focus on the United States as a major part of its growth strategy.
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