Bloomberg Daybreak: Europe Edition
Blockbuster UBS Results, Recession Odds & US Mulls Google Breakup
Aug 14, 2024
Marko Kolanovic, former chief market strategist at JPMorgan Chase & Co., is back in the spotlight discussing pressing economic issues. He highlights rising recession fears as markets display turbulence. Kolanovic also dives into the implications of a potential antitrust breakup of Google, following a pivotal court ruling. On the geopolitical front, he analyzes Ukraine’s military strategies amid escalating tensions with Russia. Additionally, he touches on UBS’s impressive financial results and the shifting dynamics in wealth management.
16:03
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Quick takeaways
- UBS reported strong financial results with $1.1 billion net income, indicating robust client engagement despite looming integration costs.
- The Justice Department is considering breaking up Google following a court ruling on its monopolistic practices, signaling heightened antitrust efforts.
Deep dives
Strong Performance by UBS
UBS reported exceptionally strong financial results for the second quarter, achieving net income of $1.1 billion, significantly exceeding estimates of $520 million. The bank's wealth management division led this impressive performance, attracting $27 billion in net new client assets, indicating robust client confidence and engagement. Despite the positive outlook, UBS anticipates $1.1 billion in integration-related expenses due to ongoing efforts to merge operations with Credit Suisse. Share buybacks remain a focal point, with UBS planning to execute up to $1 billion in share repurchases this year, signaling a commitment to delivering value to shareholders.
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