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What to expect in 2024: Forecasts for GDP, inflation and other assets

FACTBOX-What to expect in 2024: Forecasts for GDP, inflation and other assets Updates with global GDP forecast from Citigroup; U.S., global, euro area, India GDP forecasts from UBS Global Research; Goldman Sachs' India GDP forecast and HSBC's S&P 500 year-end forecast Oct 25 (Reuters) - The U.S. Federal Reserve cut interest rates by an oversized 50 basis points in its Sept.
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UBS fund management arm reports 3% stake in Swiss National Bank

UBS fund management arm reports 3% stake in Swiss National Bank Oct 25 (Reuters) - UBS Fund Management (Switzerland) AG now holds a 3% stake in Swiss National Bank SNBN.S , according to an October filing with the country's SIX stock exchange. According to LSEG data, UBS Asset Management (Switzerland), another subsidiary of the UBS UBSG.S group, also has a stake in the Swiss central bank.
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Take Five: Ready for an action-packed week?

GRAPHIC-Take Five: Ready for an action-packed week? LONDON, Oct 25 (Reuters) - Traders will have their work cut out keeping up with Japan's snap election, U.S. jobs data, a UK budget, euro zone growth numbers and a slew of third-quarter earnings. And as a U.S. presidential election nears, global market swings are getting bigger. Here's all you need to know about the week ahead from Lewis Krauskopf in New York, Kevin Buckland in Tokyo and Naomi Rovnick, Amanda Cooper and Sinead Cruise in London.
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Indian benchmarks set for longest losing streak in more than a year; IndusInd Bank tanks

BUZZ-Indian benchmarks set for longest losing streak in more than a year; IndusInd Bank tanks ** Indian benchmarks set for fourth straight weekly loss, which will be their longest losing streak since August 2023 ** On the day, Nifty 50 .NSEI and BSE Sensex .BSESN deepen losses, last down 1.1% and 0.9%, respectively ** Broader, more-domestically foc
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Hero MotoCorp slips 4%; UBS maintains its 'sell' call

BUZZ-Hero MotoCorp slips 4%; UBS maintains its 'sell' call ** Shares of Hero MotoCorp Ltd HROM.NS slips 3.9% to 4,917.10 rupees ** UBS maintains "sell", Street-low PT of 3,300 rupees on India's top two-wheeler manufacturer ** Brokerage says HROM is not a proxy for rural demand and a revival in rural spending will not significantly benefit co, citin
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Swiss stocks - Factors to watch on October 25

Swiss stocks - Factors to watch on October 25 ZURICH/GDANSK, Oct 25 (Reuters) - Here are some of the main factors that may affect Swiss stocks on Friday: UBS UBSG.S The incipient migration of clients from Credit Suisse to UBS should take about another 18 months, UBS CEO Sergio Ermotti said on Thursday. SIKA SIKA.S Swiss industrial and construction chemicals company Sika reported a 5.5% increase in sales for the first nine months of 2024 on Friday, and confirmed its outlook for the year.
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UBS migration of Credit Suisse clients to take 18 months, CEO says

UBS migration of Credit Suisse clients to take 18 months, CEO says Oct 24 (Reuters) - The incipient migration of clients from Credit Suisse to UBS should take about another 18 months, UBS CEO Sergio Ermotti said on Thursday, as his bank presses on with the integration of its former rival. UBS acquired its longtime competitor last year after Credit Suisse collapsed due to a series of scandals and setbacks, and Ermotti has vowed to see through the integration.
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Bank For International Settlements' General Manager Agustin Carstens Says Supervision Needs To Be Enhanced

CORRECTED-BRIEF-Bank For International Settlements' General Manager Agustin Carstens Says Supervision Needs To Be Enhanced Corrects full name Of BIS Oct 24 (Reuters) - UBS Group AG UBSG.S : BANK FOR INTERNATIONAL SETTLEMENTS' GENERAL MANAGER AGUSTIN CARSTENS SAYS SUPERVISION NEEDS TO BE ENHANCED (CORRECTS FULL NAME OF BIS) BANK FOR INTERNATIONAL SE
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Brazil vows to hit 3% inflation target at IMF, World Bank meetings

UPDATE 2-Brazil vows to hit 3% inflation target at IMF, World Bank meetings Central bank committed to 3% inflation target despite current 4.47% rate Inflation driven by stronger-than-expected economic activity Board members emphasize data-dependence and no guidance on next steps Markets predict 92% chance of 50 basis point hike next month Rewrites throughout Oct 24 (Reuters) - Four members of Brazil's nine-person interest rate-setting board attended several events in Washington this week with a
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Swiss bankers flag concerns over plans for tougher capital rules

Swiss bankers flag concerns over plans for tougher capital rules By John Revill and Oliver Hirt ZURICH, Oct 24 (Reuters) - The Swiss Bankers Association on Thursday criticised government plans for tougher capital requirements on UBS UBSG.S following the 2023 collapse of Credit Suisse, saying the measures could hurt the competitiveness of the country's financial sector.
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UBS report says wealthier clients became more cautious about art, sales dropped last year

UBS report says wealthier clients became more cautious about art, sales dropped last year By Tatiana Bautzer NEW YORK, Oct 24 (Reuters) - Global art sales fell 4% last year to around $65 billion, as the wealthiest buyers reduced purchases, according to the Art Market Report, published by Swiss bank UBS UBSG.S on Thursday. The bank's wealth management division advises clients interested in buying art, although it does not consider the purchases as investments.
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LSEG's third-quarter income tops forecasts, shares hit record

UPDATE 2-LSEG's third-quarter income tops forecasts, shares hit record LSEG Q3 income rises 9.5%, beating forecasts Shares rise to record high, partnership with Microsoft on track LSEG's acquires more LCH Group stake Adds share move in paragraph 1 and 4, details on capital markets sales in paragraph 3, analyst comment in paragraph 5 By Chandini Monnappa LONDON, Oct 24 (Reuters) - London Stock Exchange Group LSEG.L said on Thursday that its income rose a better-than-expected 9.5% in the third qua
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Bank Of International Settlements'Agustin Carstens Says Bank Supervision Needs To Be Enhanced

BRIEF-Bank Of International Settlements'Agustin Carstens Says Bank Supervision Needs To Be Enhanced Oct 23 (Reuters) - UBS Group AG UBSG.S : BANK OF INTERNATIONAL SETTLEMENTS' GENERAL MANAGER AGUSTIN CARSTENS SAYS SUPERVISION NEEDS TO BE ENHANCED BANK OF INTERNATIONAL SETTLEMENTS' GENERAL MANAGER AGUSTIN CARSTENS SAYS BANK IS LOOKING AT THE OPERATIONAL LIQUIDITY FOR U.S.
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Brazil's central bank committed to lowering inflation to target, policymakers say

UPDATE 2-Brazil's central bank committed to lowering inflation to target, policymakers say Recasts with Campos Neto remarks throughout Oct 23 (Reuters) - P olicymakers at Brazil's central bank on Wednesday stressed that they will do whatever it takes to bring inflation back down to the country's 3% target, while voicing concern about unanchored consumer price expectations.
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Swiss attract less foreign cash from rich clients as Credit Suisse crash weighs, survey says

Swiss attract less foreign cash from rich clients as Credit Suisse crash weighs, survey says ZURICH, Oct 23 (Reuters) - Switzerland is becoming less attractive to wealthy clients, with a decline in assets managed by the country's banks and financial advisers, according to a study published on Wednesday. Foreign assets under management fell to $2.174 trillion in 2023 from $2.624 trillion in 2020 when the survey was last carried out, the study by consultants Deloitte said.
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What to Watch in the Day Ahead - Wednesday, October 23

What to Watch in the Day Ahead - Wednesday, October 23 The Day Ahead is an email and PDF publication that includes the day's major stories and events, analyses and other features. To receive The Day Ahead, Eikon users can register at DAY/US . Thomson One users can register at RT/DAY/US. All times in ET/GMT Wall Street expects Tesla to post a 9% rise in quarterly revenue when the electric vehicle maker reports third-quarter results.
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Big companies that brought back industry veterans to helm

FACTBOX-Big companies that brought back industry veterans to helm Recasts paragraph 1,changes media packaging code Oct 22 (Reuters) - Major companies, including CVS Health and Nike, are overhauling top leadership and hiring back company or industry veterans as CEOs, hoping to quell growing investor concerns about company performance. Here is a list of some executives who were called back to top roles in the recent past: CVS HEALTH CVS.N - DAVID JOYNER CVS Health replaced CEO Karen Lynch with Dav
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What to expect in 2024: Forecasts for GDP, inflation and other assets

FACTBOX-What to expect in 2024: Forecasts for GDP, inflation and other assets Updates with UBS Global Research and JPM's China GDP targets; WFII's S&P 500 target; JPM's Global, U.S., and UK GDP forecasts Oct 22 (Reuters) - The U.S. Federal Reserve cut interest rates by an oversized 50 basis points (bps) in its Sept 17-18 meeting that Chair Jerome Powell said was meant to show policymakers' commitment to sustaining a low unemployment rate now that inflation had eased.
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Mexican credit facility platform CXC raises $33 million to expand through Latam, US

Mexican credit facility platform CXC raises $33 million to expand through Latam, US By Kylie Madry MEXICO CITY, Oct 22 (Reuters) - Mexican credit facility platform CXC has raised $32.6 million in a funding round led by Kaszek, it said on Tuesday, with the funds set to help the firm expand to the rest of Latin America and the United States. WHY IT'S IMPORTANT CXC has quietly become a major player in monitoring and managing private credit facilities in Latin America in recent years, working with f
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China won't weaken the yuan because it may backfire

BUZZ-COMMENT-China won't weaken the yuan because it may backfire Oct 22 (Reuters) - China's yuan is rising in relative terms, despite the broadly stronger USD. While that gives Beijing room to weaken it for a trade advantage , this seems unlikely as weaponizing the yuan could easily backfire. The trade-weighted renminbi index has reached its highest since July 11 , while the dollar index =USD is near a three-month peak.
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