23 minutes ago
The economic outlook is “very lackluster,” but don’t be too pessimistic about stocks, says HSBC CIO
Willem Sels, Global Chief Investment Officer at HSBC Private Banking, discusses the twists and turns in financial markets since early 2023 and shares his outlook for the rest of the year.
50 minutes ago
“Call of Duty”: With Sergio Ermotti, Switzerland gets a cost-cutting local hero to restore its reputation
Newly appointed UBS CEO Sergio Ermotti (R) arrives alongside UBS CEO Colm Kelleher (C) and outgoing CEO Ralph Hamers during a news conference in Zurich March 29, 2023.
Arnd Wiegmann Afp | Getty Images
New UBS CEO Sergio Ermotti said Wednesday his return to the helm was a “duty job” as the Swiss veteran takes on the task of restoring order to the country’s battered financial reputation.
UBS announced on Wednesday that former CEO Ralph Hamers will be replaced from April 5 as the Swiss bank begins the daunting integration of fallen competitor Credit Suisse into its business following an emergency takeover earlier this month.
When asked by CNBC during Wednesday’s press briefing about his motivations for stepping down from his role as chairman of reinsurer Swiss Re and returning to UBS, Ermotti said the decision, which comes at a pivotal time for Swiss banking, is a “mandatory aspect” have system.
“And honestly, I also always thought that despite all these discussions and the size of the bank, I always felt that the next chapter I wanted to write at the time was a chapter about executing a transaction like this,” Ermotti added added.
Read the whole story here.
– Eliot Smith
Before an hour
The merger of UBS and Credit Suisse may not be good for the financial system in the long term, the strategist says
Peter Garnry, Head of Equity Strategy at Saxo Bank, says there are big questions to consider as the Swiss banking giants merge.
2 hours ago
Danish Energy Agency: Renewable energies the answer to Europe’s energy sovereignty
Kristoffer Böttzauw, Director General of the Danish Energy Agency, speaks with CNBC’s Annette Weisbach at the Berlin Energy Transition Dialogue Conference.
3 hours ago
Stocks on the move: OCI up 13%, Maersk down 25%
Chemicals company OCI led the Stoxx 600 index in late morning trading.
The stock rose 13% after the company said Tuesday it was reviewing recommendations in a letter from shareholder Inclusive Capital Partners, which said it was trading at a significant discount to its intrinsic value.
Shipping giant Moeller-Maersk, meanwhile, plunged 25% on its ex-dividend day. The company announced at its annual general meeting on Tuesday that it would pay an extraordinary dividend of DKK 2,300 (US$335) in addition to a regular dividend of DKK 2,000.00 per share.
See grafic…
Maersk share price.
5 hours before
Sergio Ermotti returns as UBS CEO to oversee Credit Suisse takeover
CNBC’s Joumanna Bercetche and Geoff Cutmore discuss the news that Sergio Ermotti will replace current UBS CEO Ralph Hamers.
6 hours ago
Ermotti UBS appointment as CEO will calm nerves and boost confidence in Swiss banks: analyst
Beat Wittmann, Partner at Porta Advisors, speaks about the appointment of Sergio Ermotti as CEO of UBS.
6 hours ago
European stocks open higher
European stock markets were upbeat in early trade on Wednesday, with the pan-regional Stoxx 600 index up 0.5% as of 8:20am London time.
France’s CAC 40 was up 0.65%, Germany’s DAX was up 0.42% and Britain’s FTSE 100 was up 0.26%.
Banks extended gains from the previous session, rising 0.5%.
See grafic…
Stoxx 600 index.
8 hours ago
Sergio Ermotti takes over as UBS CEO
UBS on Wednesday appointed Sergio Ermotti as its new group CEO following its recent acquisition of Credit Suisse.
The move will take effect on April 5.
Current CEO Ralph Hamers will remain at UBS and will work with Sergio P. Ermotti to advise the bank during a transition period.
Read the whole story here.
— Joanna Tan, Jihye Lee
9 hours ago
CNBC Pro: Here’s where you can invest $10,000 now, according to the pros
Markets have been hit with volatility over the past month, leading some retail investors to wonder where to park their money.
If you had to invest $10,000 amid the uncertainty, where should you put it and how much should you allocate to each asset class? CNBC Pro speaks to portfolio managers and investors to find out.
CNBC Pro subscribers can read more here.
— Wheat Tan
13 hours ago
CNBC Pro: As volatility continues, investors can expect it in the second quarter – according to history
Equity markets have been on an uptrend in the first quarter of 2023, with the S&P 500 and MSCI World Index on track to gain more than 4% combined.
This is particularly notable after a year of negative returns.
Here, CNBC Pro subscribers can read how markets have performed under similar conditions in the past.
— Ganesh Rao
10 hours ago
European Markets: Here are the opening calls
European markets are heading for a generally higher open Wednesday.
According to data from IG, the UK FTSE 100 index is expected to open 2 points lower at 7,485, the German DAX 35 points higher at 15,175, the French CAC up 15 points at 7,103 and the Italian FTSE MIB 57 points higher at 25,915.
The revenue is expected to come from Next and the data release will include Italian and Russian unemployment figures for February.
— Holly Ellyatt
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