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The Latest Breaking News from UBS

‘Richcession’ hits as 3.5 million millionaires lost their status last year

The wealth gap between the richest Americans and the bottom 50% narrowed in 2022, according to a new report.

Fortune

China's economic woes keep getting worse. Here's why

China has seen a series of disappointing economic data this year. UBS' Tao Wang explains what went wrong with the anticipated recovery after China's tough COVID restrictions, and what could come next.

WEKU

$11.3 trillion in global wealth evaporated last year in the first drop since the Global Financial Crisis. But the next few years look ‘brighter’

Worldwide wealth fell 2.4% or $11.3 trillion last year to $454.4 trillion, according to a new UBS and Credit Suisse report.

Fortune

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We finally have proof of the ‘rich-cession.’ The number of millionaires fell the most since the Global Financial Crisis of 2008, UBS says

Global wealth fell year over year, but declines were concentrated among the richest people in the richest countries.

Fortune

UBS agrees to $1.4 billion settlement over role in 2008 financial crisis

Companies in the financial sector have now paid more than $36 billion in U.S. settlements relating to the crisis.

Fortune

Global wealth fall cost 3.5m people ‘dollar millionaire’ status last year

UBS says assets dipped for first time since financial crisis as high inflation and struggling currencies took toll

The Guardian - UK

UBS to pay $1.43bn in penalties over mortgage fraud prior to 2008 crisis

Banking group settles government lawsuit alleging fraud related to residential mortgage-backed securities in 2006 and 2007

The Guardian - US

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‘Like horse trading’: Credit Suisse retail investors challenge UBS takeover

Fresh legal claim planned by group of almost 1,000 shareholders to rushed rescue in March

The Guardian - UK

UBS ends billions in taxpayer-funded support that paved way for Credit Suisse takeover

Swiss taxpayers are off the hook from a government-engineered rescue plan that doled out billions to help UBS, the country’s largest bank, take over its ailing rival Credit Suisse

The Independent UK

Over $200 billion of Apple's market cap has been vaporized since Thursday. Here's what's going on

“The gravity of a challenging smartphone market particularly in developed regions that should continue…is a headwind for the stock,” UBS analyst David Vogt said.

Fortune

Stocks Gain on Positive Q2 Earnings Results

What you need to know… The S&P 500 Index ($SPX ) (SPY ) today is up +0.67%, the Dow Jones Industrials Index ($DOWI ) (DIA ) is up +0.94%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is up +0.49%. Stocks this morning are moderately higher on optimism that...

Barchart

Markets Today: Stocks Push Higher on Earnings Optimism

Morning Markets September E-Mini S&P 500 futures (ESU2 3) this morning are up +0.28%, and Sep Nasdaq 100 E-Mini futures (NQU2 3) are up +0.41%. Stock indexes this morning are moderately higher on optimism that Q2 corporate earnings results will continue to outperform. M&A activity also boosted stocks after Campbell...

Barchart

Pickleball injuries spike as popularity rises

Medical costs for pickleball-related injuries are expected to reach $250 million to $500 million this year, according to investment banking company UBS.

Chicago Sun-Times

Looking for a new car? Don’t expect prices to drop just yet

Electric vehicles have seen price cuts, but so far the trend has stayed within that small segment of the market.

Chicago Sun-Times

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Broadcasting & Cable

Tough Crowd: Nearly 6 Million Q2 Subscription Adds Not Enough For Unhappy Netflix Investors, Stock Craters

Netflix stock was down over 9% during Thursday Nasdaq trading

Evening Standard

Big growth plans for the world’s smallest gelateria

‘The first 500 machines delivered from China were built upside down’

Barchart

Stocks Fall Back as Inflation Expectations Climb

What you need to know… The S&P 500 Index ($SPX ) (SPY ) Friday closed down -0.10%, the Dow Jones Industrials Index ($DOWI ) (DIA ) closed up +0.33%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) closed down -0.04%. Stocks Friday initially moved higher, with the S&P 500...

Barchart

Stocks Mixed After Positive Q2 Bank Earnings

What you need to know… The S&P 500 Index ($SPX ) (SPY ) today is down -0.02%, the Dow Jones Industrials Index ($DOWI ) (DIA ) is up +0.42%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is down -0.11%. Stocks today are mixed this afternoon. Earlier this morning...

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Barchart

Stocks Post Moderate Gains on Positive Q2 Bank Earnings

What you need to know… The S&P 500 Index ($SPX ) (SPY ) today is up +0.34%, the Dow Jones Industrials Index ($DOWI ) (DIA ) is up +0.45%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is up +0.91%. Stocks today extended this week’s rally, with the S&P...

Barchart

Markets Today: Stocks Push Higher as Positive Q2 Bank Earnings Roll In

Morning Markets September E-Mini S&P 500 futures (ESU2 3) this morning are up +0.17% at a 15-month high, and Sep Nasdaq 100 E-Mini futures (NQU2 3) are up +0.06%. U.S. stock index futures this morning are moving higher as Q2 corporate earnings results begin to roll in. Strength in bank...

Barchart

Stock Index Futures Move Lower as Investors Cautiously Await U.S. Big Bank Earnings

September S&P 500 futures (ESU23) are down -0.08%, and September Nasdaq 100 E-Mini futures (NQU23) are down -0.06% this morning after three major U.S. benchmark indices closed higher on Thursday as economic data provided more evidence that inflationary pressures were subsiding, while market participants braced for earnings from big U.S.…

Barchart

Stock Index Futures Mixed as Investors Cautiously Await U.S. Big Bank Earnings

September S&P 500 futures (ESU23) are up +0.05%, and September Nasdaq 100 E-Mini futures (NQU23) are down -0.07% this morning after three major U.S. benchmark indices closed higher on Thursday as economic data provided more evidence that inflationary pressures were subsiding, while market participants braced for earnings from big U.S.…

Zenger

Swiss Taxpayers Spared From Funding UBS’ Rescue Of Credit Suisse

UBS to handle potential losses of CHF 5 billion, Swiss government to cover next CHF 9 billion.

The Week

Pickleball: obscure sport ‘will be bigger than golf in 5 years’

A cross between tennis, badminton and table tennis, pickleball has surged in popularity with the over 65s in the United States – and could soon be seen across the UK.

The Guardian - UK

UBS ‘preparing to cut more than half of inherited Credit Suisse workforce’

Between 30,000 and 35,000 staff likely to leave combined group this year, according to report

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