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(Updates with UBS' response to a request for comment.)The Federal Reserve said Friday it has terminated its enforcement actions with UBS Group (UBS), Credit Suisse and their subsidiaries.UBS declined to comment to.Price: $45.46, Change: $-0.89, Percent Change: -1.92%
The Federal Reserve said Friday it has terminated its enforcement actions with UBS Group (UBS), Credit Suisse and their subsidiaries.UBS didn't immediately reply to a request for comment from.Price: $45.64, Change: $-0.72, Percent Change: -1.54%
Federal Reserve Terminates Enforcement Actions With UBS, Credit Suisse
UBS Group (UBS) delivered Q1 that highlighted the "strength" of its core business model and improved confidence in future shareholder returns, though the quarter's trends may not be fully sustainable, RBC Capital Markets said in a report Thursday."Strong revenue growth," disciplined cost management and solid capital generation provided UBS with greater "flexibility" for future capital distributions and share buybacks, according to the report. Organic capital generation reached 30 basis points in the quarter, helping offset "regulatory headwinds" and supporting potential distributions in 2026, according to the report.The firm also cited "small relief" from regulatory pressures after softer-than-expected "ordinance changes," which it estimates provide a $7 billion benefit versus prior estimates. However, proposed rules related to "foreign subsidiary capitalization" remain "as harsh as expected" and could still create capital inefficiencies, RBC said.UBS' wealth management business showed strong momentum in the Americas and Asia-Pacific, supported by "client activity," deposit and loan growth, and improving profitability trends, the report said.RBC has an outperform rating on UBS and raised its price target to 38 Swiss francs ($48.75) from 37 Swiss francs.Price: $44.46, Change: $-0.75, Percent Change: -1.66%
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We maintain our 12-month target price of USD47, reflecting a P/E multiple of 14.2x on our 2026 EPS forecast. This is a premium to its five-year historical average forward P/E of 13.6x, justified as the acquisition of Credit Suisse has fundamentally and positively transformed the company's structure and earnings potential, in our view. Following the strong Q1 results, we raise our 2026 EPS forecast to USD3.30 from USD3.21 and keep our 2027 EPS at USD3.97. We maintain our Hold rating, as stellar operational execution is now balanced against forward-looking risks. The exceptional Q1 results, driven by successful integration and strong client activity, confirm the franchise's powerful earnings potential and prompted an accelerated buyback. However, this momentum is tempered by two key overhangs: a material regulatory headwind requiring additional capital, and heightened macroeconomic uncertainty that could impact future client activity.
The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.02% and the actively traded Invesco QQQ Trust (QQQ) was 0.3% higher in Wednesday's premarket activity, ahead of the Federal Open Market Committee's policy decision.US stock futures were mixed, with S&P 500 Index futures up 0.01%, Dow Jones Industrial Average futures retreating 0.03%, and Nasdaq futures gaining 0.3% before the start of regular trading.The US Federal Reserve's Federal Open Market Committee will make its latest policy announcement at 2 pm ET, followed by a press conference by Fed Chair Jerome Powell.Mortgage applications declined in the week ending April 24 after a large increase in the previous week, as mortgage rates rose slightly, according to the Mortgage Bankers Association Wednesday.US housing starts rose to an annual pace of 1.502 million in March, topping forecasts of 1.38 million and increasing from 1.356 million previously.In March, US building permits fell to an annual rate of 1.372 million, missing expectations of 1.39 million and declining from 1.538 million in the prior reading.Durable goods orders rose 0.8% in March, beating expectations for a 0.5% increase and marking a rebound from the previous 1.2% drop.Weekly petroleum stocks data are due to be released at 10:30 am ET, followed by the Atlanta Federal Reserve Survey of Business Uncertainty for April at 11 am ET.In premarket activity, bitcoin was up by 1.7%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1.8% higher, Ether ETF (EETH) advanced 1.6%, and Bitcoin & Ether Market Cap Weight ETF (BETH) retreated by 0.01%.Power Play:TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) advanced by 0.7%, and the iShares US Technology ETF (IYW) was 0.5% higher, while the iShares Expanded Tech Sector ETF (IGM) was up 0.8%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) increased by 1.6%, while the iShares Semiconductor ETF (SOXX) rose by 1.8%.United Microelectronics (UMC) shares were up more than 8% in Wednesday's premarket activity after the company reported Q1 earnings and revenue.Winners and Losers:FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.2%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.7%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.6% lower.UBS Group (UBS) shares were up more than 5% pre-bell after the company reported higher Q1 earnings and revenue.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.3%, while the Vanguard Industrials Index Fund (VIS) was flat and the iShares US Industrials ETF (IYJ) was down 1.1%.AerCap Holdings (AER) stock was up more than 5% before the opening bell after the company reported higher Q1 revenue.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) retreated by 0.4%, the Vanguard Health Care Index Fund (VHT) lost 0.3%, while the iShares US Healthcare ETF (IYH) was inactive. The iShares Biotechnology ETF (IBB) was flat.GSK (GSK) stock was down more than 4% premarket even after the company reported higher Q1 core earnings and revenue.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.1%, and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) retreated by 0.1%. The iShares US Consumer Staples ETF (IYK) advanced 0.5%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.4%. The VanEck Retail ETF (RTH) gained 0.1%, while the State Street SPDR S&P Retail ETF (XRT) was 0.2% lower.Yum China (YUMC) shares were up more than 3% pre-bell after the company reported Q1 adjusted earnings and revenue.EnergyThe iShares US Energy ETF (IYE) was up 0.9%, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 1.2%.Phillips 66 (PSX) stock was up more than 1% before the opening bell after the company reported it swung to Q1 adjusted earnings.CommoditiesFront-month US West Texas Intermediate crude oil rose by 3.3% to $103.22 per barrel on the New York Mercantile Exchange. Natural gas retreated by 1.3% to $2.66 per 1 million British Thermal Units. The United States Oil Fund (USO) increased by 3.4%, while the United States Natural Gas Fund (UNG) was 1.3% lower.Gold futures for May were down by 0.7% at $4,576.40 an ounce on the Comex. Silver futures retreated by 0.9% to $73.05 an ounce. SPDR Gold Shares (GLD) was 0.6% lower, and the iShares Silver Trust (SLV) fell by 0.6%.
Financial stocks were advancing premarket Wednesday, with the State Street Financial Select Sector SPDR ETF (XLF) up 0.2%.The Direxion Daily Financial Bull 3X Shares (FAS) was 0.2% higher and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was down 0.5%.UBS Group (UBS) shares were up 5% after the company posted higher Q1 earnings and revenue.Banco Santander (SAN) stock was up more than 1% after the company reported higher Q1 earnings and revenue.Robinhood Markets (HOOD) shares were down more than 12% after the company reported Q1 earnings and revenue that missed analysts' expectations.
Financial stocks were advancing premarket Wednesday, with the State Street Financial Select Sector SPDR ETF (XLF) up 0.2%.The Direxion Daily Financial Bull 3X Shares (FAS) was 0.2% higher and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was down 0.3%.UBS Group (UBS) shares were up more than 4% after the company posted higher Q1 earnings and revenue.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:UBS delivered exceptional Q1 2026 results with net profit of USD3.0B (+80% Y/Y) and underlying PBT of USD4.0B (+54% Y/Y), beating consensus estimates. The strong performance reflected broad-based momentum, with underlying revenues advancing 18% and the fourth consecutive quarter of positive operating leverage. UBS achieved a pivotal milestone in the Credit Suisse integration, completing Swiss client account transfers and delivering USD0.8B in additional gross cost savings. Management expressed confidence in substantially completing the integration by year-end 2026 and achieving exit rate targets of an underlying return on CET1 capital of approximately 15% and a cost-to-income ratio below 70%. However, two significant overhangs temper the outlook: proposed Swiss capital framework changes requiring an additional USD22B in CET1 capital represent a material headwind, while elevated geopolitical risks could shift client sentiment given management's guidance for flat net interest income sequentially in Q2 2026.
Switzerland's Federal Council on Wednesday amended the Capital Adequacy Ordinance, deciding not to require full backing with Common Equity Tier 1, or CET1, capital for deferred tax assets and software.The amendments will take effect on Jan. 1, 2027, the Federal Council said.The council adopted the dispatch on the revision of the Banking Act, which will require systemically important banks in Switzerland to fully back their participations in foreign subsidiaries with CET1 capital. Switzerland's parliament will be able to debate the legislative proposal starting in the summer, the Federal Council said."Currently, only UBS (UBS) is affected to a significant extent," the Federal Council added.In a statement, UBS Group said it is currently reviewing the Swiss government's regulatory announcements and the proposed package in detail, and plans to provide further comments at the time of its Q1 results on April 29.The bank said it continues to evaluate the potential impact of the measures and will engage in the ongoing parliamentary process, while also assessing steps to protect shareholder interests and mitigate effects on clients and employees.Price: $43.05, Change: $+0.92, Percent Change: +2.18%
Swiss Government Softens Capital Rules That Affect UBS
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We raise our 12-month target price to USD47 from USD41, reflecting an expansion in our applied P/E multiple to 14.8x from 12.6x on unchanged 2026 EPS estimates. This multiple expansion is justified by (1) the compression in the equity risk premium since our March 20 report, due to easing geopolitical tensions and improving market sentiment, (2) U.S. investment banking peers' strong Q1 2026 results validating the return of the M&A and wealth management cycles, and (3) incremental positive signals regarding Swiss regulatory capital framework compromises. The ~15% share price appreciation since March 20 aligns with similar moves across the European banking peer group, confirming this as largely a sector-wide re-rating. While we maintain our Hold rating given limited near-term upside from current levels, the regulatory capital framework decision expected this month (April 22-23) represents a potential catalyst that could swing our view. UBS will release its Q1 2026 results on April 29.
Financial stocks were leaning lower premarket Friday, with the State Street Financial Select Sector SPDR ETF (XLF) declining by 0.1%.The Direxion Daily Financial Bull 3X Shares (FAS) was 0.3% lower and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was up 0.5%.Switzerland's criminal court said Friday it has discontinued a proceeding against UBS (UBS) in connection with alleged money laundering in a case involving Mozambican state-owned companies. UBS Group shares were 0.9% higher pre-bell.HSBC (HSBC) and Anchorpoint Financial, a Standard Chartered joint venture, have been granted stablecoin issuer licenses by the Hong Kong Monetary Authority, the regulator said. HSBC stock was 0.6% higher premarket.A Morgan Stanley (MS) affiliated entity is planning to participate as a cornerstone investor in Victory Giant Technology Huizhou's planned listing in Hong Kong that could raise about $2 billion, Bloomberg reported, citing people familiar with the matter. Morgan Stanley shares were slightly declining premarket.
Financial stocks were leaning lower premarket Friday, with the State Street Financial Select Sector SPDR ETF (XLF) declining by 0.1%.The Direxion Daily Financial Bull 3X Shares (FAS) was 0.3% lower and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was up 0.2%.Switzerland's criminal court said Friday it has discontinued a proceeding against UBS (UBS) in connection with alleged money laundering in a case involving Mozambican state-owned companies. UBS Group shares were 0.8% higher pre-bell.
Financial stocks increased late Thursday afternoon, with the NYSE Financial Index adding 0.3% and the State Street Financial Select Sector SPDR ETF (XLF) up 0.4%.The Philadelphia Housing Index was climbing 1.2%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) rose 0.8%.Bitcoin (BTC-USD) rose 1.1% to $72,174, and the yield for 10-year US Treasuries was slightly lower at 4.29%.In economic news, US economic growth, measured by gross domestic product, was revised lower to a 0.5% increase in Q4 from a 0.7% gain in the second estimate, compared with estimates for no revision in a Bloomberg survey.US initial jobless claims rose to 219,000 in the week ended April 4 from an upwardly revised 203,000 in the previous week, compared with expectations for 210,000 in a Bloomberg poll.In corporate news, Ares Management (ARES) on Thursday agreed to acquire Whitestone REIT (WSR) in an all-cash deal worth about $1.7 billion. Ares shares were fractionally down, and Whitestone jumped nearly 12%.Carlyle (CG) will limit redemptions to 5% for its Tactical Private Credit Fund after receiving repurchase requests amounting to roughly 15.7% of shares outstanding, The Wall Street Journal reported, citing a shareholder letter. Carlyle shares were little changed.Goldman Sachs-backed (GS) Japanese taxi-hailing provider Go plans an initial public offering in 2026 that could raise between 50 billion yen ($314.5 million) and 80 billion yen, Bloomberg reported. Goldman shares shed 0.2%.TPG (TPG) has hired UBS (UBS) and Malayan Banking to help weigh options for Malaysian medical services provider Asia OneHealthcare, Bloomberg reported. TPG shares rose 1.2%, and UBS added 0.3%.
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