UBS AG (UBSN), Switzerland’s biggest bank, said third-quarter profit dropped 39 percent after reporting a $2.3 billion loss from unauthorized trading last month.
Net income fell to 1.02 billion Swiss francs ($1.16 billion), the Zurich-based bank said in a statement today. The mean estimate of 11 analysts surveyed by Bloomberg was for earnings of 318 million francs, after UBS said earlier this month that gains from wider spreads of its own credit and bond sales would cushion the trading loss and lead to a “modest” profit for the quarter.
EQUITIES: *Straumann Holding said third-quarter sales excluding currency swings rose 5 percent *Alpiq Holding said it signed a preliminary agreement to sell its 20 percent stake in Edipower to EDF SA for 150 million euros to 200 million euros *GAM Holding said assets under management fell 6 percent to 106.4 billion francs on Sept. 30 from three months earlier *Weatherford reported third-quarter income of $197 million *Nationale Suisse said Sven Cattelan will step down from the executive board and will head up the Broker & Cooperations business *Basilea Pharmaceutica (BSLN) said it concluded the BAL30072 phase I multiple ascending dose study, adding the drug was clinically well tolerated *Swisscom was cut to “hold” from “buy” at Deutsche Bank *Valora expects to report earnings before interest and tax of about 70 million francs this year, down from a previous estimate of at least 81 million francs *Nestle said it is looking into a Xinhua News Agency report that said the company has shortchanged farmers in the northeastern Chinese province of Heilongjiang *Meyer Burger said MB Wafertec will adjust capacity, added its group targets for sales and earnings remain unchanged
WHAT TO WATCH: *Novartis releases third-quarter results at 8:30 a.m. Zurich time today
ECONOMY: *UBS consumption indicator at 8 a.m. *Switzerland sells 3-month bills
MARKETS: *The benchmark SMI climbed 0.6 percent to 5,788.63 *The SPI rose 0.8 percent to 5,253.56 *The Stoxx Europe 600 Index increased 1.3 percent to 242.03 *The MSCI Asia-Pacific Index rose 0.1 percent at 7:15 a.m. Zurich time *Euro-franc traded at 1.2245 at 7:16 a.m. Swiss time
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