UBS

Stocks plunged in Tokyo on Monday after the yen surged in reaction to Shigeru Ishiba's election last week as the head of Japan's ruling party, which boosted expectations the Bank of Japan will continue hiking interest rates.

Swiss bank UBS maintains its forecast for Greek GDP growth of 2.5% for 2024, given economic data such as industrial production, auto sales, consumer loans and business confidence that support its optimism about the Greek economy.

Swiss bank UBS believes gold is gearing up for its next upward move and although it has already reached record highs, investor positioning does not appear to be particularly high.

Swiss banking giant UBS reported better-than-expected earnings on Wednesday as the integration of Credit Suisse led to lower costs.

The group reported a net profit of more than $1.1 billion for the quarter from April to June, well above the median analyst forecast of $608 million.

The United Arab Emirates is set to attract the most wealth globally for the third consecutive year, according to the Henley Private Wealth Migration Report.

At the same time, the UK will see a 17% decline in the number of millionaires by 2028, according to UBS.

Athens-listed cement giant Titan is getting ready to list its US subsidiary, Titan America, on the US stock exchange.

The group's aim is to raise funds that will finance the its future development in the US market, which is also the largest for the Greek group. It is estimated that this process will be completed by the beginning of 2025.

Last year's financing by Greek banks for shipping increased by 12.25%, expanding their share in the sector compared to international banks, which reduced their positions. 

Financial consultants UBS, Goldman Sachs and Bank of America are conducting critical consultations on the intentions of potential investors in relation to the price they are willing to pay for 27% of Piraeus Bank on behalf of bank bailout fund HFSF. 

Alpha Bank's deal with Italy's second largest bank, UniCredit, was a touch of optimism in the gloomy environment of very low expectations that currently dominates the Greek economy.

Goldman Sachs expects Greek banks to show strong results in the third quarter of the year as well, following the trend of the second quarter, with further strengthening of net interest income, which will be supported by the 50-basis point increase in interest rates, to which it is estimated that the European Central Bank will have progressed in the specific period.