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By Swissquote Analysts
Morning News

Pfizer in Advanced Talks to Buy Global Blood Therapeutics for About $5 Billion

Pfizer Inc. is in advanced talks to buy Global Blood Therapeutics Inc., the maker of a recently approved drug for sickle-cell disease, for about $5 billion, in the latest move by the drug giant to bolster its portfolio and pipeline. Pfizer is aiming to seal a deal for GBT in the coming days, according to people familiar with the matter. The situation is still fluid, and other suitors are still in the mix, some of the people said. GBT announces its second-quarter results Monday. Bloomberg reported earlier this week that potential buyers were circling GBT, without naming them.

By
Mathieu VILLARD
Morning News

Bayer Lifts 2022 Guidance But Impairments, Charges Weigh on Earnings

Bayer AG lifted its guidance for the full year after a sales beat in the second quarter and a boost from positive currency effects, though it posted a net loss for the quarter and said it took on some impairments and litigation-related charges. The German pharmaceutical-and-agricultural company posted a net loss of 298 million euros ($303 million) for the second quarter, narrowed from a loss of EUR2.34 billion the year prior, when profits were affected by the setting aside of provisions to continue litigation on its Roundup weedkiller.

By
Mathieu VILLARD
Morning News

Tod’s Founding Family to Take Luxury-Loafer Maker Private

The family behind luxury Italian shoemaker Tod’s SpA said it plans to take the company private as part of an effort to boost growth at the maker of high-end loafers. Chief Executive Diego Della Valle and his family on Wednesday said they were offering to pay 40 euros a share, equivalent to $40.67, to acquire 25.55% of the company’s stock and increase their holding to 90%. The acquisition would cost the family €338 million and value the company at €1.32 billion.

By
Ludovica SCOTTO DI PERTA
Morning News

Caterpillar Second Quarter Sales Up 11%

Caterpillar Inc. said higher prices and increased sales helped to offset the continued drag from rising material and freight costs on the company's bottom line. The maker of heavy equipment, which last month said it would move its headquarters to Irving, Texas, from Illinois, posted an 11% sales increase in the second quarter. Profit rose, too, amid unfavorable currency impacts and an uncertain macroeconomic climate.

By
Mathieu VILLARD
Morning News

HSBC Pledges to Restore Pre-Covid Dividends as Profit Jumps

Global banking giant HSBC Holdings PLC said it would resume paying full dividends to investors as early as next year and warned that its top shareholder’s push to split up the company would jeopardize profit and growth. Profit at the London-based lender rose 62% in the second quarter from a year earlier to $5.5 billion, the company said Monday. The bank said it received a boost from rising interest rates worldwide, which have increased the money the bank earns on loans to businesses and consumers. Executives said they strongly opposed a push by Ping An Insurance (Group) Co. of China—the company’s largest shareholder—to potentially split off the company’s Asian operations from its other businesses around the world. Such a move would undermine the bank’s goal of being an international bank that connects global regions and limits costs by avoiding duplicate tasks.

By
Mathieu VILLARD
Morning News

Apple iPhone Sales Remain Resilient as Company Reports 11% Decline in Profit

Apple Inc. reported an almost 11% decline in profit after weathering supply constraints and shutdowns in China, although iPhone sales continued to grow, remaining resilient despite economic challenges. The better-than-expected results for the quarter ended in June followed a pattern of tech companies that posted a drop in profits but managed to assuage investor concerns about their strength in uncertain economic times. Investors were encouraged by Apple’s results even as they continue to pay close attention to the potential effect of a strong dollar, inflationary fears, chip shortages and Covid-19 precautions in China.

By
Ludovica SCOTTO DI PERTA
Morning News

Fed Raises Interest Rates by 0.75 Percentage Point

The Federal Reserve continued a sprint to reverse its easy-money policies by approving another unusually large interest rate increase and signaling more rises were likely coming to combat inflation that is running at a 40-year high. The U.S. central bank lifted its federal-funds rate by 0.75 percentage point, to a range between 2.25% and 2.5%, and said it is “strongly committed to returning inflation to its 2% objective.” The rate increase won unanimous backing from the 12-member rate-setting committee. In a policy statement after the conclusion of their two-day meeting, officials acknowledged signs of slower economic activity since they met last month. “Recent indicators of spending and production have softened. Nonetheless, job gains have been robust in recent months,” the statement said.

By
Mathieu VILLARD
Morning News

Credit Suisse CEO Thomas Gottstein Set to Depart

Mr. Gottstein has headed the bank since the start of the pandemic and presided over a series of costly mishaps, including the implosions of clients Greensill Capital and Archegos Capital Management in early 2021. Credit Suisse posted a loss of 1.59 billion francs. In the previous year, a profit of 253 million francs was still achieved. Net income fell by 29 per cent to 3.645 billion francs. Assets under management decreased to 1.454 trillion from 1.632 trillion francs. Credit Suisse parts ways with CEO Thomas Gottstein. The bank announced that Ulrich Körner, currently head of asset management, has been appointed as CEO with effect from 1 August.

By
Mathieu VILLARD
Morning News

UBS 2Q Net Profit Rose But Missed Views Amid Tough Conditions

UBS Group AG’s second-quarter earnings inched higher, though they fell short of analysts’ expectations, held back by steep falls in global stock and bond markets. The Swiss bank on Tuesday reported a quarterly net profit of $2.11 billion, up from $2.01 billion a year earlier. Revenue was $8.92 billion, inching up from $8.90 billion, it said. Analysts had expected UBS to post a net profit at $2.40 billion on revenue of $9.43 billion, according to a company-compiled consensus. UBS’s wealth-management division, the company’s crown jewel, recorded a 2% revenue drop, dragged by negative market performance, adverse currency effects and lower levels of client activity, especially in the Americas and Asia-Pacific regions.

By
Mathieu VILLARD
Morning News

Julius Baer 1H Net Profit Fell Amid Rocky Markets, Activity Slowdown

Julius Baer Group Ltd. suffered from a slowdown in client activity and volatile markets in the first half of the year. The Swiss private banking group announced that net profit fell 26 per cent year-on-year to CHF 450.6 million. On an adjusted basis, net profit was CHF 476 million, down 25 per cent. Operating profit was 1.87 billion Swiss francs, a decrease of 6.4 percent. It was impacted by lower transaction and trading related revenues combined with lower activity.

By
Mathieu VILLARD