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UBS has maintained a "Neutral" rating on Apple, setting a target price of $210, following US President Donald Trump's announcement of a potential 25% tariff on foreign-made iPhones. Analyst David Vogt noted that while the tariff's impact on earnings per share would be minor, it introduces market uncertainty that could pressure margins and valuations.
Credit Suisse shareholders are seeking compensation from the Swiss Confederation following the bank's takeover by UBS, claiming losses after purchasing shares based on misleading reassurances about the bank's stability. The Federal Department of Finance is appealing a court ruling that deemed the reduction of bonuses for former executives unlawful, arguing that exceptional circumstances justify their stance. Meanwhile, Japan faces rising inflation, with consumer prices hitting 3.5% in April, driven by soaring rice prices, prompting speculation about potential monetary policy changes by the Bank of Japan.
Markets have adjusted to a calming of the tariff dispute, with the US maintaining a 10% base tariff and sector-specific restrictions, particularly affecting pharmaceuticals relevant to Switzerland. As the US budget debate unfolds, concerns about rising debt and deficits grow, prompting Swiss investors to reassess their US dollar exposure and diversify their portfolios. Defensive, high-yielding investments, alongside innovative sectors like AI and resources, are recommended for stability amid geopolitical uncertainties.
The Swiss Federal Department of Finance is appealing to the Federal Supreme Court against a ruling that deemed the reduction or elimination of bonuses for former Credit Suisse executives unlawful. This follows the Confederation's financial support to Credit Suisse during its liquidity crisis in March 2023. Meanwhile, Germany's economy showed unexpected growth in Q1 2025, attributed to anticipatory effects of US tariffs, although experts warn of a potential GDP contraction later in the year due to ongoing industrial challenges.
Germany's GDP grew by 0.4% in Q1, surpassing initial estimates due to strong manufacturing and export performance, particularly in pharmaceuticals and motor vehicles. Investment activity also rose, with equipment investment up 0.7% and private consumer spending increasing by 0.5%. However, this growth is seen as a temporary effect from ongoing trade conflicts, with expectations of lower growth in the upcoming quarter.
Deutsche Bank's research indicates that the US dollar must depreciate by 40% to eliminate the trade deficit, a reversal of its 15-year appreciation driven by fiscal and monetary policies. Relying solely on tariffs is insufficient, as they could lead to inflation and reduced exports. Meanwhile, Morgan Stanley forecasts continued dollar depreciation, predicting a drop to 91 by mid-2026 due to diminishing growth and yield advantages.
Singapore's economy grew by 3.9% in Q1 2025, exceeding forecasts due to strong global demand, particularly in wholesale trade and manufacturing. However, the government cautioned about potential risks from renewed U.S.-China trade tensions, maintaining a growth forecast of 0.0 to 2.0 percent for the year. In Hong Kong, a new stablecoin bill has been passed, establishing a licensing regime for issuers and aiming to enhance the city's position as a global digital asset hub. The law mandates compliance with asset management and risk management requirements to protect investors.
A UBS report reveals that a global trade war is the top investment risk for family offices in 2025, followed by geopolitical conflict and inflation. While 70% of family offices express concern over trade wars, 59% plan to maintain their portfolio risk levels. The report also highlights a significant wealth transfer, with 53% of family offices having succession plans, yet many face challenges in tax-efficient wealth transfer and preparing the next generation.
Global family offices are divided on their approach to Chinese equities amid trade war concerns. A UBS survey reveals that 39% of Asia Pacific single-family offices plan to increase their investments in mainland stocks over the next year, while no US offices intend to do so. Overall, 18% of family offices worldwide will add Chinese equities, with the figure rising to 36% among Middle Eastern families, reflecting widespread anxiety over President Trump's tariffs.
German manufacturing companies are reportedly unfazed by ongoing tariff disputes, as indicated by improved sentiment in industry surveys. However, economic indicators like the Ifo business climate index and purchasing managers' indices still reflect a prevailing sense of gloom in the economy.
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UBS Maintains Neutral Rating on Apple with Target Price of 210 Dollars
16:35 23.05.2025
Japan and Germany Face Economic Challenges Amid Rising Inflation and Trade Tensions
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14:00 23.05.2025
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Germany's GDP Growth Boosted by Tariff Conflict and Strong Exports
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US Dollar Must Depreciate 40 Percent to Eliminate Trade Deficit According to Deutsche Bank
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Singapore's Economy Grows 3.9 Percent Amid Trade War Concerns and Global Uncertainty
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Global Family Offices Face Trade War Risks and Embrace AI Innovations
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