UBS leads Europe on roller-coaster ride
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UBS (NYSE:UBS) led European shares on a roller-coaster ride on Thursday when growing fears that losses at ailing bond insurers would pummell the banking sector capped the worst yet January for European stock markets.
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Swiss banking giant UBS said on Thursday it had suffered a net loss of 4.4 billion Swiss francs (4.0 billion dollars, 2.7 billion euros) in 2007 after losing billions in the US mortgage crisis.
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European stocks gained, paced by banks. HBOS Plc and Deutsche Bank AG rose. The Dow Jones Stoxx 50 Index rose 0.3 percent to 2694.
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Europe's year-end rally gathered momentum this week with bid speculation in the banking and retail sectors helping equities reach a fresh 5&frac12;-year high on Friday.
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UBS , the biggest European  casualty of the U.S. subprime crisis, said it was shrinking its  investment banking business, cutting staff and drastically  scaling down its exposure to risky investments.
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UBS AG on Thursday posted a fourth-quarter net loss of $11.28 billion, and a loss for the entire year, besieged as other banks were by investments in U.S. subprime mortgages.
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Swiss banking giant UBS on Friday warned of a "difficult" year ahead after losing 10 billion dollars (6.8 billion euros) in the US subprime mortgage crisis.
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Swiss banking giant UBS plunged to its first-ever full-year net loss on Thursday after losing 18 billion dollars in the US subprime mortgage crisis.
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European stock markets rose strongly with London trading at fresh two-year high points, as English football giant Manchester United said it had received a takeover approach.
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ZURICH, Switzerland  -- UBS AG on Thursday posted a fourth-quarter net loss of $11.28 billion, and a loss for the entire year, besieged as other banks were by investments in U.S. subprime mortgages.
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European stock markets climbed strongly after shaking off a mixed overnight showing on Wall Street, as banking stocks gave a pre-weekend boost to London share prices.
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European equities hit new 5&frac12;-year highs on Thursday in a broad advance led by heavyweight banking, oil and mining stocks.
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Forget for one moment all the gloom, from US subprime writedowns to an unprecedented alleged banking fraud, in the financial sector. Consider, instead, all the encouraging if not altogether bullish comments that have been dished out this week by some of Europe's biggest manufacturing companies.
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Leading European banks may have to pay out as much as Â£70bn as the global credit crunch continues to bite.
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UBS AG, Europe&#39;s biggest bank, said third-quarter profit fell 1 percent as gains from managing funds for millionaires cushioned a drop in investment-banking earnings.
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Huw Jenkins, the British-born global head of equities at UBS AG, says he remembers how the bank, Switzerland's largest, battled for recognition in the United States when he moved to New York in 2000.
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European stock markets ended the day roughly where they began as investors balanced news of unexpected banking losses at Credit Suisse (NYSE:CS) against better results from Barclays (NYSE:BCS).