European Stock Futures Higher
At 2:05 AM ET (0605 GMT), the DAX futures contract in Germany traded 0.2% higher, CAC 40 futures in France climbed 0.2% and the FTSE 100 futures contract in the U.K. rose 0.1%.To get more news about
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UBS (SIX:UBSG) reported net profit of $2.3 billion in the third quarter, up from $2 billion in the previous quarter and a 9% increase from the same period a year before, as its wealth management division continued to boom.
These strong results may boost the heavily-weighted banking sector Tuesday, especially after Monday’s healthy numbers from U.K.-based rival HSBC (LON:HSBA) – even if neither is a particularly good proxy for the European sector as a whole, given their focus on Asia.
Earlier Tuesday, Asia markets pushed higher, helped by HSBC upgrading its call on Chinese stocks to overweight, saying investors had become too bearish on the market, while Wall Street closed Monday at new record levels.
Back in Europe, French car parts maker Faurecia (PA:EPED) reported a drop in third-quarter sales of over 10% from a year ago, as its customers cut production due to a global shortage in semiconductor chips.New Zealand’s central bank said on Tuesday that it plans to reduce its exposure to bonds from countries like Australia that have a higher carbon footprint, as it outlined action to manage the economic risks associated with climate change.
The Reserve Bank of New Zealand’s (RBNZ) carbon footprint in its balance-sheet is above a simple benchmark of a G7 weighted bond holding because it holds more Australian and Canadian bonds, Governor Adrian Orr said in a news conference to launch its 2021 Climate Change report.
Orr said the bank gets higher yields from Canadian or Australian bonds than it does elsewhere.
“So yes, we would need to think hard around how we can achieve the same effectiveness in our balance with a lower footprint,” Orr said.
“That’s exactly the choice facing so many investors globally right now,” he said.
