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☆ Want to dodge the market volatility and capture the upside? This JPMorgan ETF's manager reveals how he's doing it
▼ + stars: | 2024-11-07 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

The JPMorgan Asset Management's U.S. fund, already the largest active ETF in the world, returned 21.5% in 2021, including 8.15% as income. In 2022, when the S & P 500 index nearly fell into a bear market, the fund lost just 3.5% in value. Over the past couple of years, the fund has returned 7% to 9% in income on top of capital appreciation. Spence stressed that JPMorgan did not intentionally time its entry into Europe on one of the most volatile weeks of the year for global markets. One such fund is Global X's covered call ETF XYLD , which marginally outperformed JPMorgan's JEPI over the past two years.

Persons: Donald Trump's, JEPI, Hamilton Reiner, Travis Spence, Spence, Reiner Organizations: JPMorgan, JPMorgan Asset Management's, CNBC, London Stock Exchange, Deutsche Borse, Six Swiss, Asset Management, U.S, Presidential, Global Locations: Europe, Germany, U.S, London, Netherlands, Italy, Switzerland

☆ Swiss SIX exchange says trading halted due to technical issues
▼ + stars: | 2024-07-31 | by ( ) www.cnbc.com time to read: 1 min

Four Chinese companies raised about $1.5 billion in July by issuing shares on the Six Swiss Exchange via a new China stock connect program. Switzerland's stock exchange SIX said trading had been halted on Wednesday morning across all products until further notice due to technical problems. The Swiss stock exchange is home to companies including Nestle , Roche and UBS . "Market data and index data is not being disseminated at the moment and we are investigating the cause and trying to solve," a spokesperson at SIX told Reuters. "Trading was not affected, but we had to halt trading in Switzerland due to equal treatment of market participants."

Organizations: Six Swiss, Nestle, Roche, UBS, SIX, Reuters Locations: China, Swiss, Switzerland

☆ This JPMorgan ETF has beaten the S&P 500 five years in a row. Here’s how
▼ + stars: | 2024-07-25 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

However, one exchange-traded fund (ETF) has done just that, beating the S & P 500 index for five consecutive years. The JPMorgan US Research Enhanced Index Equity ETF has beaten the benchmark every year since 2019 and is also outperforming in 2024. However, it wasn't until 2018 that JPMorgan decided to marry this time-tested strategy with the increasingly popular ETF structure. For instance, JPMorgan's ETF is overweight Microsoft shares by 45 basis points compared to the weighting for the stock in the iShares Core S & P 500 ETF. This extensive coverage forms the backbone of the REI strategy, according to Grassi.

Persons: Piera Elisa Grassi, Raffaele Zingone, Grassi, REI, Berkshire, we've Organizations: JPMorgan US, Equity, London Stock Exchange, Borsa Italiana, Deutsche Borse, Six Swiss Exchange, JPMorgan Asset Management, JPMorgan, JPMorgan Global, Vanguard, Berkshire Hathaway, GE Aerospace, Asset Management, CNBC Locations: United States, U.S, Grassi, iShares

☆ Avoid the 'Magnificent 7' and buy these lesser-known stocks instead, wealth manager says
▼ + stars: | 2024-07-23 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +4 min

The so-called "Magnificent Seven" were among the hottest stocks last year, but one wealth manager says they are "wildly overvalued" and has his sights elsewhere. The Magnificent Seven comprises Alphabet , Amazon , Apple , Meta Platforms , Microsoft , Nvidia and Tesla , which continue to be in the spotlight thanks to the buzz around artificial intelligence. Other global stocks Global stocks Dennison is betting on include Fresenius Medical Care , a German health-care company, and Kazatomprom, a Kazakhstan-headquartered producer of uranium. "It is a top position in many pension portfolios and has become a value stock because of the strong Swiss Franc," he said. Value stocks are often cheaper than so-called growth stocks and typically trade at a lower price than what the company's performance indicates.

Persons: Tariq Dennison, Dennison, he's, Russell, Chow, Fook, Tencent, Goldman Sachs, Kazatomprom Organizations: GFM Asset Management, CNBC Pro, Apple, Microsoft, Nvidia, Tesla, Nasdaq, Value, Avantis U.S, Abercrombie, Fitch, Cadence Bank, Commercial Metals, KB, Jackson Financial, Warrior, MTR Corp, Global, Dennison, Fresenius, London Stock Exchanges, U.S, Nestle, Six Swiss Exchange Locations: U.S, China, Hong Kong, Kazakhstan, Swiss

☆ Asset manager names one under-the-radar market to buy when times are bad, giving 6 stock picks
▼ + stars: | 2024-02-08 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +4 min

"People recommend investing in the Swiss market during uncertain periods – like if you are expecting a recession. "Maybe in a bull market, Swiss equities are not going to be a huge outperformer globally — but they can generate positive returns. But in difficult times, Swiss equities, besides the U.S., is one of the markets to buy," Bänziger said. In her view, Swiss stocks benefit from the strong Swiss franc and a political system that fosters innovation in companies. Meanwhile, Bänziger believes Swiss Prime Site and PSP Swiss Property make good investments among small- and mid-caps, given the opportunities in the Swiss real estate sector.

Persons: Carla Bänziger, Bänziger, Stocks Organizations: U.S . Federal, that's, CNBC Pro, Swiss, State Secretariat, Economic Affairs, Swiss Re, SIX Swiss Exchange, Dow Jones International Real, ABB, Nestle, Roche, Novartis Locations: that's Switzerland, Swiss, Zurich, U.S, Switzerland, Germany, China, Europe

GENEVA (AP) — Julius Baer says its CEO is resigning and the Swiss bank is quitting the private debt business as well as setting aside more than a half-billion Swiss francs (dollars) reportedly over its exposure to bankrupt Austrian asset manager Signa. Zurich-based Julius Baer said it was exiting the private debt business and the annual results reflected net credit losses of 606 million Swiss francs (about $702 million) — 586 million francs of which included a loan-loss allowance for unspecified private debt exposure. Photos You Should See View All 45 ImagesShares of Julius Baer were up nearly 6% to 50.02 Swiss francs in midmorning trading Thursday on the SIX Swiss Exchange following the news. Media reports said the bank's troubles were linked to Signa, but Julius Baer didn't specify. The bank announced the exposure to private debt issues in November, comprised of three loans to different entities at a “European conglomerate” active in commercial real estate and luxury retail.

Persons: — Julius Baer, Romeo Lacher, Julius Baer, Philipp Rickenbacher, Nic Dreckmann, Julius Baer didn't Organizations: GENEVA, Signa, SIX Swiss Exchange, Media, Credit Suisse, UBS Locations: Swiss, Austrian, Zurich, Vienna

☆ Swiss firm Pando becomes 13th filer for spot bitcoin ETF
▼ + stars: | 2023-12-04 | by ( Suzanne Mcgee | ) www.reuters.com time to read: +1 min

Dec 4 (Reuters) - Pando Asset AG, a digital asset management firm based in Switzerland, last week became the latest issuer to submit an application to the U.S. Securities and Exchange Commission to launch an exchange-traded fund (ETF) tied to spot bitcoin prices. Pando becomes the 13th company vying for a share of what the cryptocurrency world believes could become a multi-billion dollar product, SEC filings showed. Others range from asset management giants like BlackRock and Fidelity to more specialized ETF providers like ARK Investments. Pando is a latecomer to the U.S. spot bitcoin race, but already has three other spot crypto exchange-traded products (ETPs) on the SIX Swiss Exchange. Its ETF proposal included Bank of New York Mellon as the administrator of the Pando Asset Spot Bitcoin Trust.

Persons: Pando, Suzanne McGee, Ira Iosebashvili Organizations: Pando Asset AG, U.S . Securities, Exchange Commission, SEC, BlackRock, Fidelity, ARK Investments, SIX Swiss Exchange, Bank of New York Mellon, Pando isn't, ARK Investment Management, Thomson Locations: Pando, Switzerland, U.S

GENEVA (AP) — UBS reported Tuesday a $255 million pre-tax loss as the giant Swiss bank shed some 4,000 jobs globally, cut costs faster than expected, and reaped billions in asset inflows in the third quarter while moving forward with its government-orchestrated merger with rival Credit Suisse. The Zurich-based bank said underlying profit before taxes came in at $884 million in the first full quarter since the merger was completed in June. Government authorities in Bern shepherded through the deal with bank chiefs to stave off a collapse of Credit Suisse and avert a financial crisis. UBS tallied $33 billion in net new deposits in its wealth management and personal and corporate banking segments, two-thirds of that from Credit Suisse clients. Political Cartoons View All 1234 Images“We are executing on the integration of Credit Suisse at pace and have delivered underlying profitability for the group in the first full quarter since the acquisition," UBS chief executive Sergio Ermotti said in a statement.

Persons: —, Sergio Ermotti, Benjamin Goy, Sharath Kumar, ” Organizations: GENEVA, — UBS, Credit Suisse, The, UBS, Six Swiss, Deutsche Bank, ” UBS Locations: Swiss, The Zurich, Bern shepherded, Zurich

☆ Stocks making the biggest moves premarket: Cal-Maine Foods, Intel, Apple & more
▼ + stars: | 2023-10-04 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

Intel — Shares popped 2.5% after the chipmaker announced it would be operating its programmable chip unit as a standalone business complete. Intel plans to conduct an initial public offering for the unit within the next two to three years. The firm is bullish on the stock thanks to progress on legacy projects and said Fluor is on the brink of a company turning point. Sunrun , Sunnova Energy International — Shares of Sunrun and Sunnova dropped 3% and 2.8%, respectively, after Truist Securities downgraded the solar panel installers to hold from buy on Wednesday. Cal-Maine Foods — The stock plunged 11.6% after the company came out with disappointing sales figures due to lower prices.

Persons: Fluor, Sunnova, Moderna, StreetAccount, — CNBC's Brian Evans, Lisa Han Organizations: Intel, UBS, Apple, Sunnova Energy, Truist Securities, Moderna, pharma, Bank of America, Novartis —, Swiss drugmaker, Sandoz, SIX Swiss Exchange, Maine Foods, Revenue Locations: United States, Israel, Swiss, Cal

☆ Novartis unit Sandoz starts trading at 24 Swiss francs after completing spinoff
▼ + stars: | 2023-10-04 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Novartis said in August that it plans to spin off its generics unit Sandoz to sharpen its focus on its patented prescription medicines. Novartis on Wednesday completed the spinoff of its generics and biosimilars business Sandoz, whose shares began trading at 24 Swiss francs in the early minutes of the company's debut on the SIX Swiss Exchange. The Swiss drugmaker initially announced intentions to spin off the business in August, offering stakeholders one Sandoz share for every five Novartis shares via a dividend-in-kind distribution. Pure play companies refer to entities that target a single product or industry sector. Novartis shares climbed more than 3% in early trade in Zurich to lead the pan-European Stoxx 600 index .

Persons: Sandoz, Narasimhan, we've, CNBC's Julianna Tatelbaum Organizations: Novartis, Wednesday, SIX Swiss Exchange, CNBC Locations: Swiss, Zurich

☆ Novartis confirms Sandoz spin-off for October 4, 2023
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: 1 min

The company's logo is seen at the cell and gene therapy factory of Swiss drugmaker Novartis in Stein, Switzerland, November 28, 2019. REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsCompanies Novartis AG FollowZURICH, Sept 25 (Reuters) - Novartis (NOVN.S) on Monday confirmed its plans for a 100% spin-off of the Sandoz business on Oct. 4 after shareholders gave their approval earlier this month. Novartis also said key regulatory approvals have been obtained, including the approval by SIX Exchange Regulation for the listing of the Sandoz shares on the SIX Swiss Exchange. The Sandoz shares will have the symbol SDZ, Novartis said. Reporting by John Revill, Editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

Persons: Arnd, Sandoz, John Revill, Rachel More Organizations: Novartis, REUTERS, Companies Novartis, SIX, Sandoz, SIX Swiss Exchange, Thomson Locations: Swiss, Stein, Switzerland

☆ Novartis raises 2023 forecast, maps out Sandoz spin-off
▼ + stars: | 2023-07-18 | by ( Ludwig Burger | ) www.reuters.com time to read: +2 min

Companies Novartis AG FollowSandoz GmbH FollowFRANKFURT, July 18 (Reuters) - Novartis (NOVN.S) on Tuesday raised its full-year earnings forecast on strong drug sales and mapped out the planned spin-off and stock market debut of its generic medicines division Sandoz for early October. The Swiss drugmaker said in a statement it expected group core operating income to grow by a "low double-digit" percentage in 2023, up from high single-digit growth previously projected. Novartis shareholders will vote on the proposed Sandoz spin-off and complete separation at an extraordinary general meeting on Sept. 15. Gains were driven by better-than-expected sales of heart failure drug Entresto, up 37% in local currencies at $1.52 billion. Kesimpta, a new once-a-month injection against multiple sclerosis, also beat expectations with quarterly revenues more than doubling to $489 million.

Persons: Swiss drugmaker, Sandoz, Harry Kirsch ., Kirsch, Ludwig Burger, Rachel More, Sharon Singleton Organizations: Novartis, Sandoz, FRANKFURT, SIX Swiss Exchange, Swiss pharma, Thomson Locations: Swiss, United States, New Jersey

☆ Another Chinese company scraps GDR plan as listing rules tighten
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI/SINGAPORE, June 20 (Reuters) - Bethel Automotive Safety Systems Co (603596.SS) scrapped plans to issue Global Depository Receipts (GDR), citing changes in domestic and overseas capital market conditions, after China tightened rules for GDR listings. The new GDR rules by China's securities regulator last month put curbs on the use of proceeds and made issuances liable to national security reviews, potentially dampening Chinese companies' interest in listing in Europe, bankers said. The Shanghai-listed automotive braking system manufacturer said on Monday it decided to terminate the GDR plan after considering its financial and operational situations. Earlier this month, Shenzhen-listed medical devices maker Jiangsu Yuyue Medical Equipment & Supply Co (002223.SZ) cancelled a proposed Swiss GDR offering plan, citing changes in market conditions. Reporting by Jason Xue in Shanghai and Tom Westbrook in Singapore; Editing by Varun H KOur Standards: The Thomson Reuters Trust Principles.

Persons: Bethel, Jason Xue, Tom Westbrook, Varun Organizations: Bethel Automotive Safety Systems, SIX, SIX Swiss Exchange, Supply, Thomson Locations: SHANGHAI, SINGAPORE, Bethel, China, GDR, Europe, Shanghai, SIX Swiss, Shenzhen, Jiangsu, Swiss GDR, Zurich, London, U.S, Singapore

☆ UBS says it has completed the takeover of stricken rival Credit Suisse
▼ + stars: | 2023-06-12 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

UBS expects to complete its takeover of Credit Suisse "as early as June 12", which will create a giant Swiss bank with a balance sheet of $1.6 trillion. Swiss bank UBS on Monday said that it formally completed the takeover of its rival Credit Suisse. Regulators said Friday that they would cover losses of up to 9 billion Swiss francs ($10 billion) after UBS incurs the first 5 billion Swiss francs as part of the transaction, as it absorbs a portfolio that does not entirely "fit its business and risk profile." Following the acquisition, Credit Suisse and its American Depositary Shares will be delisted from the SIX Swiss Exchange and New York Stock Exchange, with shareholders receiving one UBS share for every 22.48 Credit Suisse shares held. The takeover, which follows multiple scandals and years of share price decline at Credit Suisse, controversially wiped out the 16 billion Swiss francs ($17 billion) worth of assets of the bank's AT1 bond holders.

Persons: Colm Kelleher, Sergio Ermotti Organizations: UBS, Credit Suisse, Regulators, American, SIX Swiss Exchange, New York Stock Exchange Locations: Swiss

☆ UBS expects to seal Credit Suisse takeover as early as June 12
▼ + stars: | 2023-06-05 | by ( John Revill | ) www.reuters.com time to read: +5 min

"UBS expects to complete the acquisition of Credit Suisse as early as 12 June 2023. At that time, Credit Suisse Group AG will be merged into UBS Group AG," it said. UBS shares were indicated 1.1% higher in premarket activity in Switzerland, while Credit Suisse shares were up 0.7%. SIX said in a separate statement Credit Suisse shares would be delisted on June 13 at the earliest. Under the all-share takeover, Credit Suisse shareholders will receive one UBS share for every 22.48 shares they held.

Persons: Zuercher, Michael Klien, Sergio Ermotti, Ermotti, John Revill, Noele, Tomasz Janowski Organizations: Suisse, UBS, Credit Suisse, U.S . Securities, Exchange Commission, Credit Suisse Group AG, UBS Group AG, Reuters, Swiss, SIX Swiss Exchange, New York Stock Exchange, SIX, Financial Times, Thomson Locations: premarket ZURICH, Swiss, Switzerland, Credit

☆ Swiss Listings Have Been a Drag on Chinese Stocks
▼ + stars: | 2023-05-16 | by ( Dave Sebastian | ) www.wsj.com time to read: 1 min

Since last year, 13 companies from China have raised $4.3 billion by selling global depositary receipts in Switzerland. Photo: Stefan Wermuth/Bloomberg NewsSwitzerland has become an alternative fundraising venue for Chinese companies wanting to sell shares abroad as U.S.-China tensions simmer. There is one problem: Shares of most of the Chinese companies that listed on the SIX Swiss Exchange have fallen significantly since they priced their European stock offerings, and there has been very little trading in them.

The London Stock Exchange Group (LSEG) (LSEG.L) and UK trade officials visited several cities in China to promote UK capital markets recently. Wilson Xu, a banking veteran from CITIC Securities pioneering the Stock Connect programme, said liquidity will improve when there is a critical mass of Chinese listings. The Shanghai-London Stock Connect was launched in 2019 and the link was expanded last year to include Shenzhen and Switzerland. Even arrangements by SIX to allow roughly 2.5 hours of trading in a session for Chinese GDRs didn't help. Chinese companies, however, have been positive in public disclosures about their forays in Europe which have given them an alternative channel to raise funds and access foreign currency for their operations abroad.

The London Stock Exchange and British officials are ramping up efforts to build a robust pipeline of Chinese firms, trading on London's status as Europe's deepest capital market. Edwards said he thought London was "an obvious choice" for many Chinese companies "given the issues around the U.S.-China relationship." However, the China-Switzerland Connect - an eight-month-old rival scheme - is gaining more traction among Chinese companies, partly due to a relatively easier process. The London Stock Exchange is "actively looking at how they can address some of the issues," Edwards said. Edwards said officials have identified hundreds of Chinese companies that could potentially issue GDRs in London and "are actively approaching them at the moment."

Concerns that Chinese investors are buying overseas to make a quick profit at home are valid. Since last year, 11 Chinese companies have raised a combined $3.6 billion by selling GDRs on the Six Swiss Exchange, data from Dealogic show. Savvy punters with access to foreign funds can therefore make a quick and relatively risk-free profit by shorting the Chinese stock and buying the discounted GDRs. This helps explain why Swiss shares of Chinese companies barely trade. Since the launch of a China-Swiss stock scheme in 2022, 11 Chinese companies have raised a combined $3.6 billion, according to data from Dealogic.

HONG KONG, March 9 (Reuters Breakingviews) - European financial centres are rolling out the red carpet for Chinese companies. Its free-float market capitalisation of $1.9 trillion is just a tenth of the New York Stock Exchange, January data from the World Federation of Exchanges show. Yet as tensions between Washington and Beijing rise and Chinese companies in New York face the threat of delisting, traditionally neutral Zurich has become an attractive alternative. That removes the risk that overseas regulators will demand access to mainland companies’ books - the source of a lengthy spat between the U.S. Public Company Accounting Oversight Board and Beijing. Deutsche Börse (DB1Gn.DE), which operates Frankfurt’s stock exchange, is technically ready to launch the China-Germany Stock Connect, board representative Niels Tomm said in November.

☆ Credit Suisse offers 889 mln shares to existing investors in $4 bln capital hike
▼ + stars: | 2022-11-24 | by ( ) www.reuters.com time to read: +2 min

ZURICH, Nov 24 (Reuters) - Credit Suisse (CSGN.S) has made 889 million new shares available to existing investors at 2.52 Swiss francs ($2.67) per share, the bank said on Thursday, confirming the final terms of its 4 billion franc capital hike. The share issue is expected to raise roughly 2.24 billion Swiss francs, Credit Suisse said. The 4 billion francs Credit Suisse expects to raise from the share placement and the rights offering will be used to support its restructuring and shift away from investment banking. Credit Suisse shares, which have lost 59% of their value so far this year, closed on Thursday at 3.551 francs. The nominal share capital of Credit Suisse Group has already risen 17% following the completion of the share placement portion of the capital hike.

☆ UBS launches digital bond that straddles blockchain and traditional exchanges
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Nov 3 (Reuters) - UBS AG (UBSG.S) has launched a 375 million Swiss franc ($370 million) bond that the Swiss bank said on Thursday was the world's first digital bond to be publicly traded and settled on both blockchain-based and traditional exchanges. The digital bond has the same legal status and rating as a traditional UBS AG senior unsecured note, it said in a statement. "We are proud to leverage distributed ledger technology to launch the inaugural UBS digital bond. Investors can settle and clear the digital bond on either SDX CSD directly or on SIX via an operational link announced last month. The European Investment Bank last year issued its first digital bond on a public blockchain.

Lafarge, which became part of Swiss-listed Holcim (HOLN.S) in 2015, agreed to pay $778 million in forfeiture and fines as part of the plea agreement. "Lafarge made a deal with the devil," Breon Peace, the top federal prosecutor in Brooklyn, told reporters following the guilty plea. At that point, Islamic State took possession of the remaining cement and sold it for the equivalent of $3.21 million, prosecutors said. REUTERS/Charles PlatiauHolcim said that former Lafarge executives involved in the conduct concealed it from Holcim, as well as from external auditors. No Lafarge executives were charged in the United States.

Companies Lafarge Sa FollowHolcim AG FollowNEW YORK, Oct 18 (Reuters) - French cement maker Lafarge pleaded guilty on Tuesday to a U.S. charge that it made payments to groups designated as terrorists by the United States, including Islamic State. The admission in Brooklyn federal court marked the first time a company has pleaded guilty in the United States to charges of providing material support to a terrorist organization. Lafarge, which became part of Swiss-listed Holcim (HOLN.S) in 2015, agreed to pay $778 million in forfeiture and fines as part of the plea agreement. U.S. prosecutors said that Lafarge paid Islamic State and al Nusra Front, through intermediaries, the equivalent of approximately $5.92 million. At that point, Islamic State took possession of the remaining cement and sold it for the equivalent of $3.21 million, prosecutors said.

Companies Lafarge Sa FollowHolcim AG FollowNEW YORK, Oct 18 (Reuters) - French cement maker Lafarge pleaded guilty on Tuesday to a U.S. charge that it made payments to groups designated as terrorists by the United States, including Islamic State, according to a court hearing. The admission in Brooklyn federal court marked the first time a company has pleaded guilty in the United States to charges of providing material support to a terrorist organization. The cement maker previously admitted after an internal investigation that its Syrian subsidiary paid armed groups to help protect staff at the plant. Holcim said that former Lafarge executives involved in the conduct concealed it from Holcim, as well as from external auditors. Rights groups in France in 2017 accused Lafarge of paying 13 million euros ($12.79 million) to armed groups including Islamic State militants to keep operating in Syria between 2011 and 2015.

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