About this episode
UBS reveals its first set of quarterly results following its emergency takeover of rival Credit Suisse, posting a Q2 net profit of $29bn. It also announces it plans to keep the Credit Suisse domestic bank going. A revised Q2 GDP reading in the U.S. comes in softer than expected while private payrolls slow sharply for August as the labour market begins to cool. The S&P 500 is on track for a fourth consecutive day in the green ahead of tomorrow’s key U.S. jobs report. Chinese manufacturing contracts for a fifth month in a row but not by as much as feared amid a downward trend in the property sector. And in tech news, the Biden administration prohibits A.I. chips exports to certain Middle Eastern countries over national security fears of Chinese access to the resources. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info .