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Tuesday 13th June

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US Inflation, UBS Finishes Takeover and Toyota’s EV Plans

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US inflation announcement

US inflation for the month of May is set to be announced today. Most analysts are giving optimistic signals for the inflation results, with Bloomberg forecasting a rate of just 4.9 per cent in May. If this transpires to be the figure, it would be the lowest level of inflation in the US in over two years. The inflation data will help to inform the Federal Reserve’s decision on interest rates, which is due later in the week.

UBS completes takeover

The Swiss bank UBS announced yesterday that they had completed their take over of their beleaguered Swiss rival, Credit Suisse. UBS agreed to buy out Credit Suisse in March 2023 to avoid the potential collapse of the bank. Since then, talks have been ongoing to formally complete the merger. The announcement boosted UBS’ share price by 1.14% and will likely reassure other stocks in the financial sector. 

Toyota hits highs

Global markets firmly ended yesterday in the green but Toyota saw some of the biggest gains on the Japanese Nikkei index, with the share price soaring 5% to their highest level since the 1990’s. They announced their plans to develop the next generation of electric vehicles, which should have a range of around 1,000km, a distance vastly superior to others currently on the market. 

Zoe Burt