UBS closes at $21.36 after gaining 0.61%

Published: January 26 2023, 04:10 GMT+0

UBS closes at $21.36 after gaining 0.61%

Yesterday at a glance: UBS Group AG ended Tuesday at $21.23. yesterday it went up to $21.38 only to drop back, yet still managed to close at $21.36.

UBS's uptick comes amid disappointing United States macroeconomic data released during the session – Crude Oil Inventories in United States fell short of market expectations (971,000) with a reading of 533,000, continuing the decline from the previous figure of 8.41 million.

At the same time, United States 5-Year Note Auction released yesterday at 18:00 UTC with a figure of 3.53, while the previous figure was 3.973. United States Cushing Crude Oil Inventories came out at 4.27 million.

This rally in UBS's share price coincided with other financials stocks as Wells Fargo & Company traded at $45.34 after closing yesterday's trading day at $44.45 (up 2%). HSBC Holdings traded at $37.08 after closing yesterday's trading day at $36.69 (up 1.06%).

While UBS was bullish yesterday, the following financials stocks underperformed: HDFC Bank Limited went down 6.31%, closed at $71.44.

Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Pending Home Sales is projected to outperform its last figure with -0.9%. It previously stood at -4%; data will be released tomorrow at 15:00 UTC.

Furthermore, the market is looking at today at 13:30 UTC data for United States Core Durable Goods Orders will be released, with an expected decline to -0.2% from the preceding figure of 0.1%.

Elsewhere, United States Core PCE Price Index (MoM) (Dec) will be released tomorrow at 13:30 UTC.

The stock has been trending positively for about 3 months. The Swiss banking juggernaut has gained 11.97% since its lowest print of $14 earlier this year.