Switzerland
UBS on Tuesday agreed to sell Credit Suisse's U.S. mortgage servicing business, UBS Chief Financial Officer Todd Tuckner said on Wednesday, without naming the buyer, Reuters reported. Tuckner, who was speaking on a call with analysts following publication of the bank's latest results, said the transaction was expected to close in the first quarter of next year. UBS executives declined to name the buyer on a media call later, though CEO Sergio Ermotti said it was a consortium. "That's the only thing we can say, and it's up to them to communicate," he added.
Swiss inflation unexpectedly eased — offering reassurance to Swiss National Bank officials who’ve lowered borrowing costs for two straight meetings, Bloomberg reported. Consumer prices rose 1.3% from a year ago in June, the statistics office said Thursday. That’s less than economists estimated and down from May’s 1.4%, which was the fastest clip this year. The slowdown was helped by a 0.2% annual decline in the cost of goods, while services were up 2.4%. Core inflation also moderated to 1.1%, defying expectations for it to quicken.