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The closure of the Strait of Hormuz has been the GCC’s biggest geopolitical shock in decades – but not a credit crisis.

A fading energy shock drove developed market rates lower, even as US personal consumption expenditure (PCE) inflation surprised on the upside at 4.07% y/y, with artificial intelligence (AI)-related costs emerging as a new structural source of price pressure.

The sea-facing space of UBP Monaco was recently transformed into a quiet celebration of art, technique, and shared experience for the opening of a new exhibition.

We have just published our 2025 Sustainability Report, which gives a clear view of our sustainability vision and approach, a detailed description of our progress, and a glimpse of what lies ahead for us.

Global equities rose 1.2%, supported by progress on the US–Iran agreement and lower oil prices.