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The Fed left rates unchanged but gave little forward guidance, sending bond yields higher and weakening the dollar.

Escalating tensions in the Middle East sent oil prices surging and long-term US yields to their highest levels since early 2025 as inflation risks resurfaced and markets repriced the possibility of future rate hikes on both sides of the Atlantic.

UBP posted solid growth in the first half of the year. The Geneva-based bank, which benefited from a significant increase in assets under management, saw its net profits soar by 40.4% year-on-year to CHF 169.4 million.

US inflation surprised on the downside, tempering rate-hike expectations, whilst the renewal of hostilities in the Middle East sent oil prices surging.

Union Bancaire Privée’s Group profit sees solid growth of 40.4% to CHF 169.4 million

UBP Zurich recently hosted the first edition of UBP Classical Nights, an intimate concert series celebrating young classical music talent, inspiring performances, and meaningful conversations.

The markets are looking to the future, whilst central banks are looking to the past.

The collapse of the ceasefire between the US and Iran has pushed oil prices higher.

In June, we highlighted a paradox: a demanding macroeconomic environment, yet markets buoyed by exceptional corporate earnings. The mid-year point validates that reading and brings with it a turning point. The recent agreements between the United States and Iran have drawn a line under the energy shock that dominated the first half of the year, and the landscape now opening up is a different one, calling for greater selectivity.

Cooling US employment and easing eurozone inflation are strengthening the case for an extended pause from both the Federal Reserve (Fed) and the European Central Bank (ECB) – a supportive backdrop for risk assets.