UBS expects to report a modest net profit attributable to shareholders for the third quarter of 2011. The result includes the previously announced USD 2.3 billion loss resulting from the unauthorized trading incident and approximately CHF 0.4 billion of restructuring charges associated with the firm's cost reduction program. Link: Click Here

Belimo Group: Felix Winter new Head of Global Product Management and Member of the Group Executive Committee. The Belimo Group, a global leader in actuator solutions for controlling heating, ventilation and air conditioning systems, is introducing the new group division "Global Product Management" on November 1, 2011. The division's main activity is analyzing global markets and applications to identify client needs and product requirements. Link: Click Here

 

Economy
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Euro Area manufacturing PMI falls in Sept, UK rises modestly. Sept revised up marginally, but still down from Aug. The Euro Area manufacturing PMI for September was revised up marginally from 48.4 to 48.5. Nevertheless, that still marked a small decline from 49.0 in August - the 5th consecutive monthly fall - to the lowest level since Summer 2009. The falls over the last few months have been highly synchronized globally, with manufacturing PMIs across the major European economies, the US and the UK all having fallen from robust levels earlier in the year to around the 50 "no change" mark more recently. Link: Click Here

UK manufacturing PMI better than expected in September. The manufacturing PMI was stronger than expected in September, increasing to 51.1 from an upwardly revised 49.4 previously (consensus/BarCap: 48.5). While at this level the index is consistent with only modest growth, the more significant fact about the September figure is that it comes after two months of falling activity and suggests that the state of manufacturing might not be as bad as feared. Link: Click Here

Latin America Must Improve Its Productivity To Move Out Of The World's 'Struggling Middle Class,' S&P Report Says. With economic prospects showing both promise and pitfalls, Latin America continues to resemble the world's "struggling middle class," according to a report published today by Standard & Poor's Ratings Services. The report, titled "Latin America: The World's Struggling Middle Class," outlines the challenges currently facing the region. Link: Click Here

A summer of discontent. The most destructive quarter for equities in three years has drawn to a miserable close with market fears of a financial catastrophe and a global recession in no way allayed. Politics and policy are once again the dominant drivers with some real concerns around understanding the dynamics of this very unusual recovery cycle. The sense is one of deep malaise rather than a massive contraction in activity as occurred in 2008/09. Link: Click Here

Investment Opportunities amid Global Gloom. Speculation about contagion within the euro zone continues to dictate markets, as Greek aid talks drag on and investors anxiously await signs of progress on resolving the crisis. Despite the gloom, valuable opportunities do exist for investors, explains Giles Keating, Credit Suisse's Head of Global Research for Private Banking and Asset Management. Link: Click Here