Happy 4th. Enjoy the long weekend with the market closed today.
UBS today announced that June quarter results will be close to break even, better than the large loss analysts were expecting. The stock traded up 8% after having declined 50% YTD. UBS will not need to raise new money now despite furhter write-downs according to today's report, but no details on this quarter's write-downs were given.
Meanwhile, Goldman Sachs opined today that European banks will need to raise an additional 60 - 90 billion Euros.
I don't think we're going to know where the end of this road is until we get there.
Federer, Nadal, Williams and Williams. They are all playing so well there was zero drama at Wimbledon this year.
I can't believe the Tour de France starts this week. Time flies.
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