UBS makes small earnings changes after trading statistics were released for May. The broker makes downgrades to FY22 estimates and upgrades beyond that year.
Daily cash equity turnover at $6.4bn is broadly in line with forecasts. Derivatives volumes appear to have been re-based and remain robust compared with April.
Any slowdown ahead in the 10-year bond is considered the main risk. Cash margins are in line with expectations. Neutral rating and $70 target maintained.
Sector: Diversified Financials.
Target price is $70.00.
