In Wealth Management, we had a very strong performance, plus 70 in asia, plus 16 in europe, 3 in switzerland, upsetting the u. S. , where we saw the effect of net recurring fees being based on the previous quarter with an impact in our profits. Was there any sense of caution in the clients . How would you describe your client activity this quarter . Sergio still very active. More of a wait and see, starting to think about the second half of the year, which is full of events which potentially will trigger a change in investors sentiments. The geopolitical situation that we all know about the u. S. And china is going to the next level europe,ituation in which as we speak, is probably resolving but is still very complicated. Last but not least, the u. S. Election. According to our clients, 61 of our clients are thinking about changing their asset location post the election no matter who wins. Manus do you think that is holding them back, the election, overtraining and trade . Over china a
Expenses. Regulatory and privacy pressures mount. Dar p china spoke on alphabets ceo spoke about this. The momentum has been great. Ever since thomas has come in, he has continued to invest across the board. Focused a lot on operational teams. It is playing out well in this business. To be inortant for you as many situations as possible. Nejra joining us now is bloombergs opinion tech columnist and Marija Veitmane from state street is still with us. Before this release, alphabet shares had hit a record. How concerned are investors going to be about this latest news . People are fundamentally investing for growth. There was a bit of dip in aftermarket trading. The cloud is becoming a very contested space. We saw pretty much the same from amazon last week, that they are also investing to defend their market share. Investing tole is secure their market share. They do Something Like 8 billion per your revenue from the cloud. Amazon doesnt 9 billion per quarter. Doesan see that amazon 9 bil
Europe. This is Bloomberg Markets european close, with guy johnson and alix steel. Guy similar theme, selling on decent volume. Interesting technicals starting to develop for the european stocks. The lesson this week is if you have missed, you are being punished. Many were being punished in a big way. Just the latest example i can give you a long list, and there have been big names that have not delivered. Is this earnings season going to be the turning point . Stocks have held up well despite data in the opposite direction. Earnings are about to confirm the reality of the situation. Story has rippled across the atlantic sma solar can one of a number of stocks. That stuck down 9 . Alix speaking of technical levels, 4233 is the 200Day Moving Average for the s p. We are around that level around heavy selling pressure. Watch the level as we head into the close. This is how bad it is good down 30 . Orders canceled. Ripple effects across the industry. We will delve into that later on in the
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