Worth-Expected Earnings and Strong Momentum Drive UBS Shares Higher

UBS shares rose 3.3% after the bank reported strong second-quarter results, with earnings and revenue exceeding analysts' expectations, driven by growth in its core business.

The bank boosted investor confidence by launching a new $3 billion share buyback program, along with strong inflows into its wealth management division, which saw $36 billion in net new assets.

Meanwhile, the bank confirmed significant progress in its merger with Credit Suisse, with the process nearing completion by the end of 2026, easing investor concerns about implementation and costs.

Positive results from Deutsche Bank also contributed to the European banking sector's gains, pushing UBS shares close to their highest level in 52 weeks.