UBS sees tough markets ahead as Q3 profit drops

Swiss bank UBS maintained its gloomy outlook on market conditions after third-quarter net profit plummeted and it increased provisions for litigation costs related to mis-selling of mortgage-backed securities. "Underlying macroeconomic uncertainty and geopolitical tensions continued to contribute to client risk aversion and generally low transaction volumes.

Lower than anticipated and negative interest rates still present considerable headwinds," it said on Friday. "These conditions are unlikely to change in the foreseeable.

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