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Pace of home-price growth is ‘unsustainable’ in many global cities, warns UBS

The view from a Brooklyn neighborhood on Tuesday. The UBS report gave a mixed picture for New York City real estate.


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The coronavirus pandemic may have triggered the worst global downturn in more than 60 years, but home prices in the world’s biggest cities still have shot higher into the stratosphere.

Instead of a plunge, it’s been four quarters in a row of home-price growth for major cities, as governmental fiscal support and central banks’ monetary policies have kept the party going, according to a new UBS Global Wealth Management report.

As a result, it still would take 20 years for a highly skilled service worker to be able to buy a 650-square-foot apartment near Hong Kong’s city center, according to its findings.

In Paris, it would take about 17 years of work to buy a similarly sized property, while in New York City it runs closer to

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For Investments Within Europe, Stick Close to Home, UBS Says


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Processing domes stand at a biogas plant, operated by E.ON SE, in Sembten, Germany, on Sunday, Sept. 13, 2020. Green power generation in Germany surged to a record in the first half of the year, crowding out coal generation and shrugging off weak onshore wind growth in the energy mix.


Krisztian Bocsi/Bloomberg

Investors are beginning to look abroad, including in Europe, for new opportunities. Within Europe,

UBS

strategists on Monday said they favor companies that get more of their sales closer to home in the Eurozone than the rest of the world.

Valuations, a push to diversify U.S. portfolios heavy on U.S. technology and position for a global economic recovery and a weaker dollar are among the reasons more money managers and strategists see a tactical opportunity to invest in other parts of the developed world, including Europe.

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UBS CEO Says It’s Hard to Sustain Culture Working at Home

(Bloomberg) — UBS Group AG Chief Executive Officer Sergio Ermotti added his voice to a chorus of finance executives concerned about having so many employees working remotely.

It’s especially difficult for banks to create and sustain cohesiveness and a culture when employees stay at home, he said at a Bank of America conference on Tuesday. A rate of 85% of people working remotely is “not sustainable” for banks and a normal level for UBS should be about 20% to 30% at any time.



Sergio Ermotti wearing a suit and tie: Day Three Of The World Economic Forum (WEF) 2020


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Day Three Of The World Economic Forum (WEF) 2020

Sergio Ermotti

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Photographer: Simon Dawson/Bloomberg

JPMorgan Chase & Co. CEO Jamie Dimon said last week that he sees prolonged remote work inflicting serious social and economic damage, while BlackRock Inc. Chief Executive Officer Larry Fink said he worries that working remotely results in a lack of productivity and collaboration.

While some big Wall Street

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