Italian authorities order seizure of $850mn from Airbnb in tax dispute

UBS suffered a $785mn loss in the three months to September, as the Swiss bank was hit by integration-related costs in its first full quarter since completing its takeover of former rival Credit Suisse in June.

The size of the loss was bigger than the $444mn expected by analysts as UBS shouldered $2.2bn of costs, mostly related to the takeover.

UBS managed to bring in $22bn of net new money into its wealth management business.

“We are optimistic about our future as we build an even stronger and safer version [of UBS],” said chief executive Sergio Ermotti.

UK: King Charles will set out Westminster’s legislative agenda for the next year at the state opening of parliament, with crime and energy expected to play key roles. It will be a closely watched speech also for Rishi Sunak, also his first as prime minister, as the country gears up for a general election.

Europe: A blue diamond to be auctioned at Christie’s in Geneva is expected to fetch up to $50mn.

Economic indicators: The British Retail Consortium and KPMG publish their retail sales monitor for the UK. Germany releases monthly industrial production figures.

Company results: Corporate updates are expected from Associated British Foods, a retail giant with brands spanning Twinings and Primark, as well as UK insurer Direct Line, Swiss banking giant UBS and private equity company KKR, among others.

The Reserve Bank of Australia has raised interest rates for the first time in five months as persistent inflation has forced its hand.

The bank opted to increase interest rates by 25 basis points to…