UBS on Tuesday issued an unusual pairing, reducing its estimates for earnings growth while at the same time lifting its S&P 500 target for this year and next.

UBS Global Research on Tuesday raised its year-end target for the benchmark S&P 500 index to 5,850 points from an earlier projection of 5,600, boosted by corporate profit growth, supportive macro-economic backdrop and interest rate cuts.

UBS Global Research has increased its year-end target for the S&P 500 index to 5,850 points, up from its previous estimate of 5,600. This revision is attributed to corporate profit growth, a favourable macroeconomic environment,

UBS Group AG must revise its emergency planning and ensure it can be safely wound down in a crisis, taking account of the integration of Credit Suisse, financial supervisor Finma said.

UBS must improve its emergency and recovery plans following its takeover of Credit Suisse to ensure it can be wound down or sold without risking financial stability and taxpayer cash, Switzerland's financial regulator said on Tuesday.