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European shares hit a 10-month high last week but fell back on Friday, tracking losses on Wall Street. Talk that LVMH could sell its coveted Moët Hennessy division to long-time suitor Diageo sent the luxury brand group’s shares higher. LVMH has repeatedly denied it is planning to sell, in spite of rumors that Diageo is a willing buyer. It ended the week up 3.2% at €65.62. Nestlé shares fell 4.3% at SFr42.20 after the Swiss food group reported a slide in profits and sales in its interim results. Read more

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UBS and the US government have agreed to an out of court settlement ending one of the most bitter assaults on Switzerland’s hallowed bank secrecy laws. The case has significant implications for the future of client confidentiality, amid fears among many Swiss bankers that a dilution of traditional secrecy rules could prompt a defection by worried foreign customers. No details of the deal were revealed yesterday, pending formal signing, probably early next week. However, lawyers said the settlement would involve UBS supplying the names of least 5,000 US offshore clients and possibly paying a big fine. Shares in the bank closed up 3% at SFr16.34 on relief that the issue had finally been resolved. Read more

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