What's going on?

UBS � the world�s biggest wealth manager � announced better-than-expected third-quarter earnings on Tuesday, and it tried to lure in investors with a little somethin� extra too�

What does this mean?

UBS�s profits increased by a massive 99% compared to the same time last year, and there were a couple of reasons why. For one thing, its trading business � which earns a commission whenever an investor chops and changes their portfolio � got a boost as pandemic-driven uncertainty continued to rock the markets. And for another, its wealth management business � which looks after money for the rich and charges fees for the privilege � saw a lot of new cash coming in, particularly from Asia.

Why should I care?

For markets: Stay focused.

UBS�s results are the first of the European banks� to arrive, and they tally with the improvements analysts are expecting to see across the board. That optimism might be because Europe�s banks aren�t topping up their cash piles to cover unpaid debts like they used to, but who knows how long it�ll last: a future of rising coronavirus cases is an uncertain future indeed.

The bigger picture: Swiss temptation.

UBS also set aside $1.5 billion to buy back its shares starting next year, which should mean there are fewer to go round and in turn push its stock higher (tweet this). It�s planning to pay the dividend it delayed a few months ago too. It needs to get the okay from regulators first, mind you: banks were told back in March to stop payouts altogether, in hopes they�d be better placed to outlast the pandemic.