** UBS UBSG.S up 1.6% after it reported "strong" Q1 results on higher-than-expected trading and transactional revenues
** "UBS operational execution so far on its merger with CSG is one of the smoothest executions we believe we have witnessed in terms of large in-market capital market bank mergers in the last 30 years" - JP Morgan
** Q1 underlying pre-tax profit of $2.7 bln is 14% above estimates and underlying revenues are 5% above consensus at $11.9 bln
** Restructuring is ahead of plan, analysts at J.P. Morgan say, with Vontobel seeing regulatory uncertainty as the main reason for the "massive underperformance of UBS shares over the last 12 months vs global peers"
** J.P. Morgan sees the risk of tariffs as leading to a potential deleveraging by Wealth Management clients in Q2
** Up to the previous session's close, shares were down 10% YTD
(Reporting by Bernadette Hogg)
((bernadette.hogg@thomsonreuters.com))
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