UBS on Wednesday posted better than expected first-quarter net profit, but the Swiss bank warned of an uncertain outlook as U.S. tariffs raise global growth fears even as the market tumult drove up earnings in its trading activity.

Earnings fell, but still beat analysts’ estimates—due to a boost from trading desks—as the Swiss banking giant joined global peers in cashing in on market volatility.

Good morning. UBS’s profit beats estimates. Trump renews criticism of his Federal Reserve chair. And Ikea backs a traffic-free Oxford Street in London. Listen to the day’s top stories.