UBS sees more tough markets ahead after second quarter earnings beat

By Joshua Franklin ZURICH (Reuters) - Switzerland's biggest bank UBS on Friday cautioned that tough market conditions would likely continue for the foreseeable future as it posted a 14.5 percent year-on-year drop in second-quarter net profit. The world's largest wealth manager said net profit for the three months to June was 1.034 billion Swiss francs (801.69 million pounds), down from 1.2 billion francs a year ago on the back of lower earnings at its wealth management and investment banking bus