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Switzerland's biggest bank UBS, one of the worst-hit by the subprime crisis, said Thursday it expects a small profit for the third quarter after sharply cutting its US mortgage-related positions.

FTSE 100 movers: HBOS leads banks higher
HBOS is leading the blue chip risers, with Lloyds TSB, Barclays and Royal Bank of Scotland also among the best performers following the US Senate's decision to back the $700bn mortgage bail-out plan.