Here are the top business, market, and economic stories you should be watching today in the UK, Europe, and abroad:

UBS earnings disappoint

European banking shares fell on Tuesday after UBS(UBSG.VX) disappointed with its fourth-quarter investor update.

UBS made a pre-tax profit of $862m in the fourth quarter, well below analyst expectations for $985m. The bank’s earning were hit by an outflows from its wealth management business and a slide in investment bank earnings.

Clients pulled $13bn from UBS’ wealth management and asset management divisions during the quarter. UBS (UBS) CEO Sergio Ermotti blamed ongoing geopolitical tensions, which he said were keeping clients on the sidelines of the market. Ermotti said the market is “historically tough.”

UBS shares were down 4%.

The gloomy pronouncements pushed other European banking stocks lower. UBS is one of the first European lenders to report fourth quarter performance and investors fear its earnings miss could be a sign of things to come.

Deutsche Bank (DBK.L) shares were down 2.4%, Credit Suisse (CS) shares were down 1.4%, Barclays (BARC.L) shares were down by 1.6%, and HSBC (HSBA.L) shares were down by 1.5%.

EasyJet takes £15m drone hit

EasyJet (EZJ.L) lost £15m due to the disruption caused by drone sightings at Gatwick airport last month.

The low cost airline said £10m of costs related to customer welfare, with the incident affecting around 82,000 customers and leading to more than 400 flights being cancelled.

It added that the drone chaos impacted its first-quarter revenues by around £5m due to the cancelled flights and lost sales.

EasyJet chief executive Johan Lundgren said the incident was a “wake-up call” for airports and said: “We were disappointed that it took a long time to resolve.”

Davos kicks off

The World Economic Forum’s annual summit for the great and the good kicks off in the Swiss ski resort of Davos today.

Several key world leaders are skipping the summit this year: President Donald Trump will remain in Washington due to the ongoing government shutdown; UK Prime Minister Theresa May is staying in London to deal with Brexit; and French President Emmanuel Macron will stay in Paris to tackle the Yellow Vest protests.

However, there are still plenty of titans of business, politics, and culture at the four-day gathering. Today’s line-up sees speakers including Bank of America CEO Brian Moynihan, Centrica CEO Iain Conn, UBS chairman Axel Weber, investment guru Ray Dalio, Microsoft CEO Satya Nadella, Sir David Attenborough, the Duke of Cambridge, US secretary of state Mike Pompeo, and new Brazilian President Jair Bolsonaro.

You can watch live streams of the event on the World Economic Forum’s website.

Dixons turnaround on track

Dixons Carphone (DC.L) reported another sales slump at its troubled mobile phone division, which dragged on its third quarter performance, but said its turnaround plan was on track.

The retailer’s Carphone Warehouse outlets booked a 7% fall in UK like-for-like sales in the 10 weeks to 5 January. Overall, like-for-like group sales were up 1%. In electricals, UK like-for-like sales were up 2%.

Chief executive Alex Baldock said: “Peak trading was solid and in line with expectations, producing record sales against a tough backdrop.”

IG hit by regulatory crackdown

Profits at trading business IG fell by 17% in the first half as a regulatory clampdown hit its business.

Regulators in Britain and the EU have tighten rules that allowed anyone to make highly-leveraged bets on financial markets via apps and online platforms.

IG Group, which provides online stockbroking and trading services to retail investors, saw a 15% drop in active clients in both the UK and the European Union. Total active clients edged lower by 3% to 147,600 in the first half.

European markets

European stock markets were lower on Tuesday after the IMF’s cut to global growth estimates on Monday dented investor sentiment in Asian markets overnight.

Britain’s FTSE 100 (^FTSE) was down by 0.2%, Germany’s DAX (^GDAXI) was down by 0.2%, France’s CAC 40 (^FCHI) was down by 0.3%, and the Euronext 100 (^N100) was down by 0.2%.

In Asia, Japan’s Nikkei 225 (^N225) closed down by 0.4%, Hong Kong’s Hang Seng index (^HSI) was down by 0.7%, and China’s benchmark Shanghai Composite (000001.SS) was 1.1% lower.

What to expect in the US

US stock futures were pointing to a lower open. S&P 500 futures (ES=F) were down by 0.5%, Dow Jones Industrial Average futures (YM=F) were down by 0.5%, and Nasdaq futures (NQ=F) were down by 0.6%. The VIX volatility-tracking index (^VIX) was up by 2.5%.