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UBS Report: Don't Trust Financials Bounce

Top financial stocks including Citigroup , Morgan Stanley , JPMorgan Chase , Bank of America carried their Tuesday gains into Wednesday trading.

But a report from UBS suggests the rebound may be a mere bounce — not a bottom.

In its report, UBS described financial markets as still very "fragile."

The bank said that earnings remain at risk — and its outlook is "extremely cautious."

Watch the video above for a report from CNBC's David Faber.

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