A US federal judge has agreed to delay a hearing on an effort by federal prosecutors to force UBS to disclose the names of wealthy US clients accused of offshore tax evasion. The hearing was rescheduled to 3 August.

The postponement, agreed in a Miami court yesterday, had been requested by both the Swiss and US sides, who were involved in deepening negotiations on an out-of-court settlement on the case.

Karina Byrne, a UBS spokeswoman, called the delay a “positive development” that provided an opportunity “to come to a potential resolution.”

Shares in the Zurich-listed bank were quoted up by 4.75 per cent at SFr13.23 per cent yesterday. The DJ Euro Stoxx 50 Euro Index was up by 2.79 per cent yesterday.