Tesla's sales in the European Union slumped for a fourth consecutive month as Elon Musk's electric-vehicle maker struggles to cash in on a growing EV market in the bloc where Chinese rivals are expanding. New-car registrations for Tesla models, a reflection of sales, plunged nearly 53% to 5,475 vehicles across the EU last month, according to the European Automobile Manufacturers' Association, an industry body also known as ACEA. When including the U.K., Iceland, Liechtenstein, Norway and Switzerland, sales fell 49% to 7,261 vehicles. April marks the fourth consecutive month that Tesla's new-car registrations in the EU contracted from the previous year following slumps of 36% in March, 47% in February and 50% in January. The declines came even as ACEA data showed that the EV market in the EU has been growing so far this year. Sales of battery-electric vehicles between January and April increased more than 26% on year. Registrations of hybrid-electric cars grew nearly 21%, while plug-in-hybrid models logged 7.8% growth.

The Swiss stock market closed on a positive note on Monday in line with the European stock markets, with the SMI gaining 1.0 per cent to 12,317 points. All 20 SMI stocks finished higher. A total of 10.14 (previously: 22.3) million shares were traded. In the absence of corporate news, investors bought into the latest underperformers, with Logitech and Partners Group climbing by 2.2 and 1.9 per cent respectively - Sika rose by 2.2 per cent. In the luxury goods segment, Richemont and Swatch, which are very sensitive to customs duties, benefited by 0.9 and 1.4 per cent respectively. Roche (+1%) received USD 36 million from Tandem Diabetes Care to settle a patent infringement claim. The planned split-up of Thyssenkrupp in Germany triggered some consolidation fantasy in the steel sector, although Swiss Steel Holding (-1.7%) did not benefit from the news. Jefferies had lowered the Inficon target to 117 (135) CHF - while confirming its buy recommendation. The share price gained 1.7 per cent to 98.30 francs, as the new target was still clearly above the share price.

Europe
The European stock markets rose on Monday, albeit in reduced volumes due to the London and New York stock exchanges being closed. The Stoxx Europe 600 index gained 1% to 550.5 points. In Paris, the CAC 40 and SBF 120 were each up 1.2%, while the DAX 40 climbed 1.7% in Frankfurt. AUTOMOTIVE: European automotive stocks advanced on Monday after Donald Trump extended to 9 July the deadline for imposing customs surcharges on the European Union. In Paris, equipment manufacturer Valeo jumped 4.9%, while Forvia and Stellantis both picked up 4.8%. In Frankfurt, Volkswagen added 1.5%, while BMW and Mercedes-Benz increased by 2.1% each. AIRBUS (+1.9%): On the occasion of French President Emmanuel Macron's visit to Vietnam, the low-cost airline Vietjet Air unveiled on Monday an order for 20 Airbus A330-900 jumbo jets. CAPGEMINI (+1.6%): The digital services group confirmed on Monday the extension of its partnership with French artificial intelligence (AI) nugget Mistral AI and German software giant SAP. The aim of the extended partnership is to offer high-performance, secure AI models to businesses and organisations in particularly regulated sectors, such as financial services, utilities, aerospace and defence, as well as energy and utilities. ACCOR (+1.6%): The hotel group reported on Friday evening that it had completed the first tranche of its share buyback programme, launched on 6 March 2025, for an amount of €200 million. URW (+1.6%): Dutch retail property company Wereldhave signed an agreement on Monday to buy the Stadshart Zoetermeer shopping centre in the Netherlands from rival Unibail-Rodamco-Westfield. The transaction is worth €150 million.

United States
The New York stock exchange was closed on Monday due to Memorial Day.

Asia
Stocks in Asia mostly fell on Tuesday. In Tokyo, the Nikkei 225 index fell by 0.2 per cent to 37,455 points. Hawkish statements by the Governor of the Bank of Japan (BoJ) also weighed on the index: Kazuo Ueda said that the BoJ would tighten the monetary reins if the Japanese economy improved. The yen rose slightly as a result. On the Shanghai stock exchange, the Composite Index slipped by 0.3 per cent. Profits in Chinese industry grew faster in April than in March, which is likely to dampen hopes of further stimulus from the Chinese government. The Hang Seng Index dropped by 0.2 per cent in Hong Kong. Shares in Apple supplier AAC Technologies declined by 3.5 per cent. The sell-off in car shares already seen on Monday continues. BYD decreased in price by 3.6 per cent and Geely by 3.2 per cent. There is speculation in the trade about a renewed price war in the industry after BYD recently offered new discounts. In Seoul, the Kospi dipped by 0.6 per cent, although it had made strong gains the previous day. The market was led by Samsung Heavy Industries, climbing 7.8 per cent. In contrast, the share price of index heavyweight Samsung Electronics was down 1.6 per cent.

Bonds
The Swiss bond market was favourable on Monday. At the same time, turnover was quite good according to traders. Once again, brisk issuing activity proved to be the driving force behind the capital market. A total of four bonds totalling CHF 585 million were issued on the day. The Coop Group Cooperative placed a dual tranche of CHF 375 million, of which CHF 125 million was for a term of 4.25 years and CHF 250 million for a term of 8 years. The spreads were quoted at +85 and +103 basis points (bp) respectively. The transaction went very well despite the ‘BBB’ rating. Not all institutional investors could buy bonds with a rating of less than ‘A’. ‘But Coop is a name that everyone knows and that enjoys a very high reputation,’ commented one trader. In addition, the Cantonal Bank of Ticino has raised CHF 100 million for ten years at a spread of +57 bp. The Dutch bank BNG collected a further CHF 110 million, also for 10 years. In return, the ‘AAA’ borrower is offering a spread of +31 bp. After the flood of issues, certain signs of saturation can be observed, according to the market. Transactions are no longer being financed solely by new money. There are also an increasing number of exchange transactions and sales on the secondary market. The benchmark Swiss Bond Index (SBI) rose intraday on Monday by 17 bp to 138.64 points. The yield on the two-year benchmark Swiss Confederation was quoted at -0.191% intraday. The ten-year meanwhile stood at 0.3509%. The spot rate fell to 0.319% from 0.352% on the previous trading day.

Analysis
Price target DocMorris: Jefferies downgrades to CHF 15 (39) - Buy
Price target Dätwyler: Kepler Cheuvreux cuts to CHF 145 (160) - Buy
Price target Inficon: Jefferies reduces to CHF 117 (135) - Buy