Global buyout firm CVC Capital Partners has priced its initial public offering implying a market valuation of up to 15 billion euros ($15.99 billion), confirming a Wall Street Journal report. CVC, which first announced its IPO plan on April 15, has set a range of EUR13 to EUR15 a share. It plans to raise EUR250 million and float on Euronext Amsterdam, with trading expected to start on Friday. In addition to the new money being raised, certain existing shareholders will be selling 96 million of their shares, raising up to EUR1.44 billion. On April 14, The Wall Street Journal reported that CVC was planning to launch the initial public offering - its second attempt to go public in less than six months - with a valuation of around EUR13 billion to EUR15 billion, citing people familiar with the matter.

The Switzerland market ended on a positive note on Monday amid easing concerns about inflation and the outlook for interest rates. Easing fears of a wider Middle East conflict contributed as well to improved risk sentiment. The benchmark SMI,which spent much of the day's session in negative territory, ended with a modest gain of 31.37 points or 0.28% at 11,327.77. The index touched a low of 11,256.40 and a high of 11,338.97 in the session. Kuehne & Nagel, up 2.29%, was the top gainer among SMI components. Novartis and Sonova, both gained 2.14%. Roche Holding and Swiss Re ended higher by 1.67% and 1.2%, respectively. Alcon, Lonza Group, Swiss Life Holding, Zurich Insurance Group and Sika gained 0.6 to 1%. Nestlé, ABB and UBS Group ended lower by 1.47%, 1.25% and 1.21%, respectively. Partners Group ended 0.67% down. Sandoz, up 5.12%, was the top gainer in the Mid Price Index, as UBS raised the stock's rating. According to UBS analysts, the Swiss pharmaceutical company's drug adalimumab is likely to gain better-than-expected market share due to strong levels of buyer access. Baloise Holding rallied about 3.4% and Ems Chemie Holding gained nearly 2%. Helvetia, Adecco, Avolta and Straumann Holding gained 1.5 to 1.7%. Swatch Group, Clariant, Galenica Sante and Barry Callebaut also ended notably higher. Tecan Group ended down 3.18%, VAT Group drifted down 2.1% and Temenos Group closed lower by 1.52%. Lindt & Spruengli and BKW ended down 1.34% and 1.13%, respectively. The Swiss National Bank raised the minimum reserve requirement for domestic banks, which is set to reduce its payout. The SNB lifted the minimum reserve ratio to 4% from 2.5%

Europe
European stocks closed higher on Monday as geopolitical worries, concerns about inflation and interest rate outlook faded a bit. Fears of a wider Middle East conflict ebbed after Iran and Israel completed 'measured' counterattacks that were calibrated to avoid any casualties. It is now becoming clear that both countries are not interested in an actual war, which could result in further escalation in the conflict. Worries about inflation and the outlook for interest rates subsided a bit as oil prices continued to decline. Investors looked ahead to the release of a slew of U.S. economic data and prominent tech earnings this week for directional cues. The pan European Stoxx climbed 0.6%. The U.K.'s FTSE 100 rallied 1.62%, Germany's DAX gained 0.7% and France's CAC 40 ended up by 0.22%, while Switzerland's SMI settled with a gain of 0.28%. Among other markets in Europe, Austria, Belgium, Denmark, Finland, Greece, Netherlands, Poland, Portugal, Russia, Spain and Sweden ended higher. Iceland, Norway and Turkiye drifted lower. In the UK market, Marks & Spencer climbed about 4.4%. Pershing Square Holdings, Sainsbury (J), Vodafone Group, Ocado Group, Next and HSBC Holdings gained 3 to 4.2%. Tesco gained more than 3% after launching the first tranche of the £1 billion share buyback it promised at its results. B&M European Value Retail, AstraZeneca, Rolls-Royce Holdings, BT Group, Imperial Brands, GSK, Coca-Cola HBC, Persimmon, Associated British Foods, Reckitt Benckiser and Legal & General gained 2 to 3%. Standard Chartered, which fell sharply early on in the session due to an investigation on claims that it breached Iranian sanctions to win clients, recovered as the day progressed and settled modestly higher.

United States
U.S. stocks climbed higher on Monday with those from the technology sector turning in a fine performance, as traders indulged in some bargain hunting after recent losses. Easing worries about Middle East tensions helped underpin sentiment. The major averages all closed on a firm note. The Dow ended with a gain of 253.78 points or 0.67 percent at 38,239.98, more than 200 points off the day's high of 38,447.16. S&P 500, which climbed to 5,038.84, settled at 5,010.60, gaining 43.37 points or 0.87 percent, while the Nasdaq ended higher by 169.30 points or 1.11 percent at 15,451.31, off the day's high of 15,539.00. Goldman Sachs and JPMorgan Chase climbed 3.3% percent and about 2%, respectively. Procter & Gamble gained 1.5 percent. Salesforce.com shares gained more than 1 percent after the company backed away from its talks to acquire data-management software firm Informatica. Ford Motor rallied more than 6 percent. United Airlines Holdings gained about 5 percent. Nvidia climbed 4.35 percent. Citigroup, Delta Airlines, Seagate Technology, Moderna and American Airlines also ended sharply higher. Verizon ended 4.7 percent down. The company, which announced weak profit and slightly higher revenues in its first quarter, maintained its fiscal 2024 earnings outlook. For 2024, Verizon continues to expect adjusted earnings per share of $4.50 to $4.70.Tesla drifted down 3.4 percent, on concerns over gross margins after the company lowered prices in several markets.

Asia
The lack of a military escalation between Iran and Israel continues to provide relief on Tuesday and, as a result, an increase in risk appetite. The positive trend of the previous day continued on most Asian stock exchanges and in Australia. As on the previous day, Shanghai (-0.4%) is lagging behind.

Bonds
The yield on the U.S. 10-year Treasury note edged higher to 4.622% on Monday, from 4.613% on Friday.

Analysis
UBS raises Sandoz to Buy (Neutral) – Target 36 (29.10) CHF
UBS raises the Sodexo target to EUR 93.25 (92) – Buy
UBS lowers the Sartorius target to EUR 314 (366) – Neutral

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