Computer peripherals manufacturer Logitech unveiled its roadmap for the next two years, confirming its targets for the current financial year. The group is targeting sales of between 4.53 and 4.71 billion dollars for 2025/26. This would represent year-on-year revenue growth of between -1% and +3%, and growth at constant exchange rates of between 1% and 5%, the Group said in a press release ahead of its Investor Day. Operating profit (non-GAAP) is expected to be between 720 and 780 million dollars. In the long term, Logitech aims to achieve growth between 7 and 10%, with a gross margin (non-GAAP) of at least 40% and an operating margin (non-GAAP) in the 15-18% range. The roadmap for the 2024/25 financial year has been renewed. It calls for revenues of between $4.54 and $4.57 billion (up 1-5% year-on-year, or +6.2 to +7.1% at constant exchange rates). Non-Gaap operating income is still expected to be between 755 and 770 million. The company also intends to buy back $2 billion worth of shares over the next three years.

The Swiss market closed on a firm note on Wednesday with investors picking up stocks amid hopes the U.S. will reduce tariffs on Canada and Mexico. German leaders' decision to increase defense and infrastructure spending contributed as well to the improved sentiment in the market. The benchmark SMI, which climbed to 13,161.90 intraday, closed up 106.01 points or 0.82% at 13,112.75. Adecco rallied nearly 8.5%. Sika surged nearly 8% and VAT Group gained 7.1%. Geberit climbed 6.8% and Holcim gained 6%. ABB, Julius Baer, UBS Group, Logitech International and Partners Group advanced 2.3 to 4%. Swiss Re, Straumann Holding, Alcon, Lonza Group, Sonova, Kuehne + Nagel, Swiss Life Holding and Novartis gained 0.6 to 1.3%. Lindt & Spruengli and Givaudan ended down 3.8% and 3.3%, respectively. Nestle declined 1.83% and Swisscom ended 0.58% down. Roche Holding and Swatch Group closed marginally down. Data from Swiss Federal Statistical Office said the annual inflation rate in Switzerland eased slightly to 0.3% in February 2025, down from 0.4% in January. This marks the lowest level since April 2021. On a monthly basis, the CPI rose by 0.6% in February, the first increase in nine months and the fastest pace since February 2024.

Europe
European markets closed on a buoyant note on Wednesday amid optimism about some relaxation in tariffs on Canada and Mexico, and on news that Germany will relax rules to increase spending on defense and infrastructure. German parties, hoping to form a coalition, agreed to create a 500 billion euro infrastructure fund and overhaul borrowing rules in a tectonic spending shift to revamp the military and revive growth in Europe's largest economy. Germany's chancellor-in-waiting, Friedrich Merz, announced yesterday that the nation's main centrist parties had agreed to establish the infrastructure fund to invest in transportation, energy grids, and housing. Merz also stated that Germany would amend its constitution to exempt defense and security spending from fiscal limits. The pan European Stoxx 600 climbed 1.64%. The U.K.'s FTSE 100 closed higher by 0.82%, while Germany's DAX and France's CAC 40 closed stronger by 3.63% and 2.35%, respectively. Switzerland's SMI ended 0.82% up. Among other markets in Europe, Austria, Denmark, Greece, Iceland, Ireland, Poland, Spain, Sweden and Turkiye ended sharply higher. Belgium, Finland, Norway, Portugal and Russia also posted strong gains, while Netherlands closed weak. In the UK market, Antofagasta, Fresnillo, Melrose Industries, Convatec Group, EasyJet and Mondi gained 5 to 6.5%. Anglo American Plc, Prudential, Schrodders, Weir Group, IMI, Barclays Group, Endeavour Mining, BAE Systems, Games Workshop Group, Ashtead Group, Diageo, Scottish Mortgage, Glencore and IAG climbed 2.5 to 4.7%. Severn Trent closed down 4.5%. National Grid, Haleon, United Utilities, Pearson, Compass Group, Land Securities, Intertek Group, Tesco, British American Tobacco, RightMove, BT Group, Segro and Relx closed lower by 2 to 4%.

United States
Stocks showed a significant turnaround over the course of the trading session on Wednesday, recovering from early weakness to end the day sharply higher. With the rebound, the major averages regained some ground after moving substantially lower over the past several sessions. The major averages pulled back off their best levels going into the close but still posted strong gains. The Nasdaq surged 267.57 points or 1.5 percent to 18,552.73, the S&P 500 shot up 64.48 points or 1.1 percent to 5,842.63 and the Dow jumped 485.60 points or 1.1 percent to 43,006.59. The early weakness on Wall Street reflected lingering concerns about the economic impact of President Donald Trump's new tariffs on Canada, Mexico and China. However, stocks rebounded after a report from Bloomberg said the Trump administration is considering a one-month delay for automakers from newly imposed tariffs on Mexico and Canada. The White House later confirmed the exemption for automakers, noting the move came after Trump spoke with heads of General Motors (GM), Ford Motor (F) and Stellantis (STLA). Airline stocks showed a substantial move back to the upside following recent weakness, with the NYSE Arca Airline Index soaring by 4.3 percent after ending the previous session at its lowest closing level in well over four months. Significant strength was also visible among gold stocks, as reflected by the 4.0 percent surge by the NYSE Arca Gold Bugs Index. The rally by gold stocks came amid an increase by the price of the precious metal. Steel stocks also saw considerable strength on the day, resulting in a 3.5 percent jump by the NYSE Arca Steel Index. Telecom, software and networking stocks have also moved notably higher, while oil producer stocks moved sharply lower amid a steep drop by the price of crude oil.

Asia
A globally recognizable reduction in risk aversion is driving Asian equities higher on Thursday and causing bond prices to fall - and yields to rise. The situation with the yen, which was thought to be safe, is also calming down again after the recent spike.

Bonds
In the U.S. bond market, treasuries extended the pullback seen over the course of the previous session. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, climbed 5.5 basis points to 4.265 percent.

Analysis
UBS raises IAG target to 320 (280) GBp – Neutral
BoA raises Airbus target to EUR 238 (217) – Buy
HSBC lowers H&M to Hold (Buy) – Target SEK 145 (185)

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