Boeing has agreed to pay Spirit AeroSystems up to $350 million in advance to keep producing products for it as the fuselage supplier works through a liquidity crunch. The jet maker said Tuesday that the advance payments are intended to help Spirit address high levels of inventory and lower operational cash flows. Spirit warned last week that it may not be able to keep operating after reporting billions of dollars in losses over the last four years. The advanced payments should also help Spirit as it faces high costs to keep factories running at their current rates, along with lingering impacts from a recent strike by Boeing machinists. The eight-week strike ended last week when the union voted to approve a new contract. Spirit is obligated to repay 25% of the advance to Boeing on April 30, June 30, Sept. 30 and Dec. 31 of 2026. Boeing agreed in July to acquire Spirit in an all-stock transaction valued at about $4.7 billion. Spirit Chief Executive Pat Shanahan said last month that the acquisition is on track to close in mid-2025.

The Swiss market ended sharply lower on Tuesday as stocks reeled under selling pressure right through the day's session on weak global cues amid concerns about the possible impact of Donald Trump's protectionist policies. The benchmark SMI closed down 190.70 points or 1.6% at 11,712.09, slightly off the day's low of 11,697.50. Alcon closed down 5.65%. SIG Group ended lower by 4.41%, while Adecco, Richemont and Swatch Group lost 3 to 3.3%. Holcim, Straumann Holding, Sika, ABB, Julius Baer and Sandoz Group lost 2 to 3%. Sonova and Swiss Life Holding closed nearly 2% down. Logitech International, Partners Group, Schindler Ps, Givaudan, Swiss Re, Zurich Insurance Group, SGS, Swisscom and UBS Group drifted down 1.5 to 2%. Nestle, Lindt & Spruengli, Kuehne + Nagel, Roche Holding and VAT Group ended lower by 1 to 1.3%. Lonza Group bucked the trend and closed higher by a little over 1%. The company said that it will expand its bioconjugation capabilities at its Visp facility by adding two mutipurpose manufacturing suites. Temenos Group shares moved up more than 4% after the company laid out new mid-term targets for 2028 as part of its new strategy. The company expects to reach an annual recurring organic revenue of more than $1.3 billion.

Europe
European stocks tumbled on Tuesday and several markets recorded their biggest single-session decline in several weeks, as concerns about the potential adverse impact of Donald Trump's protectionist policies on global economic and political front weighed on sentiment. A sell-off in mining stocks following a sharp drop in metal prices contributed significantly to the decline in several markets. The pan European Stoxx 600 fell 1.98%. The U.K.'s FTSE 100 ended down 1.22%, Germany's DAX and France's CAC 40 closed down 2.13% and 2.69%, respectively, while Switzerland's SMI settled lower by 1.6%. Among other markets in Europe, Austria, Belgium, Denmark, Finland, Ireland, Netherlands, Poland, Portugal, Russia, Spain and Sweden lost 1 to 3%. Iceland and Norway closed modestly lower, while Greece edged up marginally. In the UK market, Vodafone Group dropped more than 8% after the British telecoms group suffered falling revenue in its biggest market Germany. Fresnillo closed nearly 8% down. Vistry Group, Prudential, Anglo American Plc, Croda International, EasyJet, Airtel Africa and Glencore lost 3.2 to 5.6%. Frasers Group, WPP, Barratt Redrow, Mondi, Rolls-Royce Holdings, Persimmon, Taylor Wimpey, Beazley, Intertek Group and Rio Tinto closed down 2 to 3%. Antofagasta, Schrodders, Severn Trent, Relx and Natwest Group also declined sharply. Convatec Group soared more than 22%. The medical products and technologies company said that it is on track to deliver full-year double-digit adjusted earnings per share or EPS growth guidance. The company has also raised organic sales growth guidance, citing a trading growth across all categories. In the German market, Bayer tanked more than 15%. The pharmaceutical and life sciences major reported a loss in its third quarter and weak adjusted EBITDA, amid nearly flat sales. The net loss, however, was narrower than last year, while EBIT loss widened.

United States
Following the strong upward move seen in reaction to last week's last elections, stocks gave back ground during trading on Tuesday. The major averages fluctuated over the course of the trading session before eventually closing in negative territory. The Dow underperformed its counterparts, slumping 382.15 points or 0.9 percent to 43,910.98. The S&P 500 dipped 17.36 points or 0.3 percent to 5,983.99 and the tech-heavy Nasdaq edged down 17.36 points or 0.1 percent to 19,281.40. The pullback on Wall Street may partly have reflected profit taking, as some traders looked to cash in on the recent strength in the markets. The major averages have rallied to new record highs in recent days following former President Donald Trump's decisive victory in last week's presidential election. Trump's return to the White House is expected to be positive for corporations and the U.S. economy, although there are some concerns about the effect planned tariff increases will have on inflation. Housing stocks moved sharply lower on the day, with the Philadelphia Housing Sector Index plunging by 2.7 percent. Substantial weakness was also visible among steel stocks, as reflected by the 2.6 percent nosedive by the NYSE Arca Steel Index.

Asia
On the stock exchanges in East Asia and Australia, negative signs predominated on Wednesday. The ‘Trump trade’ is coming to an end, according to trade sources on Wall Street. Chinese trading centres continue to be weighed down by investor dissatisfaction with the recently announced economic stimulus package, which provides financial support to local governments but contains no real stimuli that could boost consumption, for example.

Bonds
In the U.S. bond market, treasuries saw considerable weakness following the Veterans Day holiday on Monday. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, spiked by 12.4 basis points to a four-month closing high of 4.432 percent.

Analysis
UBS raises Rheinmetall target to EUR 570 (496) / Neutral – Trader
JP Morgan raises BAE Systems target to 1,630 (1,500) GBp – Overweight
JP Morgan lowers Lanxess target to EUR 23 (26)/Underweight – Trader

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