BHP Group said it won't pursue a takeover of Anglo American following new talks, shutting the door on a deal that could have turbocharged its copper business and helping clear the way for its U.K. rival to close a merger with Teck Resources. Australia-based BHP first approached London-listed Anglo American about a possible takeover in April last year, arguing that a combination of the companies' prized copper mines and other operations would have significant benefits. That roughly $50 billion proposal was rejected by Anglo, which has since agreed to merge with Canada's Teck in a deal to be voted on by shareholders next month. In a statement Monday, BHP said it had held more discussions with Anglo's board, but that it is no longer considering a combination of the two companies. "Whilst BHP continues to believe that a combination with Anglo American would have had strong strategic merits and created significant value for all stakeholders, BHP is confident in the highly compelling potential of its own organic growth strategy," it said. Under U.K. rules, BHP is now restricted from making an offer for Anglo for six months. The company said it could reconsider should a third party make a bid for Anglo, or under a few other circumstances. BHP is the world's biggest miner by market value.

After struggling for direction till more than an hour past noon on Friday, the Switzerland market gradually moved higher as stocks found some support amid slight hopes about an interest rate cut by the Federal Reserve next month after a central bank official said he sees 'room for a further adjustment' to rates in the near term. The benchmark SMI, which dropped to 12,476.17 at the start, finished the session at 12,632.67, gaining 89.61 points or 0.71%. Sandoz Group and Novartis climbed 2.6% and 2.45%, respectively. Geberit, Givaudan and Nestle gained 1.85 to 2%. Kuehne + Nagel, Straumann Holding, Roche Holding and SGS closed higher by 1.1 to 1.7%. SGS gained after announcing that it has acquired a majority stake in French startup Sami Zurich Insurance Group, Lonza Group, Schindler Ps, Julius Baer and Swiss Re gained 0.6 to 1%. VAT Group ended down more than 5%. UBS Group and ABB closed lower by 1.94% and 1.83%, respectively. Holcim lost about 1.6% and Richemont ended down by 1.1%.

Europe
European stocks closed lower on Friday amid renewed concerns about lofty tech valuations and a batch of weak regional economic data. The pan European Stoxx 600 ended 0.33% down. Germany's DAX closed down by 0.8%, while the U.K.'s FTSE and France's CAC 40 edged up 0.13% and 0.02%, respectively. Among other markets in Europe, Czech Republic, Denmark, Finland, Iceland, Netherlands, Norway, Poland, Portugal, Spain, Sweden and Turkiye closed weak. Belgium, Greece, Ireland and Russia ended higher. In the UK market, Melrose Industries, JD Sports Fashion, Polar Capital Technology Trust, Rolls-Royce Holdings and Scottish Mortgage lost 3 to 6.1%. Antofagasta, Pershing Square Holdings, BAE Systems, Halma, Fresnillo, The Sage Group, Endeavour Mining and F&C Investment Trust were among the other major losers. Persimmon climbed 4.75%. Diageo, Barratt Redrow, Experian and LSEG gained 3.2 to 4%. Games Workshop, Relx, Coca-Cola HBC, Unilever, Berkeley Group Holdings and Whitbread also posted strong gains. In the German market, Siemens Energy tumbled nearly 10%. Rheinmetall plunged nearly 8%. Infineon and Heidelberg Materials ended lower by 3.7% and 3.3%, respectively. RWE, Zalando, Deutsche Bank and MTU Aero Engines also ended notably lower. Deutsche Boerse, Symrise, Qiagen, BASF, Bayer, Beiersdorf, Brenntag, Deutsche Telekom, Fresenius Medical Care, Continental, Henkel, Daimler Truck Holding and Volkswagen gained 1 to 4.2%. In the French market, Safran, Schneider Electric, Thales, ArcelorMittal and Legrand lost 2 to 4%. Societe Generale, EssilorLuxottica and STMicroElectronics also ended sharply lower. Pernod Ricard surged nearly 4%. Capgemini gained about 3.5%, while Stellantis, L'Oreal, Publicis Groupe, Michelin, Vinci, Edenred and Orange climbed 2 to 3%. Data from the Office for National Statistics showed UK retail sales declined for the first time in five months in October as consumers delayed their spending in the lead up to Black Friday.

United States
Stocks showed a lack of direction early in the session on Friday but moved notably higher over the course of the trading day. The major averages all showed strong moves to the upside following the substantial downturn seen during Thursday's session. The major averages pulled back well off their best levels going into the end of the day but remained firmly positive. The Dow surged 493.15 points or 1.1 percent to 46,245.41, the Nasdaq advanced 195.03 points or 0.9 percent to 22,273.08 and the S&P 500 jumped 64.23 points or 1.0 percent to 6,602.99. Despite the rebound on the day, the major averages all posted steep losses for the week. The Nasdaq plunged by 2.7 percent, the S&P 500 tumbled by 2.0 percent and the Dow slumped by 1.9 percent. The strength that emerged on Wall Street may partly have reflected renewed optimism about the Federal Reserve lowering interest rates at its next monetary policy meeting in December. Housing stocks turned in some of the market's best performances on the day, with the Philadelphia Housing Sector Index soaring by 4.0 percent. Substantial strength was also visible among airline stocks, as reflected by the 3.0 percent surge by the NYSE Arca Airline Index. Biotechnology, oil service, healthcare and computer hardware stocks also showed strong moves to the upside, moving higher along with most of the other major sectors. The booming market for weight-loss drugs has propelled Eli Lilly to become the first pharmaceutical company to hit $1 trillion in market capitalization, joining a select club of mostly tech companies that have surpassed that threshold. Lilly shares closed at $1,059.70 on Friday, giving it a market cap slightly above the 13-figure milestone.

Asia
Asian stock markets are showing gains at the start of the week. Gains range from 0.2 per cent in Seoul to 2.0 per cent in Hong Kong. The Shanghai Composite is largely unchanged. There is no trading in Tokyo due to a public holiday.

Bonds
In the U.S. bond market, treasuries extended the upward move 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, slid 4.3 basis points to 4.063 percent.

Analysis
UBS raises Landis+Gyr target to CHF 55 (50) – Neutral
UBS raises CTS Eventim target to EUR 116 (115) – Buy
UBS lowers Ypsomed target to CHF 410 (435) – Buy

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