Roche presented new results from a pivotal study on the experimental drug fenebrutinib at the Actrims conference in California. In patients with primary progressive multiple sclerosis (PPMS), the drug slowed the progression of disability at least as effectively as Ocrevus, the only Roche therapy approved to date. Fenebrutinib reduced the risk of disability worsening by 12 percent compared to Ocrevus, Roche confirmed on Saturday evening. Initial results were already evident after 24 weeks, according to data from the FENtrepid study. The benefit was particularly clear in upper limb function, where the risk of worsening was reduced by 26 percent.

After two days of outperforming European stock markets with record highs, the Swiss stock market lagged behind on Friday. The SMI gained 0.3 percent to 13,512 points. Among cyclical stocks, Holcim (+2.9%) and Amrize (+4.6%) in the construction sector were popular with investors, while ABB rose 0.7 percent. UBS extended its losses by a further 0.1 percent following negative analyst comments. Siemens Mobility and Stadler received an order worth around EUR 3 billion from Danish State Railways – Stadler jumped 2.6 percent. Preparations for what could be one of the biggest IPOs in Europe in years gained momentum. According to information from Bloomberg, the owners of elevator and escalator specialist TK Elevator have selected banks for the most important roles in an IPO of the company in Frankfurt. Competitor Schindler shed 0.7 percent. Financial results were presented by Vontobel (+3.7%), EMS-Chemie (-1.2%) and LEM (+16%), among others.

Europe
European stock markets advanced on Friday. The Stoxx Europe 600 index ended the day up 0.9% at 616.98 points, gaining 1% over the week. In Paris, the CAC 40 and SBF 120 each ended the day up 0.4%. In Frankfurt, the DAX 40 added 0.9%, while the FTSE 100 picked up 0.55% in London. APERAM (+11.5%): The stainless steel specialist reported on Friday an expected increase in its adjusted EBITDA for the first quarter of this year compared to the last three months of 2025. AYVENS (-6.7%): The long-term vehicle financing company reported annual net income on Friday that exceeded analysts' expectations and announced an increase in its dividend for the 2025 financial year. SOCIETE GENERALE (-2.2%): The banking group published better-than-expekted results for the fourth quarter on Friday. STELLANTIS (-25.2%): The carmaker revealed on Friday plans to report a net loss of €19-21 billion in the second half of 2025, with its results for the period including €22.2 billion in one-off charges related to a major strategy review. The group will present its new strategic plan on May 21. VINCI (+9.9%): The construction and concessions group posted robust results for the 2025 financial year on Thursday evening, despite higher taxes in France.

United States
The Dow Jones Industrial Average hit 50000 for the first time on Friday, the latest milestone in a yearslong run in which the U.S. economy has muscled past its rich peers and snapped up investment the world over. After a slump in software turned into a selloff that battered the tech sector in recent days, investors came back in force on Friday, fueling a Dow rally that topped 1,200 points, or about 2.5%. The S&P 500 gained 2%, while the tech-heavy Nasdaq composite rose 2.2%. The week of wild trading ended with Nvidia jumping more than 7% Friday. Other chip stocks followed. Even some of the software companies hit hardest by the recent pullback finished the session higher. Microsoft clawed back some of its recent losses, but finished 6.8% lower on the week. Salesforce shares halted their steep drop-off. The Dow’s 30 firms—established companies from manufacturing to media—haven’t captured the full weight of those forces. Since the index first hit 25000 in early 2018, mainstays including Goldman Sachs, Apple and Caterpillar drove an outsize portion of gains. Boeing, 3M and UnitedHealth Group lagged behind the pack. Nvidia replaced Intel, in a sign of how AI is redrawing the global financial map. Walmart shares catapulted 28% higher over the past 12 months, while Johnson & Johnson surged 56%. Coca-Cola advanced 25%. At the same time, economic growth and expansionary government policies overseas have helped international markets outperform their richly valued American counterparts in recent months. That could mean more pressure ahead for some of the stocks that have pushed the Dow higher.

Asia
In Asia, major indexes traded mostly higher on Monday, boosted by strong gains in Japan following Prime Minister Sanae Takaichi's landslide victory in Sunday's general election as well as strength in the tech-heavy South Korean index amid easing concerns over AI-driven disruption. The benchmark Nikkei 225 Index closed the morning session up 4.4 percent, after touching a high of 57,337.07 earlier. In South Korea, the Kospi is celebrating gains of 3.7 percent, as the winners among chip companies are based here. They are benefiting from spending by US companies, as is Taiwan, which is up 2.3 percent. Semiconductor heavyweights Samsung Electronics and SK Hynix are each up around 5 percent on the back of renewed AI optimism. This is further supported by a report that Samsung will soon begin mass production of its next-generation HBM4 memory chips. In Hong Kong, the HSI is up 1.7 percent, while in Shanghai, the stock market barometer is up 1.2 percent. Trading in Sydney, Australia, has already ended. The S&P/ASX 200 jumped by around 2 percent. Among individual stocks in Tokyo, the semiconductor stock Advantest shot up by 13.7 percent. Shares in technology giant Softbank soared 7.7 percent.

Bonds
U.S. government debt yields slipped on Friday. The 10-year Treasury note yield fell by 1 basis point to 4.20% in light of strong consumer data. Risk-on sentiment returns to Wall Street. The University of Michigan preliminary sentiment index for February exceeds consensus estimates while markets brace for a stream of data next week.

Analysis
Vontobel downgrades UBS to Hold (Buy) – target price CHF 35 (33.50)
UBS upgrades Barry Callebaut target price to CHF 1,355 (1,180) – Neutral
Citi upgrades Swatch target price to CHF 193 (143) – Neutral

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