Shares in Moncler rose sharply after the Italian group delivered strong results for the core winter season, a crucial shopping period for both the company and the industry. The stock was up 17% in European trading. The maker of high-end outerwear and apparel, which is best known for its puffer jackets, said the accelerating trend seen in last year’s final quarter carried into 2026 to date. For the three months through December, it booked revenue of 1.29 billion euros ($1.52 billion), an increase of 7% compared with the same period a year earlier on a constant currency basis. The result, which surpassed analysts’ forecasts, was propelled by increases in both the company’s namesake brand and fashion label Stone Island, which had recently experienced a rough patch. “Moncler again outperformed in the key fourth quarter, reaffirming its position as the leading winter luxury brand,” Citi analysts Thomas Chauvet and Alberto Cecchetto wrote in a note to clients. Moncler’s update also prompted gains across the luxury space, with sector bellwether LVMH rising 3%. French peers Hermes and Kering, the owner of Gucci, also traded higher, while Italian rivals Salvatore Ferragamo and Brunello Cucinelli also saw their shares climb.

The Swiss stock market ended Friday's session on a positive note, reacting only mildly to the US Supreme Court's ruling that President Donald Trump had exceeded his constitutional powers by imposing tariffs on almost all imported goods. On the Swiss stock market, the SMI ended up 0.44% at 13,859.76 points, after reaching a high of 13,895.15 points and a low of 13,785.19 points. Over the week, the flagship index gained 1.9%. Among the other indices, the SLI gained 0.56% to 2,200.58 points and the SPI rose 0.41% to 19,097.79 points. Sika (+3.5%), Helvetia Baloise (+2.4%) and Richemont (+2.3%) topped the rankings. The construction chemicals company had a difficult 2025 financial year, marked by weak demand, particularly in China and the United States. The Zug-based group's profitability deteriorated, but this did not prevent a dividend increase and the prospect of continued growth in local currencies this year. Among the heavyweights, Novartis (-0.02%), Roche (-0.1%) and Nestlé (-0.6%) closed in the red.

Europe
The major European stock markets finished higher on Friday on the back of strong corporate earnings and easing AI concerns. The upside remained capped amid simmering geopolitical tensions after U.S. President Donald Trump set a deadline of 10-15 days for Iran to agree nuclear deal or face 'bad things.' Iran warned U.S. bases in the Middle East could be 'legitimate targets' if Washington attacks. British Prime Minister Keir Starmer has reportedly blocked a request from Trump to allow U.S. forces to use U.K. air bases during any pre-emptive attack on Iran, saying it could break international law. The DAX in Germany jumped 217.12 points or 0.87 percent to finish at 25,260.69, while the FTSE in London added 59.85 points or 0.56 percent to close at 10,686.89 and the CAC 40 in France rallied 116.71 points or 1.39 percent to end at 8,515.49. In Germany, Bayer plummeted 4.16 percent, while Deutsche Bank soared 2.10 percent, Daimler Truck rallied 1.64 percent, Deutsche Borse improved 1.62 percent, Zalando tumbled 1.62 percent, Infineon Technologies slumped 1.39 percent, BASF gained 0.41 percent, Deutsche Telekom rose 0.28 percent and Deutsche Post perked 0.06 percent. In London, British American Tobacco spiked 2.15 percent, while Prudential jumped 1.71 percent, SSE vaulted 1.69 percent, Centrica expanded 1.26 percent, St. James Place climbed 1.02 percent, Rolls-Royce and Airtel Africa both advanced 0.91 percent, Haleon gained 0.59 percent and Rightmove rose 0.51 percent. In France, Air Liquide surged 4.80 percent, while Compagnie de Saint-Gobain piked 3.08 percent, Orange tumbled 2.15 percent, Societe Generale jumped 1.96 percent, Credit Agricole climbed 1.70 percent, Airbus gained 1.41 percent, Carrefour added 0.96 percent and BNP Paribas collected 0.95 percent.

United States
After recovering from an initial move to the downside, stocks fluctuated over the course of the trading session on Friday but largely maintained a positive bias before eventually finishing the day mostly higher. The major averages all closed in positive territory, with the tech-heavy Nasdaq posting a notable gain. The Nasdaq advanced 203.34 points or 0.9 percent to 22,886.07, the S&P 500 climbed 47.62 points or 0.7 percent to 6,909.51 and the Dow rose 230.81 points or 0.5 percent to 49,625.97. For the holiday-shortened week, the Nasdaq shot up by 1.5 percent, the S&P 500 jumped by 1.1 percent and the Dow increased by 0.3 percent. The higher close on Wall Street came after the U.S. Supreme Court struck down most of President Donald Trump's sweeping global tariffs, delivering a major blow to the president's signature economic policy. The nation's highest court ruled in a 6-3 decision that the International Emergency Economic Powers Act, or IEEPA, does not authorize the president to impose tariffs. However, the court's decision does not address whether the more than $130 billion in tariffs that has already been collected should be refunded, with Justice Brett Kavanaugh predicting 'that process is likely to be a 'mess.'' Early in the session, stocks moved lower following the release of a Commerce Department report showing U.S. economic growth slowed by much more than anticipated in the fourth quarter of 2025. The report said gross domestic product climbed by 1.4 percent in the fourth quarter after surging by 4.4 percent in the third quarter. Economists had expected GDP to jump by 2.8 percent. Transportation stocks showed a strong move to the upside on the day, driving the Dow Jones Transportation Average up by 1.8 percent. Notable strength was also visible among networking stocks, as reflected by the 1.5 percent gain posted by the NYSE Arca Networking Index. Gold, retail and semiconductor stocks also turned in strong performances, while pharmaceutical and software stocks moved to the downside.

Asia
Asian stock markets are trending higher on Monday, even though the US tariff issue is causing uncertainty. There is still no trading in mainland China due to the Chinese New Year, while trading is suspended in Japan due to the Emperor's birthday.

Bonds
In the U.S. bond market, treasuries saw modest weakness after ending the previous session roughly flat. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, crept up 1.1 basis points to 4.086 percent.

Analysis
UBS raises Repsol target to EUR 17.50 (16.50) – Neutral
Bank of America lowers Renault target to EUR 38 (39) – Buy
BoA lowers Airbus target to EUR 259 (269) – Buy

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