Airbnb raised its full-year outlook, as strong global travel demand helped offset an influx in cancellations around the Iran war. The short-term rental company said it now anticipates annual sales will increase by a low- to midteen percentage. It previously said it expected at least a low-double-digit percentage growth. The higher outlook reflects momentum in travel demand, Airbnb said. Travel demand across the Americas was particularly strong in the quarter, despite some headwinds in the Middle East. Airbnb on Thursday posted a profit of $160 million, or 26 cents a share, in the quarter ended March 31, compared with $154 million, or 24 cents a share, a year earlier. Analysts were expecting 30 cents a share, according to FactSet. Revenue rose 18% to $2.68 billion. Analysts surveyed by FactSet forecast revenue of $2.62 billion. Gross booking value increased 19% to $29.2 billion, ahead of the $27.8 billion analysts projected.

The Swiss stock market closed sharply lower on Thursday evening, with investors showing less confidence following the previous day’s sharp rise. On the Swiss stock market, the flagship SMI index closed down 1.11% at 13,135.43 points, after reaching an intraday high of 13,346.45 points. The SLI fell 1.05% to 2,109.83 points and the SPI 1.01% to 18,636.58 points. Of the thirty constituent stocks of the Swiss Leader Index, only six ended the day in positive territory, whilst just one was flat (Holcim). At the bottom of the table, Swiss Re fell by 3.2%. The Zurich-based reinsurer certainly saw its profits soar in the first quarter, but it nevertheless had to contend with a decline in contract renewals, as well as lower insurance premiums. Eye care specialist Alcon (-2.9%) also struggled, penalised by Bank of America’s downward revision of its target price. Apart from Swiss Re, all other insurers ended the session in the red, with Helvetia Baloise down 0.3% and Swiss Life and Zurich Insurance each down 1.1%. High-vacuum valve manufacturer VAT Group fell by 2.6%.

Europe
The major European markets closed lower on Thursday after posting strong gains earlier in the week. The markets opened mixed but quickly tailed off and trended lower, ending near session lows. The lackluster performance by the broader markets come in reaction to recent gains, which had reflected optimism about a peaceful end to the conflict in the Middle East - although that situation remains unclear. Germany's DAX slumped 255.08 points or 1.02 percent to close at 24,663.61, while London's FTSE sank 161.71 points or 1.55 percent to finish at 10,276.95, the CAC 40 in France dropped 97.34 points or 1.17 percent to end at 8,202.08 and the SMI in Switzerland tumbled 147.83 points or 1.11 percent to close at 13,135.43. In Germany, Rheinmetall plunged 6.94 percent, while Daimler Truck tumbled 5.93 percent, Siemens Energy retreated 2.78 percent, Deutsche Borse dropped 2.10 percent, Vonovia sank 1.35 percent, Deutsche Telekom lost 0.43 percent, Deutsche Bank dipped 0.18 percent, Adidas jumped 2.53 percent, Deutsche Post gained 1.07 percent and Mercedes-Benz rose 0.28 percent. In London, RELX plummeted 6.21 percent, while Shell plunged 2.88 percent, British American Tobacco tanked 2.37 percent, Vodafone tumbled 1.90 percent, Barclays contracted 1.65 percent, HSBC dropped 1.59 percent, Rolls-Royce skidded 1.58 percent, Glencore shed 0.79 percent, Rio Tinto lost 0.47 percent, Antofagasta rose 2.10 percent and Fresnillo jumped 5.81 percent. In France, Bouygues tumbled 3.66 percent, while Schneider Electric contracted 2.65 percent, Engie declined 2.58 percent, Danone dropped 2.53 percent, Orange skidded 2.48 percent, Sanofi slumped 1.21 percent, Veolia Environment sank 0.80 percent, Credit Agricole shed 0.55 percent, Societe Generale lost 0.53 percent and BNP Paribas and Carrefour both slipped 0.18 percent.

United States
Stocks turned in a lackluster performance early in the session on Thursday but came under pressure over the course of the trading day. The major averages all moved to the downside, although selling remained relatively subdued. The major averages finished the day off their lows of the session but still in the red. The Dow slid 313.62 points or 0.6 percent to 49,596.97, the S&P 500 fell 28.01 points or 0.4 percent to 7,337.11 and the Nasdaq edged down 32.75 points or 0.1 percent to 25,806.20. Stocks showed a lack of direction early in the day as traders remain optimistic about a peaceful end to the conflict in the Middle East but may want to see more tangible results from U.S.-Iran negotiations before making big bets. President Donald Trump said Wednesday that the U.S. and Iran have had 'good talks over the last 24 hours' and expressed confidence a deal could be reached in the coming days. A report from Axios said U.S. officials expect Iran's response to a one-page memorandum of understanding to end the war within the next 24-48 hours. However, selling pressure picked as crude oil prices saw a substantial turnaround over the course of the day, with U.S. crude oil futures jumping by more than 1 percent after plummeting by as much as 5.5 percent. Computer hardware stocks moved sharply lower over the course of the session, with the NYSE Arca Computer Hardware Index tumbling by 2.9 percent after ending Wednesday's trading at a record closing high. Significant weakness was also visible among semiconductor stocks, as reflected by the 2.7 percent slump by the Philadelphia Semiconductor Index. Energy stocks also saw considerable weakness despite the rebound by the price of crude oil, while software and airline stocks showed strong moves to the upside.

Asia
New tensions in the Middle East conflict and profit-taking are causing uncertainty and falling indices on the East Asian stock markets on Friday. The Topix in Tokyo is down 0.3 per cent, and the Kospi in Seoul is down 0.6 per cent. The losses in Hong Kong were slightly greater, at 1.1 per cent. Shanghai fell by 0.4 per cent, whilst in Sydney the market barometer lost 0.3 per cent.

Bonds
In the U.S. bond market, treasuries came under pressure over the course of the session after seeing early strength. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, climbed 3.6 basis points to 4.392 percent after hitting a low of 4.314 percent.

Analysis
UBS raises Redcare to EUR 55 (53) – Neutral
UBS downgrades Electrolux to SEK 58 (70) – Neutral
UBS raises HSBC to 1,425 (1,419) GBp – Neutral

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