The Federal Reserve’s first statement under Chairman Kevin Warsh clocked in at only 132 words. Wall Street was troubled by the final six of them. “The Committee will deliver price stability.” The central bank held its benchmark rate steady, as expected, in Kevin Warsh’s first meeting as Fed chairman. But officials’ quarterly economic projections showed that nine of 19 officials penciled in at least one rate increase by the end of the year, up from none in March. In a press conference, Warsh also repeatedly emphasized that officials are “unambiguously and unanimously” committed to bringing inflation back to the Fed’s 2% target. Investors took that as a sign that the new chairman would preserve the central bank’s independence and be open to rate increases, despite his appointment by President Trump, who has strenuously pushed for lower rates.

The Swiss stock market closed higher on Wednesday after another session described as rather sluggish. The SMI gained 0.4 percent to 13,815 points. The day’s top performers in the SMI were Holcim, up 2.2 percent—which had ranked at the very bottom the previous day in the absence of news—while its subsidiary Amrize was found near the top. Amrize climbed another 1.6 percent. At the bottom of the list were Logitech and Swisscom, each down 1.7 percent. Among smaller caps, Straumann stood out with a 10.8 percent jump in its share price. The dental implant manufacturer raised its margin forecast. Analysts subsequently increased their price target and reaffirmed their “buy” recommendation. Lastminute also edged up after the tour operator revealed a cost-cutting program. The stock added 0.8 percent. Docmorris soared 6.4 percent, according to traders, after competitor Redcare recently raised its full-year forecast. Sandoz climbed by 2.9 percent. The company had announced the opening of a new biosimilar development center in Slovenia to strengthen and expand its in-house biosimilar capabilities.

Europe
European stock markets closed slightly higher on Wednesday, as the Federal Reserve (Fed) is set to announce its monetary policy decisions. The Stoxx Europe 600 index rose 0.5% to 639.31 points. In Paris, the CAC 40 and the SBF 120 fell 0.2% and 0.1%, respectively. In Frankfurt, the DAX 40 edged up 0.1%, as did the FTSE 100 in London. MEDINCELL (-12.1%): On Tuesday evening, the biotechnology company reported a net loss of 31.3 million euros for the 2025–2026 fiscal year, which ended in late March—higher than the 18.4 million euro loss recorded in 2024–2025. As of March 31, 2026, Medincell had cash and cash equivalents of 62.8 million euros. BMW (-8.3% in Frankfurt): The automaker has significantly reduced its forecasts for the current year due to the deterioration of the Chinese market and the repercussions of the conflict in the Middle East.

United States
On Wednesday, every S&P 500 sector lost ground, dragging the broad index down 1.2%. The Dow industrials fell 1% to close 507 points lower. The Nasdaq composite declined 1.3%. Consumer stocks tumbled, including shares of Target TGT, Estée Lauder EL and Dollar General DG. Salesforce CRM led declines in the Dow industrials, falling 4.1%. The central bank held its benchmark rate steady, as expected, in Kevin Warsh’s first meeting as Fed chairman. After a spectacular first three trading days, SpaceX saw its first losses. The stock fell 4.9 percent to just under $192. By way of comparison, the stock had been priced at $135. Market observers believe some investors may have taken profits. Following a very weak session the previous day, semiconductor stocks rebounded: AMD rose 1.0 percent, Arm 5.7 percent, Broadcom 4.3 percent, and Intel 3.5 percent. La-Z-Boy surged 14.8 percent. The upholstered furniture manufacturer reported higher profits that also exceeded expectations. CarMax slipped 9.0 percent. Although the used-car dealer boosted sales in the most recent quarter, this came at the expense of profits.

Asia
Asian stocks were mixed on Thursday. In Tokyo, the Nikkei 225 Index is up 1.5 percent. The broader Topix has gained 1.4 percent. On the Seoul Stock Exchange, the Kospi has advanced 1.7 percent. In contrast, the Shanghai Composite Index has slipped 0.4 percent. In Hong Kong, the Hang Seng Index declined 1.7 percent. Chinese Apple suppliers are benefiting from the price increases announced by Apple CEO Tim Cook. Among others, Lens Technology in Hong Kong increased 3.8 percent, Luxshare Precision Industry in Shenzhen climbed 2.1 percent, and Foxconn Industrial Internet in Shanghai surged 4.4 percent.

Bonds
Long-dated U.S. government debt yields edged higher on Wednesday. The 10-year Treasury note yield, a key barometer for corporate and consumer borrowing costs, climbed to 4.50%. The 2-year Treasury note yield, which tends to rise and fall with changes in expectations for short-term rates set by the central bank, jumped to 4.16%. Interest-rate futures showed investors see a nearly 90% chance that the Fed will raise interest rates at least once by the end of the year, and roughly 50-50 odds of at least two hikes, according to CME FedWatch.

Analysis
Kardex Price Target: ODDO BHF SCA lowers to 320 (330) CHF - Outperform
Landis+Gyr Price Target: UBS reduces to 51 (55) CHF - Neutral
Comet Price Target: ODDO BHF SCA upgrades to 500 (375) CHF - Outperform

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