Holcim posted slightly higher revenue and virtually the same operating profit in the first half of the year. With an acceleration in the spring, the building materials group thus made up for the slow start in the first quarter. Holcim has now raised its full-year guidance. Overall, revenue in the first half of 2026 rose by 0.7 percent to 7.93 billion Swiss francs, as Holcim announced on Friday. The strong Swiss franc continued to cause headwinds, costing the company 268 million Swiss francs in revenue. Acquisitions and divestitures of business units reduced revenue by an additional 65 million. Organically, however—that is, through its own efforts—Holcim grew by 5.2 percent, the company added. Recurring operating profit (EBIT) remained steady at 1.44 billion Swiss francs (-0.1 percent). This was due to the sales of high-margin business units and the strong Swiss franc. The corresponding operating margin declined slightly to 18.1 percent from 18.3 percent in the same period last year. On an organic basis, the margin would have risen by 11.5 percent. The figures no longer include the North American business, which was spun off last summer and is now listed on the New York Stock Exchange as Amrize, an independent U.S. company. In this respect, the prior-year figures are pro forma results. Overall, Holcim significantly exceeded analysts’ expectations.

On Thursday, the SMI shed 0.7 percent to 14,392 points. Among individual stocks, Clariant’s shares soared by 16.1 percent. Investors celebrated Clariant’s victory over Shell in a Dutch court. The British conglomerate had sued Clariant and three other companies for violations of competition law, citing antitrust allegations in the ethylene market. Shell had sought damages of approximately 1 billion euros. Inficon shares increased by 6.7 percent following the release of its second-quarter results. Revenue advanced by 18.3 percent compared to the previous year. The provider of measurement and sensor technology cited strong growth in all key markets and regions. The SMI was weighed down by significant declines among the index heavyweights Nestlé, Novartis, and Roche, with losses of up to 2.3 percent.

Europe
European stock markets ended the day mostly higher on Thursday. The Stoxx Europe 600 index gained 0.8%, closing at 649.95 points. In Paris, the CAC 40 rose 0.9% to 8,485.64 points, and the SBF 120 also advanced 0.9% to 6,423.59 points. In Frankfurt, the DAX 40 climbed 0.6%, while the FTSE fell 0.1% in London. AIRBUS (-2.8%): The European aerospace and defense group confirmed its 2026 targets on Wednesday evening, after posting strong second-quarter results that exceeded expectations, driven by an increase in aircraft deliveries. BOUYGUES (+7.1%): The diversified conglomerate reported results slightly above analysts’ expectations for the first half of 2026 and won a major contract in Australia. SCHNEIDER ELECTRIC (+10.8%): The electrical equipment manufacturer raised its outlook for 2026, buoyed by record results in the first half of the year. SES (-16.9%): The satellite operator published results slightly below analysts’ estimates for the first half of the year. Adjusted EBITDA declined by 6.2% year-over-year on an organic basis, to 725 million euros. SOCIETE GENERALE (+5.7%): The bank upgraded its profitability target for 2026 on Thursday after posting record net income that exceeded expectations in the first half of the year. Société Générale also announced a one-time share buyback program worth 1.5 billion euros. VINCI (+4.7%): The construction and concessions group Vinci confirmed its financial forecasts for the fiscal year on Wednesday following growth in revenue and margins in the first half of the year, driven by demand for energy infrastructure.

United States
U.S. stocks rallied as Microsoft’s robust earnings report restored momentum to the artificial-intelligence boom. The Dow Jones Industrial Average rose 613.92 points, or 1.19%, to 52208.06, rebounding from a plunge Wednesday. The broad S&P 500 gained 121.48 points, or 1.66%, to 7437.63. The tech-heavy Nasdaq Composite jumped 679.24 points, or 2.78%, to 25122.18. Validation from the Microsoft report caused the PHLX “SOX” Semiconductor Sector index to leap 8%, continuing a two-month stretch of violent swings. Microsoft shares rose 16% to $451.10, registering their biggest percentage gain since 2008. AI demand for computing capacity bolstered growth at its Azure unit and the company managed to generate more cash than analysts had anticipated, in contrast to competitor Meta. Meta raised its capital-expenditure plans for the year. Shares of the Facebook owner fell 8% to $539.03. Intercontinental Exchange ICE, the parent company of the New York Stock Exchange, agreed to acquire MarketAxess MKTX, an electronic trading platform for fixed-income markets, for $6 billion. MarketAxess rose 30% to $162.76. Apple’s financial results were met with disappointment. The stock plunged 5.9 percent in after-hours trading in the U.S., even though the company reported a record third quarter with a 16 percent increase in revenue. However, Apple expects slower growth and higher costs following the AI boom. In contrast, Amazon’s earnings report was celebrated, with its stock surging more than 10 percent in after-hours trading in the U.S. thanks to accelerated cloud growth.

Asia
In Asia, major indexes broadly closed with gains on Friday. Kospi is rebounding by 15.9 percent following the slump of the past few days, thanks to a rally in semiconductor stocks, which had recently been hit hard. The Nikkei climbed 4 percent to 64,360 points. In the semiconductor sector, Advantest and Tokyo Electron are up 15.1 percent and 6.1 percent, respectively. The Shanghai Composite is up 0.8 percent, while the HSI in Hong Kong is down 0.1 percent.

Bonds
Long-dated U.S. government debt yields edged higher on Thursday. The 30-year Treasury note yield climbed 0.065 percentage point to 5.206%, the highest close since July 12, 2007. The policy-sensitive 2-year Treasury note yield declined 0.007 percentage point to 4.227%. The core personal consumption expenditures price index, the Fed’s preferred measure of inflation, ticked down to 3.3% in June but was still far above the central bank’s 2% target.

Analysis
Forbo price target: Kepler Cheuvreux raises to CHF 920 (760) - Hold
BB Biotech price target: Julius Bär increases to CHF 48 (45) - Hold
Sika price target: Kepler Cheuvreux raises to CHF 210 (180) - Buy