Genentech, a member of the Roche Group announced on Friday that the U.S. Food and Drug Administration (FDA) has approved Tecentriq(R) (atezolizumab) and Tecentriq Hybreza(R) (atezolizumab and hyaluronidase-tqjs) in combination with lurbinectedin (Zepzelca(R) ) for the maintenance treatment of adult patients with extensive-stage small cell lung cancer (ES-SCLC) whose disease has not progressed after first-line induction therapy with Tecentriq or Tecentriq Hybreza, carboplatin and etoposide (CE). This approval marks the first and only combination therapy for the first-line maintenance treatment of ES-SCLC, a highly aggressive disease for which treatment options have been limited. The FDA approval is based on results from the Phase III IMforte study, which showed that the Tecentriq and lurbinectedin combination reduced the risk of disease progression or death by 46% and the risk of death by 27%, compared to Tecentriq maintenance therapy alone. Following 3.2 months of induction therapy, the median overall survival for the Tecentriq plus lurbinectedin regimen was 13.2 months versus 10.6 months for Tecentriq alone. Friday's approval builds on Tecentriq's established role in ES-SCLC. In 2019, the FDA approved Tecentriq in combination with chemotherapy for the first-line treatment of adults with ES-SCLC, based on the IMpower133 study, which at the time was the first new treatment option in two decades for this patient population.

On Thursday, the SMI was once again driven by heavyweight pharmaceutical stocks. Roche gained a further 0.7 percent, while Novartis closed little changed after interim gains. The SMI climbed 0.5 percent to 12,427 points. Of the 20 SMI stocks, 14 gained and five lost ground, while Geberit shares closed unchanged. A total of 18.88 (previous: 21.87) million shares were traded. Inflation in Switzerland remained close to zero in September. Consumer prices were 0.2 percent higher than in the same month last year and thus at the same level as in August, according to the Swiss statistics authority. Corporate news, on the other hand, was scarce. Among the SMI stocks, ABB (+1.5%) and Richemont, which gained 1.6 percent, were in demand. Swiss Life shares, on the other hand, closed 0.3 percent lower.

Europe
On Thursday, the Stoxx Europe 600 index edged up 0.5% to 567.6 points. In Paris, the CAC 40 and SBF 120 rose 1.1% each. In Frankfurt, the DAX 40 gained 1.3%, while the FTSE 100 in London fell 0.2%. SEMICONDUCTORS: European chip and semiconductor equipment manufacturers followed in the footsteps of their Asian counterparts after the agreement between South Korea's Samsung Electronics and ChapGPT creator OpenAI, which is expected to lead to an increase in orders for artificial intelligence chips. In Amsterdam, ASML jumped 4.3%, while BE Semiconductor and ASM International soared 4.5% and 6.6%, respectively. In Paris, Soitec rose 6.5% and STMicroelectronics gained 2.1%. STELLANTIS (+8.3%): The carmaker reported a rebound in US sales in the third quarter. Compared to the third quarter of 2024, sales increased by 6.4% to 324,825 vehicles, supported in particular by the expiry at the end of September of the tax credit for the purchase of electric and hybrid vehicles. WORLDLINE (+7.3%): The payment specialist announced on Thursday having signed a strategic partnership agreement with YeePay, a Chinese third-party payment service provider specializing in the airline and travel sector. Financial details of the agreement were not disclosed.

United States
OpenAI’s recent funding deal and stunning valuation helped lift U.S. stocks to another record closing high. The tech-heavy Nasdaq composite rose 0.4%, while the broader S&P 500 index added 0.1%. Both benchmarks closed at all-time highs for the 30th time this year. The Dow Jones Industrial Average rose 0.2%, or 78.62 points. It was the Dow’s 10th record close of 2025. OpenAI’s latest investment round valued the privately held AI company at about $500 billion, and two tech heavyweights, Samsung Electronics and SK Hynix, signed on as memory-chip partners for its “Stargate” infrastructure project. Semiconductor stocks rose, and investors looked past the potential fallout from a government shutdown that is expected to stretch into next week. The concentrated gains showed investors sticking with megacap tech while waiting out the pause in government data on the nation’s economy. Prediction markets suggest bettors think the shutdown will last until at least the end of next week, which would delay key economic data such as the monthly jobs report. Semiconductors look particularly insulated from Washington’s disruptions, keeping the sector tied more to AI headlines. The Philadelphia Semiconductor Index rose 1.9%, with Nvidia up 0.9% and Broadcom up 1.4%. Next up is Friday’s ISM services index, one of the few indicators that doesn’t rely on government data. Any signs the shutdown timeline is lengthening could test the market’s calm. With official data sidelined, investors are turning to corporate guidance. Banks kick off reporting in two weeks, and early commentary on loan growth and consumer health could matter more than any delayed government release.

Asia
Asian stocks were mixed on Friday. In Shanghai and Seoul, stock markets are closed for a public holiday. The Nikkei 225 index climbs 1.6 percent in Tokyo. In Hong Kong, the Hang Seng index drops 0.9 percent. Investors are selling off shares in Chinese electric vehicle manufacturers, which had benefited from their own strong sales figures on Thursday. In Hong Kong, Geely dropped 2.8 percent, Nio fell 2 percent, and Xpeng slipped 3.9 percent.

Bonds
Long-dated U.S. government debt yields slipped on Thursday. The 10-year Treasury note yield declined by 2.0 basis points to 4.08 percent. The U.S. government shutdown has deprived the market of the usual data points, but alternative indicators reinforce the narrative that labor is wobbling, weighing down on Treasury yields.

Analysis
Berenberg raises Lindt & Spruengli to CHF 115,301 (110,446) – Hold
Sonova target price: UBS lowers to CHF 234 (275) – Neutral
Berenberg downgrades Barry Callebaut to Hold (Buy) – CHF 1,200 (1,100)
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