BHP Group, the world's top miner by market value, said it produced more copper but less iron ore in the first quarter of its fiscal year, while striking a positive note on demand for the commodities it mines. The Australia-based miner didn't address market concerns about a dispute with China's state-run iron-ore buyer, although said it sells the steel ingredient in several ways and will continue to seek the best avenues for sales of its ore. BHP said its first-quarter iron-ore output was 1% lower than a year earlier, at 64.1 million metric tons. Analysts are closely watching BHP's iron-ore shipments following media reports of a stalemate in annual price negotiations between the miner and China Mineral Resources Group, which coordinates purchases for most of China's steel mills.

The Swiss market recovered after a weak start on Monday, but its stay in positive territory was very brief as investors stayed cautious and refrained from making significant moves. The benchmark SMI, which advanced to 12,680.09 about an hour after the opening bell, dropped to 12,581.19 around early afternoon and finally settled at 12,635.02 with a loss of 9.47 points or 0.07%. Logitech International, Swatch Group, Holcim, Partners Group and Amrize gained 1.4 to 1.7%. Galderma Group, Sandoz Group, ABB, Lindt & Spruengli, Straumann Holding, Sonova, Julius Baer and Alcon also closed notably higher. Nestle and Roche Holding closed lower by 1.04% and 0.92%, respectively. Swiss Life Holding, Swisscom, Givaudan and Lonza Group closed marginally down.

Europe
European stocks closed higher on Monday, led by gains in defense stocks amid concerns about Israel - Hamas spat over Gaza ceasefire violation, and U.S. President Donald Trump's comments that there is not any great prospect of peace in Ukraine. The pan European Stoxx 600 gained more than 1%. The U.K.'s FTSE 100 climbed 0.52%, Germany's DAX surged 1.8% and France's CAC 40 gained 0.39%, while Switzerland's SMI edged down 0.07%. Among other markets in Europe, Belgium, Denmark, Finland, Greece, Ireland, Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden and Turkiye closed higher. Czech Republic edged up marginally, while Iceland ended weak. In the UK market, Polar Capital Technology Trust, Whitbread, Fresnillo, Airtel Africa, Weir Group, Rolls-Royce Holdings, Anglo American Plc and Babcock International climbed 2 to 2.6%. BAE Systems, Rio Tinto, Prudential, Burberry Group, Informa, Relx, St. James's Place and Intertek Group also closed notably higher. Pearson ended down by 2.7%. In the German market, Rheinmetall surged 5.8%. Infineon gained about 5%. SAP, Daimler Truck Holding, Continental, Bayer, Siemens, Commerzbank, Heidelberg Materials, Adidas, Zalando, Deutsche Post, Deutsche Bank and Hannover Rueck gained 1 to 3.3%. In the French market, Kering climbed nearly 5% after the company agreed to sell its beauty division to L'Oréal for €4 billion. L'Oreal shares are modestly higher. Airbus Group gained more than 1.5% after the company recieved an order for 30 aircraft from India's IndiGo. STMicroElectronics gained about 4.7%. Thales closed 3.7% up. Stellantis, Eurofins Scientific, Safran, Accor, ArcelorMittal, Renault, Dassault Systemes, Capgemini, Hermes International, L'Oreal, Legrand and LVMH also ended with strong gains. BNP Paribas tumbled nearly 8% after a US jury held the bank responsible for helping to sustain Sudan's brutal regime under deposed leader Omar al-Bashir. The panel awarded three plaintiffs more than $20 million in damages.

United States
Following the upward move seen over the course of last Friday's session, stocks showed a more significant move to the upside during trading on Monday. The major averages all moved sharply higher, climbing back within striking distance of their record highs. The major averages moved roughly sideways after an early rally, hovering firmly in positive territory. The Nasdaq surged 310.57 points or 1.4 percent to 22,990.53, the S&P 500 jumped 71.12 points or 1.1 percent to 6,735.13 and the Dow shot up 515.r97 points or 1.1 percent to 46,706.58. Apple (AAPL) helped to lead the markets higher, with the tech giant surging by 3.9 percent to a new record closing high. The jump by Apple came after Loop Capital upgraded its rating on the company's stock to Buy from Hold due to strong demand for the iPhone 17 series. Positive sentiment may also have been generated in reaction to comments from National Economic Council Director Kevin Hassett, who suggested the ongoing government shutdown could end this week. Hassett told CNBC's 'Squawk Box' he expects moderate Democrats to cross the aisle to end the government shutdown, which has entered day 20 today. If Democrats continue to refuse to approve a funding bill unless it includes an extension of enhanced Obamacare tax credits, Hassett indicated the White House could take 'stronger measures' in order to bring them to the table. The rally on Wall Street also came after a report from the Wall Street Journal said the Trump administration is quietly watering down some of the tariffs that underpin the president's signature economic policy. Steel stocks showed a substantial move to the upside on the day, driving the NYSE Arca Steel Index up by .5 percent. Cleveland-Cliffs (CLF) led the sector higher, skyrocketing by 21.5 percent after revealing plans to look into building a rare earths mining business. Airline, banking, oil service and semiconductor stocks also turned in strong performances on the day, moving higher along with most of the other major sectors.

Asia
Asian stock markets continued to rise on Tuesday, in many cases reaching new record levels. In Tokyo, the Nikkei 225 index rose by a further 1.3 per cent to a new all-time high of 49,802 points following its bull run the previous day. In Hong Kong, the HSI gained 1.07 per cent, while the Shanghai Composite improved by 1.2 per cent.

Bonds
In the U.S. bond market, treasuries climbed into positive territory over the course of a relatively lackluster session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 2.1 basis points to 3.986 percent.

Analysis
Bank of America lowers Volvo AB to SEK 320 (340) – Buy
UBS lowers Merck KGaA to EUR 150 (154) – Buy
Berenberg raises Vodafone to 82 (80) p – Hold

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