Baloise Holding AG and Helvetia have obtained all necessary approvals for their merger and will complete the transaction as planned on December 5, 2025. The last trading day for Baloise shares on the SIX Swiss Exchange will be December 5, 2025; Baloise shares will be delisted on December 8, 2025. On the same day, the newly issued shares of Helvetia Baloise Holding Ltd will be traded on the SIX Swiss Exchange for the first time.

On Friday, the SMI closed almost unchanged at 12,834 points. Of the 20 SMI stocks, 11 gained and 9 lost ground. A total of 19.02 million shares were traded (Thursday: 10.47 million). Economic data from Switzerland did not provide any noticeable impetus. GDP contracted by 0.5 percent in the third quarter, primarily in response to extremely high US tariffs, which have since been lowered again. Amrize (+2.0%), Givaudan (+1.7%) and ABB (+1.1%) were among the top performers, reflecting stocks that are more sensitive to economic conditions. At the bottom of the list were shares of companies that are considered defensive and less dependent on the economy. Swisscom came in last with a loss of 1.2 percent, preceded by Roche. Among small caps, SoftwarOne rose 5.1 percent to CHF 8.89. A buy recommendation from Berenberg with a price target of CHF 11 is likely to have provided a boost in this case.

Europe
European stock markets posted their fourth consecutive session of gains on Friday. The Stoxx Europe 600 index rose 0.3%, in line with the major European indices - CAC 40, DAX 40, FTSE Mib, and FTSE 100 all gained 0.3%. Over the week as a whole, the Stoxx Europe 600 gained 1.9%. Deutsche Börse rose 2.2 percent, making it the biggest winner within the DAX. The stock exchange operator announced its intention to acquire the fund platform Allfunds for approximately 5.3 billion euros, in a cash and share component. Allfunds dropped 0.7 percent in Amsterdam, after its share price had shot up sharply the previous day. Defense stocks were sold off in light of the peace efforts in Ukraine. Rheinmetall declined 2.2 percent, Hensoldt 1.9 percent, Renk 1.2 percent, and TKMS 2.1 percent. In Paris, Thales slipped 0.5 percent. Vivendi closed unchanged. They had only come under slight pressure after a court in France ruled that Vivendi's major shareholder, Vincent Bolloré, did not have to make a mandatory offer to Vivendi shareholders. Forvia climbed 3.6 percent. Automotive supplier Forvia had confirmed its intention to divest its automotive interiors division. Speculation about the sale of parts of the company had already supported the shares in recent days, traders commented.

United States
A late November rally propelled stocks near record highs, with investor optimism over a potential Federal Reserve interest-rate cut in December helping reverse the effects of an earlier midmonth market slump. The S&P 500 rose 0.5% on Friday, pushing it near a record set in late October and helping the index eke out a 0.1% monthly gain. The Dow Jones Industrial Average advanced 0.6% on the day, finishing the month with a 0.3% gain. The tech-heavy Nasdaq, however, registered its first monthly loss since March, falling 1.5% after a choppy period spurred by fears of an artificial-intelligence bubble. The index added about 0.7% Friday. Stocks across the board gained in Friday’s shortened session despite a CME Group outage that disrupted futures trading overnight. The Nasdaq-led gains were bolstered by chip stocks including Intel, Analog Devices and Micron Technology, and Magnificent Seven names like Amazon and Meta Platforms. Nvidia defied the trend, dropping 1.8% and capping a rocky month for the stock. Shares of some U.S. retail chains rose, as shoppers flocked to snap up Black Friday bargains. Walmart gained 1.3%. The National Retail Federation forecasts a record 186.9 million people to shop between Thanksgiving and “Cyber Monday” on Dec. 1. Sandisk surged 3.8 percent. Sandisk, a manufacturer of storage products such as memory cards, will be included in the highly regarded S&P 500 index at the start of trading. Interpublic Group of Companies, which dropped 2.0 percent, will have to make way for Sandisk. The U.S. trading session was shortened following the Thanksgiving holiday. Silver front-month futures jumped Friday, topping $56 per troy ounce and hitting a record high. Gold futures also rallied Friday, settling at their highest level in over a month. Bitcoin topped $92,000 before paring some gains. Shares in Coinbase and bitcoin-buyer Strategy gained.

Asia
Asian stocks are mixed on Monday. The Japanese stock market is trading sharply lower on Monday, with the Nikkei 225 falling to near the 49,400 level, with weakness across most sectors led by index heavyweights and exporter. Market heavyweight SoftBank Group is losing almost 4 percent and Uniqlo operator Fast Retailing is down more than 1 percent. Among automakers, Honda is losing almost 2 percent and Toyota is down more than 1 percent. In the tech space, Advantest is declining more than 3 percent and Screen Holdings is edging down 0.3 percent. Tokyo Electron is flat. Elsewhere in Asia, China, Hong Kong, Singapore, Malaysia and Indonesia are higher by between 0.1 and 0.6 percent each. New Zealand, South Korea and Taiwan are lower by between 0.2 and 0.3 percent each.

Bonds
Long-dated U.S. government debt yields edged higher on Friday. The 10-year Treasury note yield added 2 basis points to 4.02%. Expectations for a Federal Reserve interest-rate cut next month, following signs the labor market is cooling, have bolstered markets. Fed allies of Chair Jerome Powell have laid the groundwork for him to push a cut through a divided committee. Traders have doubled their bets over the last week on a reduction to around 87%, according to the CME’s FedWatch tool.

Analysis
Sika price target: ODDO BHF SCA lowers to CHF 175 (195) - Neutral
Berenberg initiates coverage of SoftwareOne with a Buy rating and a target price of CHF 11
Richemont price target: JPMorgan raises to CHF 200 (190) - Overweight
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