BMW appointed Milan Nedeljković as its next chief, tapping a company veteran at a rocky time for the global auto industry. The German company said Tuesday that the Serbian executive will become chairman of BMW’s management board - a role akin to chief executive officer in the U.S. - after its annual general meeting next May, succeeding Oliver Zipse. Nedeljković will face the task of steering a business that thrived on globalization through a period of mounting geopolitical tensions, particularly between its two largest markets: the U.S. and China. The growth of BMW’s production center in Spartanburg, S.C., has made it America’s top auto exporter. Unlike most peers, it also owns the majority of its Chinese joint venture, BMW Brilliance. Zipse this year called BMW “one of our industry’s few true global players.” Nedeljković joined BMW as a trainee in 1993 and has served as board member for production since 2019. In that role, he led a project with Nvidia to digitize the company’s factories, and was a key architect of BMW’s next generation of electric vehicles.

The Swiss market, which languished in negative territory on Tuesday save for a few minute around mid morning, ended the day's session with a modest loss, as investors refrained from making big moves, choosing to wait for the Federal Reserve's monetary policy announcement on Wednesday. The benchmark SMI ended the day at 12,931.16, down 50.26 points or 0.39% from Monday's close. Amrize and SGS closed lower by 3.29% and 3.19%, respectively. Swiss Re ended 1.7% down, whie Lonza Group, Holcim, Richemont, VAT Group, Geberit and ABB lost 1 to 1.28%. Roche's Genentech division reported promising results from phase 3 studies involving Lunsumio for lymphoma treatments. The stock closed lower by about 0.7%. Schindler Ps closed nearly 1% down. Roche Holding, Sika, Swisscom, Nestle and Sonova lost 0.4 to 0.7%. Julius Baer climbed 1.78%. Zurich Insurance gained nearly 1.5% and Kuehne + Nagel gained about 1.1%. Galderma Group, Swiss Life Holding, Logitech International, Swatch Group and Givaudan posted moderate gains.

Europe
European stocks closed slightly weak on Tuesday, as investors largely stayed cautious, looking ahead to the Federal Reserve's monetary policy announcement on Wednesday. The pan European Stoxx 600 ended down by 0.1%. The U.K.'s FTSE 100 edged lower by 0.03% and France's CAC 40 closed down by 0.69%, and Germany's DAX climbed 0.49%. Switzerland's SMI settled with a loss of 0.69%. Among other markets in Europe, Austria, Belgium, Finland, Greece, Iceland, Ireland, Norway, Portugal, Russia and Sweden ended weak. Czech Republic, Netherlands, Poland, Spain and Turkiye closed higher, while Denmark ended flat. In the UK market, WPP rallied 6.3%. Fresnillo gained 2.6%, while BAE Systems, Pearson, Entain, Babcock International, Bunzl, Imperial Brands, The Sage Group, Endeavour Mining and Sainsbury (J) moved up 2 to 2.1%. The Magnum Ice Cream Company shares ended 3.7% down. Diageo, Tesco, GSK, Next, Intertek Group, Rentokil Initial, Croda International, Marks & Spencer, Lloyds Banking Group, EasyJet, Antofagasta and Legal & General closed lower by 1.2 to 2.5%. In the German market, Bayer, Beiersdorf and Rheinmetall gained 4 to 4.5%. Allianz climbed by about 3%. Symrise, Deutsche Bank, Henkel, Munich RE, Zalando, Hannover Rueck, Siemens Healthineers and Siemens Energy also posted strong gains. Shares of wind turbine maker Nordex rallied 2.3% after winning new contracts in France and Belgium. Daimler Truck Holding, Fresenius, Merck, Vonovia, Qiagen and Heidelberg Materials ended with sharp to moderate losses. ThyssenKrupp closed lower by about 5.6% after the industrial conglomerate warned of challenging conditions, expecting to swing to a net loss of up to 800 million euros ($931 million) in 2026 In the French market, Thales closed with a gain of over 2.5%. Capgemini, BNP Paribas, ArcelorMittal and Credit Agricole gained 1.5 to 2%, while TP and Edenred gained 1% each. EssilorLuxottica closed lower by about 5.6%.

United States
Following the modest pullback seen during trading on Monday, stocks turned in a lackluster performance during Tuesday's session. The major averages fluctuated over the course of the session before closing narrowly mixed. While the tech-heavy Nasdaq inched up 30.58 points or 0.1 percent to 23,576,49, the S&P 500 edged down 6.00 points or 0.1 percent to 6,840.51 and the Dow fell 179.03 points or 0.4 percent to 47,560.29. The choppy trading on Wall Street came as traders seemed reluctant to make significant moves ahead of the Federal Reserve's monetary policy announcement on Wednesday. On the U.S. economic front, the Labor Department released a report showing job openings in the U.S. edged slightly higher in the month of October. The Labor Department said job openings crept up to 7.670 million in October from 7.658 million in September. While most of the major sectors showed only modest moves, gold stocks moved sharply higher amid an increase by the price of the precious metal, driving the NYSE Arca Gold Bugs Index up by 3.4 percent. Oil service and brokerage stocks also saw some strength on the day, while housing and pharmaceutical stocks moved to the downside. The European Union opened an antitrust investigation into Alphabet’s Google, citing concerns about how it uses uploaded content on platforms such as YouTube to power and train its artificial-intelligence tools. The European Commission said Tuesday that it is looking into whether Google is distorting competition by imposing unfair terms and conditions on publishers or by giving itself privileged access to their content. The EU’s executive arm said such practices could put Google’s own AI tools at an advantage over competitors.

Asia
The majority of Asian stocks are treading water at midweek. The Chinese stock market is recording more significant losses. The Shanghai Composite is down 0.8 per cent and the Hang Seng Index is down 0.6 per cent.

Bonds
In the U.S. bond market, treasuries moved modestly lower over the course of the session. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, rose 1.4 basis points to 4.186 percent.

Analysis
UBS lowers Emmi target to CHF 700 (715) – Sell
UBS raises Vienna Insurance target to EUR 65.40 (58) – Buy
UBS lowers Oerlikon target to CHF 3.30 (4.05) – Neutral

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