Pfizer issued its 2026 guidance, expecting its adjusted earnings per share to come in below this year’s figures, and revised its 2025 revenue outlook. The company reiterated its 2025 adjusted earnings guidance of $3 to $3.15 a share. It guided for 2025 revenue of $62 billion, compared with its previous forecast of $61 billion to $64 billion. Analysts see adjusted earnings of $3.13 a share and revenue of $62.5 billion, according to FactSet. Pfizer expects 2026 revenue of $59.5 billion to $62.5 billion and adjusted earnings of $2.80 to $3 a share. Wall Street is forecasting 2026 revenue of $61.6 billion and adjusted earnings of $3.05 a share. The company expects 2026 revenue from its Covid-19 products to be $1.5 billion lower than what it had expected in 2025, and sees a year-over-year negative revenue hit of $1.5 billion due to the loss of exclusivity of certain products.

The Swiss market ended on a positive note on Tuesday, bucking the largely weak trend across Europe. However, the upside was just marginal as investors refrained from making big moves, digesting mostly weak regional economic data, and a mixed jobs report from the U.S. The benchmark SMI, which briefly dropped into negative territory in the final hour, settled with a gain of 19.94 points or 0.15% at 13,056.74. The index touched a high of 13,130.74 and a low of 13,036.80. UBS Group climbed 3.83% and Swatch Group gained about 2.1%. Holcim moved up 1.63% after the company bought majority stake in Peruvian building materials maker Cementos Pacasmayo. Richemont, Amrize and SGS moved higher by 0.7 to 0.9%. Swisscom, Sonova, Swiss Life Holding and Sika posted modest gains. Barry Callebaut moved up sharply on reports the company is exploring a separation of its cocoa division. The move is expected to help reshape the company which is grappling with volatile cocoa prices. VAT Group and Galderma Group both closed lower by about 2.85%. Sandoz Group drifted down 2.1% Alcon ended down by 1.2%. Julius Baer, ABB Lonza Group, Straumann Holding, Nestle, Roche Holding, Schindler Ps, Lindt & Spruengli and Givaudan lost 0.4 to 1%.

Europe
European markets closed weak on Tuesday as investors reacted to disappointing regional PMI data, and a mixed jobs data from the U.S., in addition to closely following the developments on the geopolitical front. PMI readings from Germany, France and the U.K. were a bit of concern with the services sector activity showing a slowdown in the month of December. Data from the U.S. Labor Department showed non-farm payroll employment climbed by 64,000 jobs in November after tumbling by 105,000 jobs in October. Economists had expected employment to rise by 50,000 jobs. Meanwhile, the Labor Department said the unemployment rate rose to 4.6% in November from 4.4% in September. The unemployment rate was expected to tick up to 4.5%. The pan European Stoxx 600 fell 0.47%. The U.K.'s FTSE 100 ended down by 0.68%, Germany's DAX closed lower by 0.68% and France's CAC 40 drifted lower by 0.23%. Switzerland's SMI gained 0.15%. Among other markets in Europe, Denmark, Finland, Greece, Iceland, Netherlands, Norway, Poland, Portugal, Spain, Sweden and Turkiye closed weak. Belgium, Czech Republic, Ireland and Russia ended higher. In the UK market, Babcock International, BP, Informa, Metlen Energy & Metals, Shell and Polar Capital Technology Trust lost 2.4 to 3.6%. Rolls-Royce Holdings ended on a weak note despite announcing plans to launch a £200 million interim share buyback program starting January 2, 2026. Centrica shares declined after the company sold Spirit Energy's 15% stake in the Cygnus gas field to Serica Energy for 98 million pounds sterling. Glencore, Auto Trader Group, Melrose Industries, BAE Systems and Haleon also ended notably lower.

United States
Following the lackluster performance seen in the previous session, stocks continued to experience choppy trading on Tuesday. The major averages fluctuated over the course of the trading day before eventually closing on opposite sides of the unchanged line. While the tech-heavy Nasdaq rose 54.05 points or 0.2 percent to 23,111.46, the S&P 500 slipped 16.25 points or 0.2 percent to 6,800.26 and the Dow slid 302.30 points or 0.6 percent to 48,114.26. The choppy trading on Wall Street came following the release of the Labor Department's report on employment in the month of November. While report showed stronger than expected job growth in November, the increase followed a notable loss of jobs in October. The report said non-farm payroll employment climbed by 64,000 jobs in November after tumbling by 105,000 jobs in October. Economists had expected employment to rise by 50,000 jobs. Meanwhile, the Labor Department said the unemployment rate rose to 4.6 percent in November from 4.4 percent in September. The unemployment rate was expected to tick up to 4.5 percent. With the bigger than expected increase, the unemployment rate reached its highest level since hitting 4.7 percent in September 2021. Most economists said the data has increased the likelihood the Federal Reserve will continue cutting interest rates in the near future, but the report also raised concerns about the strength of the economy. While many of the major sectors showed only modest moves on the day, energy stocks saw substantial weakness amid a steep drop by the price of crude oil. With the price of crude oil plummeting to its lowest levels since early 2021, the Philadelphia Oil Service Index plunged by 4.2 percent and the NYSE Arca Oil Index tumbled by 3.6 percent.

Asia
There was no clear trend on the Asian and Australian stock markets on Wednesday. However, the movements of the various indices were very slight overall. The Japanese Nikkei 225 was fluctuating between small gains and losses.

Bonds
In the U.S. bond market, treasuries moved higher as traders reacted to the mixed jobs data. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, declined 3.3 basis points to 4.149 percent.

Analysis
Bank of America raises UBS to Buy (Neutral) – Target price CHF 48 (35)
UBS lowers Clariant to Neutral (Buy) – Target price CHF 7 (13)
UBS lowers K+S target price to EUR 10.50 (11.50) – Sell

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