Samsung Electronics, the world’s largest memory-chip maker, forecast a more than eightfold jump in first quarter operating profit, signaling continued record earnings amid the artificial-intelligence boom despite uncertainties fueled by the Middle East conflict. In preliminary results Tuesday, the South Korean technology company said its operating profit likely reached 57.200 trillion won, equivalent to $37.91 billion, for the January-March period. That would be 755% higher than the year-earlier figure, topping a FactSet-compiled consensus estimate of 39.140 trillion won. It would also be nearly triple the company’s previous record of around 20 trillion won set in the fourth quarter of 2025. Quarterly revenue is forecast to have risen 68% to a record 133.000 trillion won, Samsung said. In a sign of strong investor optimism about the company’s growth outlook, its shares have climbed more than 60% this year despite a recent correction triggered by the Middle East conflict. The stock rose just under 1% after the tech giant projected an eightfold increase in operating profit for the first quarter compared to the previous year. This points to a record result driven by the company’s flagship semiconductor business, supported by robust chip demand fueled by artificial intelligence (AI).

The Swiss stock market headed into the long weekend with little change. Trading was suspended on Good Friday and Easter Monday. The SMI closed Thursday virtually flat at 12,992 points. SMI heavyweight Nestlé ended the trading session virtually unchanged. Novartis gained 0.2 percent, while Roche posted a loss of 0.1 percent. Swisscom (+0.8%), on the other hand, was clearly in demand. Givaudan rose by 0.3 percent. Insurers were also favored by investors. Swiss Life, Swiss Re, and Zurich climbed by up to 0.5 percent. Kühne + Nagel advanced 1.6 percent. The logistics company would benefit if shipping through the Red Sea remained practically impossible for an extended period due to armed conflict. This would necessitate detours, which in turn would lead to higher freight rates. There was profit-taking in UBS shares. UBS shares declined by 0.4 percent, having benefited significantly in recent days from hopes that capital requirements for the bank might turn out to be less rigorous. Cyclical stocks such as ABB (-0.7%), Sika (-0.6%), Holcim (-0.9%), and Amrize (-1.8%) topped the sell lists.

Europe
Most European stock markets dipped on Thursday. The Stoxx Europe 600 index shed 0.2%, closing at 596.63 points. In Paris, CAC 40 and SBF 120 each fell 0.2%. In Frankfurt, the DAX 40 dropped 0.6%, while the FTSE 100 gained 0.7% in London. European markets were closed on Good Friday and Monday for Easter. ACCOR (+1.4%): The hotel group signed a memorandum of understanding to sell its 30.56% stake in Essendi (formerly AccorInvest) to a consortium comprising Blackstone and Colony IM for up to €975 million. Accor also announced on Thursday the launch of a first tranche, amounting to €225 million of its share buyback program for 2026. TOTALENERGIES (+2.4%): The French oil group, which is benefiting from rising oil prices, and the Emirati group Masdar confirmed on Thursday their intention to create a joint venture to combine their portfolios of renewable energy assets and projects in nine Asian countries. Valued at $2.2 billion, the joint venture will be owned equally by TotalEnergies and Masdar.

United States
U.S. stocks continued to rebound Monday, with investors awaiting clarity on whether the Middle East war will pause or intensify in the coming days. Oil prices rose in the afternoon after the president said at a press conference about Iran that “the entire country can be taken out in one night, and that night might be tomorrow night.” U.S. crude futures settled Monday 0.8% higher to end at $112.41 a barrel, the highest closing price since June 2022 and up 68% since the war began at the end of February. The Dow Jones Industrial Average rose 0.4%, or about 165 points, on Monday. The Nasdaq composite gained 0.5% and the S&P 500 added 0.4%, with both indexes marking their best four-day run since last May. Helping lift investors’ spirits: Fresh data from the Labor Department on Friday showed that the U.S. economy added 178,000 jobs in March, the best month for job growth in more than a year. Economists polled by The Wall Street Journal had expected to see 59,000 jobs added last month. Stocks sensitive to the economy’s health rose Monday, after the stock market was closed for the Good Friday holiday last week. The Russell 2000 index of smaller stocks gained 0.4%. The S&P 500 financials and consumer-discretionary sectors rose 0.6% and 0.8%, respectively. Among individual stocks, Soleno Therapeutics surged 32.3 percent. Neurocrine Biosciences has agreed to acquire Soleno, a developer of treatments for rare diseases, for $2.9 billion. Neurocrine shares rose 0.7 percent. Paramount Skydance has received binding equity commitments totaling nearly $24 billion from three sovereign wealth funds led by Saudi Arabia to support the acquisition of Warner Bros. Discovery, according to people familiar with the matter. Paramount shares climbed 3.5 percent.

Asia
Asian indexes diverged for the Tuesday trading session. In Tokyo, the broad Topix index is little changed, standing at 2,841 points. In Seoul, Kospi is down 0.4 percent following its strong gains the previous day, supported in part by heavyweight Samsung Electronics. Shares of semiconductor manufacturer SK Hynix are up 1.4 percent. LG Electronics, on the other hand, fell 2.1 percent, even though the consumer electronics provider reported preliminary results that exceeded market expectations. Market participants are speculating about profit-taking, as the stock has already risen by around 20 percent since the start of the year. In Shanghai, the Composite Index is virtually unchanged. The Hong Kong stock exchange remains closed on Tuesday. On the Australian stock exchange, where trading did not take place on Good Friday nor Easter Monday, the market is up 1.4 percent.

Bonds
Long-dated U.S. government debt yields slipped on Monday. The 10-year Treasury note yield fell by 1 basis point to 4.34% after U.S. President Trump announced he would not extend the ultimatum against Iran. Market participants noted a slight shift toward “safe haven” bonds.

Analysis
Julius Baer Price Target Update: Morgan Stanley Lowers to CHF 58 (59) - Underweight
Novartis Price Target: Kepler Cheuvreux Raises to CHF 135 (106) - Buy
UBS Price Target: Goldman Sachs Raises to CHF 39 (38) - Neutral

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