ABB announced today that it is investing around $200 million in its medium-voltage manufacturing capabilities across Europe over the next three years to expand production capacity, accelerate the transition to next-generation technologies for power distribution and strengthen supply for customers that are modernizing their power infrastructure. This includes utilities, industry, and rapidly growing data center markets. According to the International Energy Agency, electricity's share of final energy consumption is expected to rise from around 20 percent today to nearly 30 percent by 2030, highlighting the urgency and scale of grid expansion. This program builds on recent investments in ABB's UK and Hungary operations. In Kecskemét, Hungary, the investment of approximately $15 million adds R&D and production capabilities for connector technologies, enhancing medium-voltage network reliability and further expanding ABB's portfolio of grid resilience solutions for utility and renewable customers. In Nottingham, UK, ABB invested around $35 million to expand production of earthing and lightning protection technologies to protect critical infrastructure and buildings, data centers, and communications and transportation networks from lightning strikes and electrical surges.

On Friday, the SMI fell 0.3 percent to 13,101 points. Swiss Life saw a fairly sharp decline of 2.7 percent. UBS had downgraded the stock to “Sell.” Swiss Re dropped 0.7 percent following a negative comment from RBC. Lonza’s first-quarter earnings and confirmed outlook should have been well received by investors given recent concerns about economic uncertainty and tariffs, according to RBC analyst Charles Weston. However, the stock price shed 0.7 percent. At Kühne+Nagel, the dividend payout “weighed on” the stock purely from a technical perspective. Among smaller-cap stocks, Clariant declined by 2.9 percent following the release of its financial results. As expected, the chemical company reported weak first-quarter results due to the difficult market environment, according to Vontobel. At Landis+Gyr, the outlook and dividend were criticized, and the stock price plummeted 15.6 percent after the earnings report. Jungfraubahnen lost 3.1 percent in the wake of reporting financial results.

Europe
European stock markets took a hit on Friday. The Stoxx Europe 600 index tumbled 0.7% to 612.14 points, virtually erasing its weekly gains (+0.1%). In Paris, the CAC 40 slipped 1.1% and the SBF 120 lost 1% In Frankfurt, the DAX 40 was down 1.3%, while the FTSE 100 lost 0.4% in London. AIRBUS (-1.9%): The European aerospace and defense group announced Thursday that it delivered 67 aircraft to 39 customers in April, while receiving 28 gross orders last month. SOITEC (+13.70%): Nomura resumed coverage of Soitec on Friday with a “buy” recommendation and a price target of 250 euros. STELLANTIS (+1.8%): The automotive group revealed on Friday plans to explore broadening its strategic partnership with Chinese vehicle manufacturer Leapmotor.

United States
The S&P 500 and the Nasdaq hit new all-time highs on Friday, buoyed by better-than-expected U.S. jobs data. The Dow Jones Industrial Average remained nearly flat (+0.02%), at 49,609.16 points, while the S&P 500 rose 0.8% to 7,398.93 points. The tech-heavy Nasdaq Composite gained 1.7% to 26,247.08 points. INTEL (+14%): The chipmaker has reached a preliminary agreement to manufacture some of the chips for APPLE (+2%) devices, the Wall Street Journal reported. This agreement adds a new chapter to Intel’s spectacular turnaround, which has been underway for a year. The company’s market capitalization has surpassed $600 billion, and its stock price has more than tripled since the start of the year. COREWEAVE (-11%): The cloud computing company’s adjusted earnings fell short of expectations in the second quarter. Its guidance for the current quarter is also below the consensus. TRADE DESK (-1.8%): The advertising technology company posted lower-than-expected adjusted earnings for the first quarter, even though its revenue exceeded analysts' estimates. Its revenue guidance for the second quarter is also below the consensus. CLOUDFLARE (-24%): The cybersecurity company confirmed its plans to reduce its workforce by at least 20% due to the rollout of AI tools within the company. At the same time, Cloudflare reported better-than-expected first-quarter results. AKAMAI TECHNOLOGIES (+27%): The cloud services specialist revealed having secured a seven-year, $1.8 billion contract with a leading AI lab.

Asia
Asian indexes diverged for the Monday trading session, led by South Korea, where the tech-heavy Kospi surged 4.8 percent to an all-time high. In the tech sector, SK Hynix soared 13 percent to an all-time high, while Samsung Electronics jumped 6.2 percent. In Japan, the Nikkei 225 added 0.2 percent to 62,585 points—the broader Topix index increased slightly more. Shares of video game maker Nintendo plummeted by nearly 9 percent after the company warned of higher chip prices. In China, the HSI in Hong Kong lost 0.3 percent, while the Shanghai Composite rose by 0.9 percent.

Bonds
U.S. government debt yields slipped on Friday. The 10-year Treasury note yield dipped 3 basis points to 4.36%. U.S. economic indicators point to resilience, despite early signals of a potential slowdown in the labor market.

Analysis
UBS lowers Alcon to CHF 86 (95) – Buy
UBS downgrades Swiss Life to Sell (Neutral) – Target remains at CHF 850
Berenberg raises Logitech to CHF 115 (110) – Buy

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