Siegfried, a leading global Contract Development and Manufacturing Organization (CDMO) for the pharmaceutical industry headquartered in Zofingen, Switzerland, today inaugurates its new large-scale production facility for API manufacturing in Minden, Germany. The facility adds 100 m³ of reactor capacity and strengthens Siegfried's position as one of the leading global CDMOs
for small molecule drug substances. It enhances the company's ability to support customers with complex, high-quality and scalable API manufacturing solutions. The new plant combines advanced process technology, automation, and high-containment capabilities. Features such as
gravity-flow processing, RFID-enabled recipe management, and optimized solvent handling contribute to efficient, safe and reliable production.

The Swiss stock market failed to keep pace with the strong gains on European exchanges on Monday. Nestlé fell 0.9 percent, while Roche and Novartis dropped 1.2 percent and 1.5 percent, respectively. The SMI gained 0.1 percent to 13,718 points. Zurich Insurance jumped 1.5 percent following a positive assessment by Berenberg analysts. Partners Group climbed 2.4 percent. The financial group had denied speculation about additional liquidity restrictions on its Evergreen funds. Kühne+Nagel lost 3.8 percent, with traders pointing to potentially falling freight rates due to the reopening of the Strait of Hormuz. Holcim was in demand among European sector stocks, with the share price advancing 3.2 percent. Following an upgraded outlook by Redcare Pharmacy in Germany, Docmorris added 1.2 percent in its wake. The strong initial public offering of the U.S. aerospace company SpaceX last Friday and further price gains on Monday provided a tailwind for domestic technology stocks: AMS, Osram, VAT, Comet, and Inficon increased by up to 7.1 percent. Bystronic, on the other hand, plummeted by 14.5 percent following a partially lowered forecast. Avolta (+3.1%) successfully completed the partial refinancing of its €750 million bond maturing in 2027.

Europe
European stock markets started the week on a positive note following Sunday’s announcement of a preliminary agreement between the United States and Iran aimed at ending the conflict in the Middle East. The agreement is now set to be officially signed this Friday in Switzerland. At the opening bell on Monday, the Stoxx Europe 600 index rose 0.2% to 634.44 points. In Paris, the CAC 40 and the SBF 120 each gained 0.4%. In Frankfurt, DAX 40 added 1.05%, while the FTSE 100 declined by 0.4% in London. Stocks well-positioned to benefit from easing geopolitical tensions advanced, such as the automotive sector (RENAULT: +3.7%) and tourism (ACCOR: +2.9%). In contrast, TOTALENERGIES (-4.4%) suffered from the latest sharp drop in oil prices. SAINT-GOBAIN (+3.1%): the building materials manufacturer confirmed on Monday having signed a definitive agreement to sell its specialty retail operations in Sweden, Norway, and Denmark—primarily under the Dahl brand—to Kesko, a Finnish company specializing in retail in Northern Europe. The transaction is expected to close based on an enterprise value of €1.52 billion. SCHNEIDER ELECTRIC (+1.8%): The electrical equipment manufacturer and Taiwanese electronics assembly specialist Foxconn revealed on Monday having entered into a strategic partnership to define and deploy the next generation of artificial intelligence (AI)-based data centers on a large scale.

United States
Oil prices fell, bonds rallied and the Dow Jones Industrial Average closed at a record on Monday after President Trump announced a deal to end the war with Iran and reopen the Strait of Hormuz, the world’s most vital artery for energy shipments. The Dow industrials gained 0.9%, or 468.77 points, to close at a record for the 16th time this year. The Nasdaq composite rose 3.1%, and the S&P 500 added 1.7%. Chip stocks soared, with the PHLX Semiconductor Index gaining 5.5%. Shares of United Airlines UAL rose 3.9% to close at a record. Higher oil prices had put pressure on airlines, helping push Spirit Airlines into bankruptcy. Brent crude futures dropped 4.8% to just above $83 a barrel, the lowest close since the earliest days of the war. WTI crude, the U.S. benchmark, fell 4.9%. European natural-gas prices tumbled. SpaceX closed with a market capitalization of $2.538 trillion, gaining $433 billion in market cap in its second day of trading. Fox shares plummeted by 16.8 percent. The media conglomerate plans to spend $22 billion to acquire the streaming and advertising platform Roku. Market observers noted that investors apparently doubt the transaction will actually be completed as planned, partly because it is unclear whether Fox can afford it. Roku shares therefore did not benefit from the news but actually dropped by 1.9 percent. Salesforce shares dipped 0.8 percent on news of its $3.6 billion acquisition of the technology company Fin, which is considered an expert in autonomous AI solutions. Micron Technology surged 10.8 percent. In addition to the resurgent AI momentum, traders pointed to a tight supply of memory chips. Western Digital and SanDisk also surged 16.1 percent and 6.5 percent, respectively.

Asia
Asian stocks were mixed on Tuesday. Nikkei 225 is pulling back slightly after its record surge past the 70,000-point mark and is now up 0.5 percent at 69,655 points. The Bank of Japan has raised interest rates to a 31-year high, thereby countering the inflation risks stemming from a war-induced increase in energy costs. South Korea’s Kospi is once again leading the regional indices, climbing 2 percent—driven by sustained gains in technology and semiconductor stocks. In China, the stock markets are lagging behind: The Shanghai Composite is up a meager 0.1 percent, while the HSI in Hong Kong is down 1.3 percent.

Bonds
Long-dated U.S. government debt yields slipped on Monday. The 10-year Treasury note yield fell to 4.468% from 4.485% Friday. Interest-rate futures show investors now see a 43% chance that the Fed won’t raise rates at all through the end of 2026, up from 29% a week ago, according to CME data.

Analysis
Berenberg raises Zurich Insurance to CHF 902 (711) - Buy
Baader lifts Polypeptide target to CHF 37.20 (33.70) - Reduce
Berenberg lowers Georg Fischer to CHF 59 (62) - Buy

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