Chinese robotics company Coowa is gearing up to go public in Hong Kong, people familiar with the matter said, joining the wave of robotics and tech companies raising capital in the city. The SoftBank Group backed company’s valuation stood at more than $3 billion after it raised more than $600 million in its latest funding round, the people said. Shanghai-based Coowa plans to file the IPO application within the next two to three months, they added. Huatai Securities and Deutsche Bank are working with the company on the listing, the people said, asking not to be identified discussing a private matter. Founded in 2015, Coowa develops embodied AI robots for urban environments. The company offers a range of wheeled, wheel-legged, and humanoid-like robots used in sectors including shared mobility, manufacturing and property services.

The Swiss stock market saw little movement on Friday. The SMI gained 0.1 percent to 13,774 points. Corporate news was scarce, so investors focused on analyst reports: Givaudan shares rose 1.9 percent, buoyed by positive analyst comments. Among others, Jefferies had significantly raised its price target and maintained its “buy” recommendation on the stock. Meanwhile, there was a negative comment regarding UBS (-0.2)—Keefe, Bruyette & Woods had downgraded the stock. Amrize (-3.2%) also suffered from a critical comment. Holcim (-0.7%), meanwhile, completed its acquisition of Xella. Among smaller caps, Zehnder lost 2.3 percent. The company is implementing a new organizational structure with various divisions. UBS lowered its price target but maintained its “Buy” rating. Bystronic climbed 0.7 percent following an upgrade by UBS.

Europe
European stock markets closed on a cautious note on Friday. The Stoxx Europe 600 index fell 0.2% to 635.61 points. In Paris, the CAC 40 and the SBF 120 slipped 0.55% and 0.5%, respectively. In Frankfurt, the DAX 40 gave up 0.2%, while the FTSE 100 declined 0.35% in London. Across the Atlantic, Wall Street was closed for a holiday. TF1 (+1.2%): The media group announced Thursday evening that its distribution partnership with the U.S. streaming platform Netflix, unveiled a year ago, would take effect Friday. DASSAULT AVIATION (+0.3%): The aircraft manufacturer reported Friday that its new business jet, the Falcon 10X, had successfully completed its maiden flight. The aircraft carried out a two-and-a-half-hour flight and accelerated to a speed of Mach 0.82. UNICREDIT (-0.7% in Milan): The Italian bank confirmed on Friday it now holds a 42.5% stake in the German bank COMMERZBANK (unchanged in Frankfurt). UniCredit stated that it was extending its public offering by an additional two weeks.

United States
The U.S. stock market has been closed on Friday in observance of Juneteenth. Stock futures were falling on Sunday and oil prices spiked after tensions flared up between the U.S. and Iran even as the two sides met in Switzerland to hammer out a permanent peace deal.

Asia
Asian indexes diverged for the Monday trading session amid signs of progress in diplomatic efforts to end the war in Iran. In Japan, the Nikkei 225 is climbing 1.6 percent to 72,377 points. The Kospi in Seoul is currently down 0.4 percent. Heavyweight LG Electronics surged 10.4 percent. Executives from the company are set to visit Nvidia’s headquarters to discuss collaborations in the fields of AI and robotics. SK Hynix followed suit, rising 5.1 percent. In China, the stock markets are once again lagging behind the broader trend: The Shanghai Composite is up 0.2 percent, while the HSI in Hong Kong is down 1 percent and is approaching bear market territory.

Bonds
The U.S. markets have been closed on Friday in observance of Juneteenth. The U.S. Treasury will auction $69 billion in two-year bonds on Tuesday, $70 billion in five-year bonds on Wednesday, and $44 billion in seven-year bonds on Thursday. U.S. PCE inflation data for May—the Federal Reserve’s preferred measure of price trends—will be released on Thursday.

Analysis
UBS lowers Kardex target to CHF 309 (327) - Buy
UBS raises Polypeptide target to CHF 45 (40) - Buy
UBS cuts Zehnder target to CHF 86 (90) - Buy

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