Holcim is investing in the British technology company Cloud Cycle. The solution enables the building materials manufacturer to monitor the quality of ready-mix concrete from the plant to the construction site using real-time data and machine learning. More than 150 Holcim mixer trucks in the United Kingdom, Italy, and Switzerland are already equipped with the technology, Holcim announced on Wednesday. With this investment, the cement producer aims to accelerate the global rollout of the technology. Cloud Cycle complements existing digital solutions such as the AI-powered Q-Predict and is intended to reduce concrete return rates and promote the development of circular and low-carbon concretes. Holcim did not disclose details regarding the financial investment.

The SMI declined 1.6 percent on Tuesday to 14,058 points. Novartis dominated the day’s headlines on the Swiss stock exchange with a historic 10.9 percent plunge in its share price. The pharmaceutical company reported its second failure in a late-stage clinical trial within just a few days. The primary endpoint was not met for an experimental drug targeting the neuromuscular disorder myotonic dystrophy type 1. The drug, Del-Desiran, was one of three therapies that the Swiss company had added to its pipeline through its $12 billion acquisition of Avidity Biosciences. Traders assessed that failing to meet the key efficacy endpoint calls the drug’s future into question and also represents a setback for the costly acquisition of Avidity Biosciences. Roche dropped 0.9 percent in the pharmaceutical sector. Sandoz shed only 0.1 percent—Vontobel viewed the roadmap for the coming years positively. Traders saw weak import data from China as a negative sign for the domestic luxury goods sector. Richemont gave up 0.9 percent, and Swatch slipped 1.9 percent. The heavily weighted Nestlé shares (+2.1%), however, prevented even steeper declines in the benchmark index.

Europe
European stock markets finished close to breakeven on Tuesday. The Stoxx Europe 600 index edged down 0.05% to 649.60 points. In Paris, the CAC 40 and the SBF 120 rose 0.1% and 0.2%, respectively. In Frankfurt, the DAX 40 ended virtually unchanged, while the FTSE 100 closed down 0.1% on the London Stock Exchange. AIRBUS (+1%): The aerospace and defense group confirmed Monday evening having delivered 57 aircraft to 31 customers and received 67 gross orders in August. In the first eight months of the year, Airbus delivered 475 aircraft to 83 customers. BIC (-0.45%): The manufacturer of stationery, lighters, and razors unveiled its new strategic plan for 2030 on Monday evening, dubbed “Bic to the Future,” which prioritizes organic revenue growth. RUBIS (+1.65%): The petroleum products distribution group raised its earnings before interest, taxes, depreciation, and amortization (EBITDA) forecast for 2026 on Tuesday, after seeing volumes and margins increase across all its businesses in the first half of the year. Rubis now forecasts EBITDA of between 775 million and 825 million euros in 2026, compared with its previous target of 740 million to 790 million euros.

United States
Stocks declined on Tuesday as oil prices rose, renewing investor worries about hotter inflation and bolstering the case for the Federal Reserve to raise interest rates. Investor attention may turn to Apple AAPL on Wednesday when the company holds its iPhone launch event. The Dow Jones Industrial Average shed 1.2%, or about 628 points, dragged down by Amgen AMGN. The biotechnology company tumbled 10%, its biggest one-day decline in more than 25 years, after a competitor’s heart disease drug failed a clinical trial, casting doubt on similar drugs under development. The S&P 500 index closed 0.6% lower. The Nasdaq composite fell 0.3%. Chip maker Intel INTC rose 9.1%. Advanced Micro Devices AMD gained 5.9% after Chief Financial Officer Jean Hu claimed the company’s total addressable market could reach between $2 trillion and $3 trillion in 2030. Corning advanced 7.6% after Verizon Communications announced a supply agreement with the optical networking company for broadband expansion and next-generation AI infrastructure. Verizon said the multibillion-dollar agreement will run through 2032 and that Corning will provide more than 80 million miles of fiber. Lumentum LITE rose 11% and was the best-performing S&P 500 stock in the trading session. Fellow optical networking stock Coherent COHR gained 7.1%. Qualcomm advanced 3.2% after the chip maker said it would partner with Amazon AMZN to build data-center infrastructure, including chips and optical networking products.

Asia
Asian stocks were mixed on Wednesday. In Seoul, the technology-heavy and volatile Kospi climbed 1.4 percent. In Tokyo, the Topix is up 0.2 percent, and in Shanghai, the Composite added 0.2 percent. Hong Kong is trading slightly higher. Given the continued tension and uncertainty in the Strait of Hormuz - with the latest round of mutual attacks between the U.S. and Iran - Brent crude oil continues to rise this morning, up 1.4 percent to $99.28.

Bonds
U.S. government debt yields edged higher on Tuesday. The yield on the policy-sensitive two-year Treasury rose 0.017 percentage point to 4.396%, the highest close since January 2025. The yield on the 10-year Treasury added 0.022 percentage point to 4.805%, an almost three-year high. The yield on the 30-year bond increased by 0.018 percentage point to 5.264%, closing within 5 basis points of 19-year highs. The U.S. Treasury department will announce Wednesday morning the size of Thursday's 10-year to 20-year bond buybacks. The original plan was to buy back up to $2 billion, but Secretary Bessent has said it will be at least twice as much, in an attempt to lower long-term yields.

Analysis
Price Target for Zurich Airport: Citigroup lowers to 245 (270) CHF - Buy
Price Target for SoftwareOne: Kepler Cheuvreux raises to 12 (8) CHF - Buy
Price Target for Lonza: Barclays increases to 730 (680) CHF - Overweight


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