Roche will be able to market its eye medication Susvimo in the European Union. As the Swiss pharmaceutical company announced, the European Commission has granted approval. Susvimo is a treatment for neovascular age-related macular degeneration. This condition is one of the leading causes of vision loss in people over the age of 60. “Through the continuous release of the active ingredient via a refillable implant, Susvimo offers patients a unique alternative to frequent eye injections. This can help preserve vision while significantly reducing the burden of treatment,” said Levi Garraway, Chief Medical Officer and Head of Global Product Development.

The SMI gained 1.2 percent on Monday to 13,957 points. Attention focused on Galderma (+2%) and Sandoz (+1.6%) on their first day of trading as new SMI members. The share price of Kühne + Nagel, having been removed from the index, rose 4.2 percent. The logistics group had announced a partnership with Amazon. Shares of Swisscom, the other company to be delisted from the SMI, jumped 1.3 percent. Givaudan was the top performer in the SMI, advancing 3.7 percent on no news. The three heavyweights—Nestlé, Novartis, and Roche—gained 1.1, 0.9, and 2.2 percent, respectively. Following a profit warning from Villeroy & Boch, Geberit gave up 1.4 percent. Among smaller caps, Ams-Osram surged by nearly 23 percent. The company had announced a “breakthrough in thin-film VCSELs for AI data centers.” According to the company’s statement, this was driven by a connector-based multicore fiber solution and a growing partner ecosystem. The generally positive sentiment in the AI sector also provided support. Pending job cuts helped the stock of telecommunications company Sunrise climb by 2.3 percent.

Europe
After Friday’s sharp decline, European stock markets regained momentum on Monday. According to FactSet data, the Stoxx Europe 600 index added 1% to 641.93 points. In Paris, the CAC 40 and the SBF 120 rose 0.9% and 0.8%, respectively. The DAX 40 gained 1.1% in Frankfurt, and the FTSE 100 climbed 0.8% in London. IPSEN (-5.1%): The U.S. Food and Drug Administration (FDA) approved a generic version of Somatuline, a cancer treatment developed by the French pharmaceutical company, on Friday. SAFRAN (+2.4%): The aircraft engine and equipment manufacturer announced Friday evening that it would repurchase up to 375 million euros worth of its own shares beginning September 21, 2026, and continuing through November 27, 2027, at the latest. SOCIETE GENERALE (+1.8%): The bank unveiled on Monday the broad outlines of its new strategic plan through 2029, in which SocGen places particular emphasis on continuing to reduce costs and accelerating its “controlled growth,” with the goal of further improving its profitability. KERING (-1.9%, to 228.65 euros): On Monday, Oddo BHF lowered its price target for the luxury group’s stock from 272 euros to 255 euros, while maintaining its “neutral” rating. Meanwhile, Novo Nordisk shares dipped 7.7 percent. Reportedly, the medium-term targets presented at the pharmaceutical company's capital markets event failed to impress.

United States
On Monday, the Nasdaq composite rose 2.3%, logging its third straight gain to close at a record high. The S&P 500 climbed 1.5% while the Dow Jones Industrial Average ticked 0.7% higher, gaining 366 points. Investors piled into shares of Facebook’s parent company Meta on Monday after its new artificial intelligence agent jumped to the top of Apple’s App Store, boosting shares 11% and extending a tech rally that left the recent freakout over AI safety in the dust. On Monday, the six other Magnificent Seven names also finished in the green. Wall Street’s renewed AI optimism lifted data-center developers and suppliers, propelling Intel shares 12% higher and boosting Advanced Micro Devices by 10%. AMD notched a $1 trillion market capitalization for the first time, becoming the 14th U.S. company to do so. Investors’ move to take on more risk even extended to bitcoin, which continued a recent price run-up to reach roughly $86,000 for the first time since January. The digital token’s rally helped lift shares of crypto companies, including Strategy. The bitcoin-hoarding company jumped 9.5%.

Asia
In Asia, major indexes broadly closed with gains on Tuesday. Brent crude added 1 percent in Asia to $101.50. The Seoul stock market is seeing the most activity. After tech stocks in the U.S.—particularly those with AI potential—had risen sharply the previous day, the tech-heavy Kospi gained 0.9 percent. As usual, the two heavyweights, Samsung Electronics and SK Hynix, contributed to this performance with gains of 2.6 percent and 1.7 percent, respectively. In Hong Kong, the HSI is up 0.4 percent, while the Shanghai Composite increased by 0.2 percent. In Hong Kong, Alibaba is the talk of the town. The tech giant unveiled a more powerful chip and outlined plans for a larger AI model. Its stock rose 2.9 percent. The heavyweight Tencent saw its stock price soar by as much as 6.6 percent. The tech giant revealed a test version of its image-generation model.

Bonds
U.S. government debt yields were mixed Monday, with the 10-year Treasury note yield inching lower to 4.962%, while investors priced in a high likelihood of at least one more interest-rate hike by the Federal Reserve this year.

Analysis
Price Target for Amrize: ODDO BHF SCA lowers to 35 (43) CHF - Neutral
Baader Downgrades Aevis Victoria to “Add” (Buy) - Target Price: 18.70 CHF
Price Target for Burckhardt: UBS lowers to 485 (500) CHF - Neutral


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