Nike NKE is planning to be a smaller company. After two straight quarters of falling revenue, Nike said it expects sales to keep declining this fiscal year and it will shrink its operations, cut jobs and merge regional businesses to adjust. “This work will result in fewer roles across Nike,” Chief Executive Elliott Hill wrote in a memo to employees. He said decisions on which jobs will be eliminated would begin in calendar 2027. “We do not yet know the number of roles or specific locations of positions.” Nike shares fell 3.7% in after-hours trading. Based on that price, Nike’s shares are on pace for their worst year on record, down 47% so far this year. Hill, who started at Nike as a sales intern in 1988 and came out of retirement to become chief executive in October 2024, has spent his tenure trying to win back the retailers Nike pulled away from during a push to sell directly to shoppers. But the company has struggled with its China business—its second-biggest market after the U.S., as it failed to capitalize on a sporting boom that has boosted rivals such as On and Hoka.

The Swiss market ended sharply lower on Thursday, like most of the markets across Europe, as higher bond yields and rising oil prices continued to hurt sentiment, prompting investors to exit counters. Data showing an acceleration in Swiss consumer price inflation in September hurt as well. The benchmark SMI, which stayed weak right through the day's trading session, settled with a loss of 207.49 points or 1.5% at 13,622.85, slightly off the day's low of 13,609.15. Julius Baer ended down 4.1%. Sandoz Group, Richemont, Holcim, UBS Group and Galderma Group ended lower by 3%-3.5%. Amrize drifted down nearly 3%. Geberit, Lindt & Spruengli, Sika and Lonza Group lost 2.5%-2.7%. Alcon, Givaudan, Schindler Ps, Nestle, Novartis, SGS, Partners Group and Swiss Life Holding also closed notably lower. Logitech International moved up 1.1%. Swiss Re and ABB posted modest gains. Data from the Swiss Federal Statistical Office showed Switzerland's consumer price inflation accelerated in September to the highest level in just over two years. The consumer price index climbed 1% yearly in September, faster than the 0.8% increase in August. Moreover, this was the highest inflation rate since August 2024, when prices rose 1.1%. On a monthly basis, consumer prices remained flat in September after rising 0.4% in the previous month.

Europe
European stocks tumbled on Thursday, sending several markets down to multi-month lows, as rising oil prices and higher bond yields triggered heavy selling across various sectors. Additionally, recent inflation data from the region has raised the possibility of more monetary tightening bank in coming months. The UK market's FTSE 100, which fell to its lowest levels since end June, ended 1.68% down. Germany's DAX dropped more than 1% to a more than 2-month low, while France's CAC 40 lost about 1.6%, falling to a six-month low. The pan European Stoxx 600 finished lower by 1.3%. Among other markets in Europe, Austria, Belgium, Czech Republic, Denmark, Finland, Greece, Iceland, Ireland, Netherlands, Norway, Poland, Portugal, Spain and Sweden closed with sharp to moderate losses. Russia and Türkiye bucked the trend and ended notably higher. In the UK market, Games Workshop ended 6.2% down. Lion Finance, Natwest Group, Weir, Lloyds Banking Group, LondonMetric Property, Barratt Redrow, British American Tobacco, Tritax Big Box REIT, Standard Chartered and M&G lost 3%-6%. Haleon, Land Securities, Aberdeen Group, Unilever, IMI, Melrose Industries, Next, Marks & Spencer, Rio Tinto, Aviva, GSK, AstraZeneca, Antofagasta and Segro also declined sharply. Autotrader Group, BP, Airtel Africa, Tesco, Computacenter, Vodafone Group, The Sage Group, Rolls-Royce Holdings, Pearson and Ithaca Energy closed on firm note. In the German market, Bayer ended lower by 5.3%. Porsche Automobil Holding, Volkswagen, Merck, Deutsche Bank, Commerzbank, Deutsche Post, Fresenius and Zalando lost 2%-4%. Adidas, MTU Aero Engines, BASF, Vonovia, Beiersdorf, RWE, Henke, Symrise, Qiagen, Mercedes-Benz, Siemens, Brenntag, Allianz and Rheinmetall also closed notably lower. In the French market, Societe Generale, ArcelorMittal, Accor, Saint-Gobain, Credit Agricole and BNP Paribas closed down by 3.6%-5%.

United States
U.S. stocks ended a volatile trading session slightly higher after Treasury yields retreated from multiyear highs and expectations for another rate hike this month subsided. The S&P 500 rose 14.91 points, or 0.19%, to 7666.45, the Dow Jones Industrial Average ticked up 20.51 points, or 0.04%, to 50926.56. Nasdaq also edged up 0.04%, or 10.53 points, 26871.60. The 30-year Treasury, which reached its highest level since June 2002 yesterday, pulled back by 0.036 percentage point to 5.602%. The policy-sensitive two-year fell for the third session in a row, this time by 0.1 percentage point to 4.785%. Mattel's stock surged after The Wall Street Journal reported that the toymaker had drawn takeover interest from the brand licenser Authentic Brands Group. Shares rose 19% to $15.04. Micron shares rose 3% to $1097.39 a day after the chip maker reported another surge in quarterly profit and revenue amid a persistent shortage in memory chips. Shares of Disney fell 3.4% to $101.34 after The Wall Street Journal reported that the entertainment company plans to restructure its television operation via layoffs and a consolidation of divisions.

Asia
The trend on the stock markets in East Asia and Australia was mixed on Friday. In Tokyo, the Topix fell by 1.0 per cent following the previous day’s gains, some of which were substantial.

Bonds
The 30-year U.S. Treasury, which reached its highest level since June 2002 yesterday, pulled back by 0.036 percentage point to 5.602%. The policy-sensitive two-year fell for the third session in a row, this time by 0.1 percentage point to 4.785%.

Analysis
UBS upgrades Reckitt Benckiser to 7,600 (7,400) GBp – Buy
Jefferies upgrades Intesa Sanpaolo to 8.00 (7.80) EUR – Buy
Bank of America upgrades Campari to Buy (Neutral) – Target price 7.60 (7) EUR


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