The construction chemicals group Sika is taking over the British Azpects Group, thereby expanding its landscaping business. Azpects manufactures polymer-based paving joint mortars and complementary products for patios, walkways, and driveways. With this acquisition, the company aims to capitalize on cross-selling opportunities and expand its distribution channels in the United Kingdom, according to a press release issued on Friday. Sika also expects to realize benefits in production and logistics. Sika did not disclose the purchase price.

The Swiss stock market closed sharply lower on Thursday. A significant rise in oil prices and the resulting renewed increase in bond yields weighed on stock prices across Europe. The SMI dropped 1.2 percent to 13,637 points. Higher market interest rates weighed on bank stocks amid fears of a decline in lending activity. UBS surrendered 1.3 percent; in the insurance sector, Swiss Re and Swiss Life gave up 1.0 percent and 1.3 percent, respectively. Roche, Novartis, and Sandoz dipped between 1.9 and 2 percent. Biotechnology stock Argenx plummeted in Brussels after an attempt to expand the scope of use for the active ingredient efgartigimod to additional areas failed. Lonza was also affected, sinking 2.4 percent, as the company serves as a production partner for Argenx. Following an upgrade to “Buy” by Vontobel, Emmi rose 2.5 percent among smaller-cap stocks.

Europe
European stock markets closed lower on Thursday. The Stoxx Europe 600 index gave up 0.75% to 625.51 points. In Paris, the CAC 40 and the SBF 120 lost 0.5% and 0.6%, respectively. In Frankfurt, the DAX 40 slipped 1.2%, and the FTSE 100 surrendered 0.2% in London. OPMOBILITY (-19.4%): The automotive parts supplier has lowered its 2026 targets due to market conditions that are “more challenging than expected.” It cited production declines in China, rising raw material costs, and temporary production halts at some of its European customers. The group now expects its operating margin and free cash flow to decline compared to 2025, whereas it had previously anticipated an increase in both metrics. FORVIA (-10.7%), VALEO (-7.45%): The two French auto parts suppliers are bearing the brunt of OPMobility’s profit warning. VALNEVA (-4.7%): The pharmaceutical company indicated that the marketing authorization in the United Kingdom for its Ixchiq vaccine against chikungunya had been revoked. “This decision is based on a review of previously known safety data and is not related to any new adverse safety data,” Valneva explained.

United States
U.S. stocks were mixed as oil futures jumped, volatility continued in bond markets and doubts surfaced about artificial-intelligence profits. The Dow Jones Industrial Average rose 51.77 points, or 0.1%, to 51231.64. Meanwhile the S&P 500 fell 36.41 points, or 0.47%, to 7765.36, and the tech-heavy Nasdaq Composite slipped 345.35 points, or 1.25%, to 27193.34. New U.S. jobless claims fell by 2,000 to 197,000 in the latest weekly tally from the Labor Department. Tech giants gave back some of their recent gains after a Financial Times report that OpenAI’s annual revenue is running about $20 billion below earlier estimates. The Financial Times on Thursday reported that OpenAI has said its revenues were approaching $50 billion on an annualized basis toward the end of last month, compared with a prior estimate of about $70 billion. Nvidia NVDA dropped 2.9% to $230.48. The PHLX “SOX” Semiconductor Sector index tumbled 3.4% to $12623.71. Vice President JD Vance said the administration is suspending several tech firms, including Microsoft, from a program that allows H-1B visa holders to apply for green cards. PepsiCo (PEP): The snack and soda maker cut its earnings outlook for the year but said it saw improvement in its underperforming North American business; shares rose 3.7%. Pacira BioSciences (PCRX): Shares in the pain-drug maker surged 44% after Viatris (VTRS) agreed to buy it for $1.65 billion.

Asia
Asian indexes diverged for the Friday trading session. In Japan, the Nikkei 225 Index is down 0.3 percent, while the broader Topix has moved into positive territory, gaining 0.1 percent. In Shanghai, the Composite Index declined by 1.2 percent, while the Hang Seng Index in Hong Kong climbed by 1.1 percent. In Hong Kong, Hua Hong Grace plunged by 3.7 percent and Semiconductor Manufacturing International dropped by 1.6 percent. In Tokyo, Kioxia plummeted by 3 percent. SoftBank Group and Renesas traded down 5 percent and 2.8 percent, respectively.

Bonds
U.S. government debt yields slipped on Thursday after another well-subscribed auction, this time for 30-year bonds. That followed strong demand for a 10-year note auction Wednesday. The 10-year Treasury note yield surrendered 0.049 percentage point to 5.232%. The 30-year Treasury note yield declined 0.055 percentage point to 5.606%. The 2-year Treasury note yield dipped 0.008 percentage point to 4.753%.

Analysis
Sandoz price target: Goldman Sachs upgrades to 85 (80) CHF - Buy
Richemont price target: Jefferies downgrades to 200 (220) CHF - Buy
Swiss Re price target: Goldman Sachs upgrades to 121 (118) CHF - Sell

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