Danish logistics company DSV said it would buy Deutsche Bahn’s logistics arm for more than $12 billion in cash, winning a monthslong global bidding competition that saw sovereign-wealth funds, private-equity firms and shipping giant Maersk all weighing offers. The Wall Street Journal reported Thursday that a consortium led by CVC and with Abu Dhabi Investment Authority, Qatar Investment Authority and Singapore’s GIC as partners had made a rival offer. DSV Chief Executive Jens H. Lund said that the acquisition will turn DSV into a powerhouse and that the Hedehusene-based company isn’t finished with its desire for more acquisitions. “When you have this skill, it’s a very valuable competence,” Lund said. “I don’t think you should expect us to change our strategy.” DSV has grown through a series of acquisitions from a small trucking company into a global transport and logistics provider offering services through its three units of road, air and sea, and a solutions business that includes fulfillment and warehousing. The company says the addition of DB Schenker’s road, air, s

The Switzerland market closed higher on Friday, tracking positive cues from other European markets amid hopes the Federal Reserve will cut interest rate next week, and possibly announce more reductions before the end of the year. The benchmark SMI, which moved between 12,022.46 and 12,077.91, ended with a modest gain of 54.94 points or 0.46% at 12,037.28. Straumann Holding climbed 3.78%. Lonza Group gained 2.25%, while Holcim and Partners Group, both ended higher by about 1.85%. UBS Group, VAT Group, Logitech International, Geberit and Julius Baer gained 1 to 1.55%. Roche GS gained about 1% following news that its subcutaneous anti-PD-(L)1 cancer immunotherapy Tecentriq Hybreza obtained approval from the US Food and Drug Administration. Richemont, Zurich Insurance and Sika all ended nearly 1% up. Lindt & Spruengli, Roche Holding, Swisscom and Swiss Re posted moderate gains. Kuehne + Nagel dropped about 2.2%. Alcon ended 1.65% down. Nestle, Novartis and SIG Group declined marginally.

Europe
European stocks closed higher on Friday with investors expecting a larger interest-rate cut from the Federal Reserve next week after former New York Fed President Bill Dudley's comments that that there was a strong case for a 50 basis point reduction. Investors also digested the latest batch of economic data from the region, and looked ahead to the Bank of England's policy announcement next week. The pan European Stoxx 600 climbed 0.76%. The U.K.'s FTSE 100 gained 0.39%, Germany's DAX jumped 0.98% and France's CAC 40 ended 0.41% up, while Switzerland's SMI closed up 0.46%. Among other markets in Europe, Austria, Belgium, Denmark, Finland, Greece, Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden and Turkiye all ended on a firm note, while Iceland ended flat. In the UK market, Endeavour Mining soared nearly 11%. Fresnillo climbed about 5.7%. Entain, JD Sports Fashion, Airtel Africa, Smith (DS), Convatec Group, Anglo American Plc, ICG and Schrodders gained 2 to 3%. Frasers Group advanced nearly 2%, while IAG, Intertek Group, Rentokil Initial, Kingfisher and Antofagasta gained 1.5 to 1.8%. Unilever moved up after launching the second and final phase of its substantial €1.5 billion share buyback program. Sainsbury (J) ended down 2%. Diageo and Tesco lost about 1.4%% and 1.2%, respectively. AstraZeneca ended down 1% after a rating downgrade from Deutsche Bank. In the German market, Zalando zoomed more than 10%. Siemens Energy surged 9.5%. Commerzbank gained 4.2%. The head of Germany's central bank said that authorities would take a 'very close look' at UniCredit's overtures to potentially buy the German bank. Fresenius Medical Care, Continental, BMW, Volkswagen, Deutsche Bank, Fresenius, BASF, Daimler Truck Holding, Porsche, Infineon, Mercedes-Benz and Vonovia gained 1.5 to 4%. In the French market, Teleperformance rallied about 3.5%. Renault, STMicroElectronics, ArcelorMittal, Michelin, Vinci, Unibail Rodamco, AXA, Publicis Groupe, Bouygues, Vivendi, Dassault Systemes, Thales and Saint-Gobain ended higher by 1 to 2.3%. Worldline shares plummeted 14.4% after the payment group announced the departure of its CEO Gilles Grapinet and cut its 2024 revenue and core earnings guidance.

United States
Stocks moved mostly higher during trading on Friday, extending the upward trend seen over the past several sessions. The Nasdaq and the S&P 500 closed higher for the fifth straight day, largely offsetting the steep losses posted last week. The major averages all finished the day firmly in positive territory. The Dow advanced 297.01 points or 0.7 percent to 41,393.78, the Nasdaq climbed 114.30 points or 0.7 percent to 17,683.98 and the S&P 500 rose 30.26 points or 0.5 percent to 5,626.02. For the week, the tech-heavy Nasdaq soared by 6.0 percent, the S&P 500 shot up by 4.0 percent and the Dow surged by 2.6 percent. Adding to the positive sentiment on Wall Street, the University of Michigan released a report showing consumer sentiment in the U.S. has improved by more than anticipated in the month of September. The University of Michigan said its consumer sentiment index rose to 69.0 in September from 67.9 in August, while economists had expected the index to inch up to 68.0. Interest rate-sensitive housing tocks moved sharply higher on the day, driving the Philadelphia Housing Sector Index up by 2.8 percent to a record closing high. Boeing fell 3.7% after the aerospace company’s biggest union, representing about 33,000 workers, went on strike after voting down a new, four-year labor deal. The strike will halt work on the company’s best-selling 737, 777, and 767 jets. Uber Technologies rose 6.5% after reaching an agreement for Google’s Waymo to use the Uber app for paid rides in Atlanta and Austin, Texas, starting in early 2025.

Asia
Trading on the stock exchanges in East Asia and Australia on Monday will be mixed within narrow limits. In Japan, South Korea and mainland China, however, business on the stock markets is suspended due to national holidays. In Sydney, the index rises by 0.4 per cent in the wake of a good report from Wall Street. The HSI in Hong Kong fell by 0.3 per cent, held back by rather weak economic data from China over the weekend.

Bonds
In the U.S. bond market, treasuries moved back to the upside following the pullback seen over the two previous sessions. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, dipped 3.0 basis points to 3.650 percent.

Analysis
BoA raises Roche to Buy (Neutral) – Target CHF 350 (290)
HSBC raises the Siemens Energy target to 35 (33) EUR/Buy – Trader
Dt. Bank raises the CRH target to 7,813 (7,660) p – Buy

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