Zijin Gold International’s shares surged in their Hong Kong trading debut, marking the city’s second-largest initial public offering so far this year. Its shares jumped 65% early Tuesday to 118.00 Hong Kong dollars, giving the company a market capitalization of HK$309.16 billion, equivalent to US$39.72 billion. The gold-mining arm of China’s Zijin Mining, the world’s third-largest metals miner by value, raised $3.21 billion in the deal, having raised HK$24.98 billion by selling 349 million shares at HK$71.59 each. The listing came against a backdrop of record-high gold prices, supported by safe-haven demand amid market volatility and strong central-bank buying. Spot gold has gained 47% so far this year to US$3846.38 a troy ounce. Investor appetite for Hong Kong offerings has also been robust, boosting the city’s IPO market and making it the world’s top listing venue so far in 2025. Zijin Gold’s IPO is second in size only to Chinese battery giant Contemporary Amperex Technology’s nearly US$4.6 billion listing in May. Zijin Gold reported revenue of US$2.99 billion last year, up 32%, while net profit more than doubled to US$481.4 million. It plans to use the net proceeds to fund its acquisition of the Raygorodok gold mine in Kazakhstan, as well as upgrades and construction projects at existing mines.

The Swiss stock market started the new trading week on a positive note. Sentiment was buoyed in particular by the upward trend among defensive index heavyweights. The SMI gained 0.6 percent to 12,007 points. Of the 20 SMI stocks, 15 gained and five lost ground. A total of 16.12 (previously: 14.97) million shares were traded. Novartis shares rose 0.9 percent. The company revealed plans to launch a direct-to-consumer platform in the US to sell a lower-cost version of its drug Cosentyx. This move puts Novartis among the big pharma companies cutting prices before the Trump administration's deadline. Novartis also unveiled a takeover bid for Tourmaline Bio. The offer runs until October 27. Roche shares climbed 0.8 percent. Pharmaceutical stocks thus continue to defy the new US tariff plans. US President Trump aims to impose a 100 percent tariff on all trademarked or patented pharmaceuticals from October 1, unless a company builds its pharmaceutical production facility in the US. Nestlé shares rose by 2.4 percent. Richemont (+1.2%), Sika (+1.7%) and Swiss Life (+1.4%) also posted significant gains.

Europe
European stock markets edged slightly higher on Monday as investors braced for a possible government shutdown in the United States starting Wednesday. The Stoxx Europe 600 index rose 0.2% to 555.5 points. In Paris, the CAC 40 and SBF 120 gained 0.1% and 0.2%, respectively. In Frankfurt, the DAX 40 was stable at the close, while the FTSE 100 in London advanced 0.2%. EXOSENS (+3.3%): The manufacturer of night vision binoculars signed a new contract with the Spanish army for 17,000 monoculars (night vision goggles). LUFTHANSA (+0.2% in Frankfurt): The airline group announced the elimination of approximately 4,000 administrative jobs by 2030, mainly in Germany, due to the deployment of artificial intelligence and task automation. STELLANTIS (+1.1%): On Monday, the car manufacturer confirmed its financial targets for the current year. TOTALENERGIES (-2.2%): The energy producer reaffirmed most of its medium-term targets at an investor day, including a 4% annual increase in energy production between 2024 and 2030 and a $10 billion increase in free cash flow over the same period.

United States
A trio of stocks favored by individual investors stood out Monday on a day of otherwise modest gains, as a potential government shutdown and crucial jobs update loomed over markets. Robinhood Markets, AppLovin and cryptocurrency exchange Coinbase were among the top five performers in the S&P 500, each notching gains greater than 6%. All three stocks have soared to new heights this year—with the lofty valuations to match—as individual traders drum up social-media hype and chase the momentum of smaller companies in fast-growing niches of the market. Shares of online brokerage firm Robinhood jumped 12% Monday after Chief Executive Vlad Tenev said that more than four billion event contracts have been traded on its platform since the product launched last fall. Robinhood stock has more than tripled this year. Robinhood is trading at about 72 times its next 12 months earnings, compared with about 23 times for the S&P 500. Robinhood and mobile market company AppLovin were each added to the S&P 500 index earlier this month, juicing the stocks’ rally. Rising shares of Nvidia also helped power stock market gains. The AI chip giant advanced 2.1%. The Nasdaq Composite Index led gains among major U.S. stock indexes, rising 0.5%. The S&P 500 climbed 0.3%, and the Dow Jones Industrial Average inched 0.1% higher. A potential partial-government shutdown is on the horizon later this week. Democratic leaders headed to the White House on Monday afternoon for last-minute talks with President Trump. There was little optimism that lawmakers will strike a deal ahead of the Wednesday deadline: Prediction markets put the risk of a shutdown at over 60%.

Asia
The stock markets in East Asia are more or less treading water on Tuesday. The Chinese stock markets are also heading for a long holiday break. From Wednesday this week until Wednesday next week, they'll be closed. On the Tokyo Stock Exchange, the Nikkei 225 index is up 0.1 per cent at 45,098 points. In Shanghai, the Composite Index added 0.4 per cent. The Hang Seng Index in Hong Kong dipped 0.1 per cent, while the Kospi in Seoul closed unchanged.

Bonds
U.S. government debt yields slipped on Monday as the looming U.S. government shutdown draws attention ahead of key labor data due later this week. The 10-year Treasury note yield dropped by 4 basis points to 4.14%. September jobs figures start to pour in Wednesday, with the ADP report. Payrolls are due Friday, but analysts are bracing for a potential delay if the government shuts down.

Analysis
Richemont price target: UBS raises to CHF 176 (169) – Buy
Sonova price target: JPMorgan raises to CHF 195 (189) – Underweight
Citi launches Sunrise Communications with Buy / target CHF 57

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