Siemens has announced an expansion of its partnership with Nvidia. The goal of the intensified collaboration is to make artificial intelligence (AI) the operating system of industry, as the German technology company announced at CES 2026 in Las Vegas. New offers are intended to bring industrial and physical AI to all industries and industrial workflows. While Nvidia will provide the AI infrastructure, simulation libraries, models, frameworks, and blueprints, Siemens will contribute hundreds of experts in industrial AI and leading hardware and software solutions. “Together, we are turning artificial intelligence into an industrial operating system – and redefining how the physical world is designed, built and operated. We are scaling AI and creating concrete benefits for the real world,” said Siemens CEO Roland Busch. The two companies also plan to build the world's first fully AI-controlled adaptive manufacturing sites.

Despite spending much of the day's trading session in negative territory, the Switzerland stock market ended on a firm note on Tuesday thanks to some brisk buying in the closing hour. The benchmark SMI, which slipped after a positive start, slipped to a low of 13,196.67, but climbed to a fresh record high of 13,357.76 in the final hour before settling at 13,322.15 with a gain of 74.83 points or 0.56%. Straumann Holding, up nearly 6%, was the top gainer in the SMI index. Galderma Group climbed nearly 3.5%, while Sandoz Group, Novartis, Alcon and Kuehne + Nagel gained 2.5 to 3%. VAT Group, Roche Holding, Givaudan and Zurich Insurance moved up 1 to 1.8%. Logitech International and Lindt & Spruengli lost 1.4% and 1.25%, respectively. ABB, Amrize, Swiss Re and Helvetia Baloise Holding ended lower by 0.6 to 1%.

Europe
European stocks closed higher on Tuesday with some markets in the region recording record highs, with investors digesting regional PMI and inflation readings, and closely following the developments on the geopolitical front. The pan European Stoxx 600 climbed 0.58%. The U.K.'s FTSE 100 moved up 1.18%, Germany's DAX edged up 0.09% and France's CAC 40 gained 0.32%, while Switzerland's SMI ended 0.56% up. Among other markets in Europe, Austria, Belgium, Czech Republic, Denmark, Finland, Netherlands, Norway, Portugal, Spain, Sweden and Turkiye closed higher. Iceland, Ireland, Poland and Russia ended weak. In the UK market, Fresnillo climbed about 5.3%. AstraZeneca, Burberry Group, GSK, Hikma Pharmaceuticals, Anglo American Plc., Rentokil Initial, Rio Tinto, Endeavour Mining and Babcock International gained 3 to 5%. Next Plc shares surged 5% after upgrading its profit guidance, forecasting after-tax earnings of 738.8 pence per share, above market expectations, following a more than 10% surge in sales in December. Tesco, IAG, Centrica, Antofagasta, Smith & Nephew, Glencore, Diploma, Ashtead Group and National Grid also moved up sharply. JD Sports Fashion drifted down 4.4%. Barratt Redrow, Peshing Square Holdings, Auto Trader Group, Berkeley Group Holdings, Coca-Cola Europacific Partners, RightMove, Hiscox, Experian and Beazley lost 1.4 to 3%. In the German market, Daimler Truck Holding gaiend 5.3%. Infineon moved up 5%. Merck, Qiagen, MTU Aero Engines, BASF, Deutsche Post, Symrise, Siemens Healthineers, Fresenius and Mercedes-Benz climbed 1.5 to 3.2%. Adidas ended lower by about 4.2% following a rating downgrade by Bank of America.

United States
After turning in a strong performance to kick off the first full trading week of the new year, stocks saw further upside during trading on Tuesday. With the continued upward move, the Dow and the S&P 500 reached new record closing highs. The major averages ended the day just off their highs of the session. The Dow jumped 484.90 points or 1.0 percent to 49,462.08, the Nasdaq climbed 151.35 points or 0.7 percent to 23,547.17 and the S&P 500 rose 42.77 points or 0.6 percent to 6,944.82. The Dow benefitted from a sharp increase by shares of Amazon (AMZN), with the online retail giant surging by 3.4 percent. Amazon jumped to a new record closing high after announcing it is rolling out Alexa.com to Alexa+ Early Access customers in what is seen as an effort to more directly compete with ChatGPT and Gemini. Strong gains by Amgen (AMZN), Salesforce (CRM) and IBM Corp. (IBM) also contributed to the jump by the blue chip index. The continued advance by the broader markets came despite a lack of major catalysts, as traders look ahead to the release of several key U.S. economic reports in the coming days. Trading on Wednesday may be impacted by reaction to reports on private sector employment, job openings and service sector activity. However, the highlight of the week is likely to be the release of the Labor Department's closely watched monthly jobs report on Friday. The data could impact the outlook for interest rates ahead of the Federal Reserve's next monetary policy meeting later this month. While the Fed is likely to leave rates unchanged at its January 27-28 meeting, the central bank is widely expected to cut rates by at least another quarter point in the coming months.

Asia
Despite positive signals from Wall Street, trading on the East Asian stock markets was mixed on Wednesday. After some very strong gains at the beginning of the week, profit-taking is likely to play a role. This is particularly true in Tokyo, where the Nikkei 225 index fell 1.3 per cent to 51,853 points after reaching a record high at the previous day's close. Hong Kong also saw a slightly more significant decline of 1.3 per cent, while Shanghai held up well.

Bonds
In the U.S. bond market, treasuries gave back ground following the rebound seen in the previous session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, rose 1.6 basis points to 4.181 percent.

Analysis
UBS raises VAT Group to CHF 430 (380) – Buy
UBS raises Orange to EUR 16.20 (15.20) – Buy
UBS raises ASM International to EUR 685 (640) – Buy

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