Amrize, an American company specializing in building materials, aims to increase both its revenue and operating profit in the current fiscal year. When presenting its figures for 2025, the company issued a forecast for 2026. Sales are expected to rise by 4 to 6 percent to between US$12.29 billion and US$12.52 billion, as announced on Tuesday evening by the company, which was spun off from Holcim last summer. Operating profit (EBITDA), adjusted for special costs, is expected to increase by 8 to 11 percent to between $3.25 billion and $3.34 billion. In 2025, Amrize boosted sales of building materials by 2.2 percent to $8.51 billion, while sales of building envelopes decreased by 2.2 percent to $3.30 billion. The 2026 annual forecast is based on the following assumptions: $900 million in capital expenditures, $340 million in net interest expense, an effective tax rate of 21 to 23 percent, and corporate expenses of $200 million. In addition to an ordinary dividend and a one-time special dividend of $0.44 per share, shareholders are also expected to benefit from share buybacks. The board of directors has approved a share buyback program of up to $1.0 billion with a term of twelve months, according to the company. This is subject to the approval of the 2025 annual financial statements by the general meeting.

The Swiss stock market continued its recent record-breaking run on Tuesday. It remained buoyed by its defensive orientation and low technology exposure. The SMI climbed 0.7 percent to 13,753 points. Pharmaceutical heavyweights Roche and Novartis rose by 2.2 and 1.5 percent, respectively. Swiss Re added 1.4 percent, and Zurich Insurance was also in demand, advancing 1.1 percent. Kühne+Nagel and Alcon were the day's winners on the SMI, each jumping 3.0 percent. The ophthalmology group has launched a new multifocal contact lens in the US that is said to be particularly suitable for older people. On the losing side in the SMI were Holcim (-0.1%) and, at the very bottom, the shares of Holcim's US subsidiary Amrize (-1.9%). In the latter case, some players may have played it safe and closed out their positions ahead of the release of the company's financial results after the close of trading on Tuesday. Meanwhile, the rating agency Fitch has left its long-term credit rating for the cement group Holcim at “BBB+” and the outlook at “stable.”

Europe
European stock markets edged higher on Tuesday, while US markets opened broadly flat after the long weekend. The Stoxx Europe 600 index ended up 0.45% at 621.29 points. In Paris, the CAC 40 and SBF 120 gained 0.5% and 0.6%, respectively. In Frankfurt, the DAX 40 closed up 0.8%, as did the FTSE 100 in London. CREDIT AGRICOLE SA (+0.1% to €18.05): Deutsche Bank downgraded its recommendation on the French bank's stock from “buy” to “hold” on Tuesday and maintained its target price at €20. SANOFI (+1%): The pharmaceutical company announced on Tuesday the appointment of Manuela Buxo as head of its specialty medicine division effective March 1, replacing Brian Foard, who has “accepted an external management opportunity.” Sanofi's specialty medicine unit is the group's largest. VICAT (-3.55%): The cement manufacturer reported Monday evening that it expects “moderate growth” in its business and key profitability metrics this year on an organic basis, after posting better-than-expected results for 2025. WENDEL (+2.9%): The investment company confirmed on Tuesday its support for the acquisition of African telecom tower operator IHS Towers by South African telecom operator MTN, enabling it to divest its entire 19% stake, representing approximately $535 million in net cash.

United States
Tech stocks paused their recent slide on Tuesday, helping major indexes to eke out minor gains. The Nasdaq composite and S&P 500 indexes each rose 0.1%. The Dow Jones Industrial Average also inched 0.1% higher, adding 32 points. Artificial-intelligence stocks fell sharply after the opening bell, putting an exchange-traded fund linked to the Magnificent Seven on track for its lowest close since September. But Nvidia and Amazon.com clawed back their early losses to finish the day in the green. Investors in recent weeks have seesawed between concerns that the AI trade has run its course and fears the technology could disrupt industries ranging from software to financial data to trucking. Federal data have suggested the U.S. economy continues to muscle ahead despite a low-hire, low-fire job market, clouding the outlook for Federal Reserve interest-rate policy. “Based on current conditions and the data in hand, it will likely be appropriate to hold rates steady for some time as we assess incoming data, the evolving outlook and the balance of risks,” Fed governor Michael Barr said in a speech Tuesday. In individual stocks Tuesday, Norwegian Cruise Line jumped 12% following a Wall Street Journal report that activist Elliott Investment Management has built a more than 10% stake in the struggling cruise-ship operator. Shares in General Mills slid 7% after the Cheerios maker lowered its sales and profit outlook. Paramount stock jumped 4.9% after Warner Bros. Discovery said it would restart deal talks, setting the stage for a potential bidding war with its preferred suitor Netflix. Warner shares rose 2.7%, while Netflix inched 0.2% higher. Energy companies weighed on major indexes thanks to a 0.9% retreat in benchmark U.S. crude futures to $62.33 a barrel. Gold and silver, which have recently traded like meme stocks, similarly declined. Front-month gold futures fell 2.8% Tuesday to $4,882.90 a troy ounce. Silver futures dropped 5.7% to $73.447 a troy ounce.

Asia
Positive signs dominate midweek trading on the stock markets in East Asia and Australia, although some markets in the region are still closed for the Chinese Lunar New Year holidays. Trading is suspended in mainland China, Hong Kong, and Seoul, among other places. In Tokyo, the Nikkei 225 index advanced 1.3 percent to 57,281 points. Shares of Japanese insurers benefited from planned changes to write-offs on government bonds. Dai-ichi Life jumped around 3 percent and Sony Financial 3.3 percent. The stock market in Sydney closed slightly higher. The S&P/ASX 200 gained 0.5 percent. The index is supported, among other things, by the heavily weighted shares of National Australia Bank (+4%). Thanks to stronger lending and deposit volumes, the bank reported a 16 percent increase in first-quarter profits.

Bonds
The recent rally in U.S. government debt paused, leaving the 10-year Treasury yield to settle at 4.05%. While a disappointing Empire State Manufacturing Index fuelled speculation about interest rate cuts, a survey by Bank of America, according to which a majority of respondents expect rising yields, dampened enthusiasm.

Analysis
Avolta rating: UBS raises to Buy (Neutral) – target price CHF 65 (48)
Swisscom target price: Julius Bär upgrades to CHF 670 (580) – Hold
Georg Fischer target price: Berenberg lowers to CHF 69 (75) – Buy

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