ABB significantly increased its revenue in the first quarter of 2026. Order intake also rose noticeably. The full-year outlook has now been revised upwards. Revenue increased by 18 percent to $8.73 billion between January and March, the company announced on Wednesday. On a comparable basis, the increase was 11 percent. Order intake, which forms the basis for future revenue, also saw a significant jump. On a comparable basis, it climbed 24 percent to $11.30 billion. Profitability also improved: The operating margin (EBITA) increased by 3.2 basis points to 23.5 percent. The bottom line was a net profit of $1.32 billion, up by a good fifth. With these figures, the company exceeded analysts’ expectations, particularly in terms of order intake. Previous forecasts for the full year 2026 are being adjusted upwards. ABB is now targeting comparable revenue growth in the high single-digit to low double-digit range. For the second quarter of 2026, the company expects comparable revenue growth in the high single-digit to low double-digit range compared to the same quarter last year. The operating EBITA margin is forecast to improve compared to the same period last year.

The SMI fell 1.1 percent on Tuesday to 13,134 points. The two pharmaceutical heavyweights, Novartis and Roche, weighed on the SMI. They dropped by 1.8 percent and 1.2 percent, respectively, as pharmaceutical stocks across Europe had a rough day. Nestlé, another heavyweight, also underperformed, with its stock falling 1.9 percent. Bringing up the rear was Lonza, down 2.9 percent. The stock had already been among the biggest losers the previous day for no apparent reason. Richemont fell 1.2 percent, while Swatch rose 0.5 percent among mid-cap stocks. According to new data, total Swiss watch exports declined by 1 percent in March, after rising by 1.4 percent for the entire first quarter. The day’s top performers within the SMI were Kühne+Nagel, which gained another 1.5 percent. UBS also fared very well in the market. The bank’s stock rose by 0.8 percent, or 0.25 francs, more than offsetting today’s dividend payout of 0.55 francs. Huber & Suhner added 2.3 percent. The component developer announced plans to strengthen its already close collaboration with Microsoft Azure Fiber through further investments in production capacity.

Europe
European stock markets extended their losses on Tuesday. The Stoxx Europe 600 index fell 0.9% to 616.03 points. In Paris, the CAC 40 and the SBF 120 each lost 1.1%. In Frankfurt, the DAX 40 dipped 0.6%, and the FTSE 100 retreated 1% in London. ATOS (-2.7%): The digital services group lowered its revenue target for 2026 on Tuesday after revenue plummeted 11% in the first quarter. OPMOBILITY (-2.3%): The automotive supplier confirmed all of its targets for fiscal year 2026 on Tuesday, having seen its economic revenue decline less than global automotive production in the first quarter, a period marked by the conflict in the Middle East. THALES (-5.9%): The technology and defense group affirmed its growth and margin outlook for 2026 on Tuesday, having reported sustained growth in its business during the first quarter, against a backdrop of strong demand for its defense solutions. VIVENDI (+1.4%): The media and music holding company reported a slight increase in revenue for the first quarter of 2026 on Tuesday. The group’s sales totaled 69 million euros, representing organic growth of 1.3% compared to the same period in 2025.

United States
On Tuesday, the S&P 500 fell 0.6%. The tech-heavy Nasdaq dropped 0.6%, while the Dow industrials also shed 0.6%, or 293 points. Shortly after stocks closed lower for the day, Trump announced an extension of the cease-fire. Retail sales, or the monthly estimate of all consumer spending, painted a solid picture, rising 1.7% month-over-month in March. It was the fastest one-month rise in retail sales in more than three years. Elsewhere in markets, Apple’s stock slipped 2.5% after the company said Chief Executive Officer Tim Cook would step down and named John Ternus, the head of its hardware division, as his successor. UnitedHealth shares jumped 7% after it reported earnings that overshot Wall Street expectations. Merck & Co. saw its stock drop 3.9 percent after the company and its Japanese partner Eisai failed to meet the primary endpoints in a Phase 3 trial of a drug for renal cell carcinoma. In the defense sector, stock prices declined despite strong results. GE Aerospace dropped 5.6 percent, even though the aerospace company had reported better-than-expected earnings. RTX decreased 4.4 percent. Here, too, strong numbers did not help. Northrop Grumman plummeted 7.0 percent, despite a jump in profits and higher sales. Boeing gave up 2.6 percent. T-Mobile US closed 1.5 percent lower following a Bloomberg report that Deutsche Telekom is considering a full takeover and the establishment of a holding company.

Asia
Pessimism dominates Asian stock markets midway through the week. In Tokyo, the Topix index is down 0.8 percent. The Nikkei 225 index is trading slightly higher, reaching a record high during the session. In Seoul, the KOSPI is holding steady, though it had risen sharply on Tuesday and hit an all-time high. In Hong Kong, the Hang Seng Index dropped 1.3 percent, weighed down by very weak tech stocks. In contrast, the Shanghai Composite Index is holding up well.

Bonds
U.S. government debt yields edged up on Tuesday with higher oil prices and stronger-than-expected U.S. retail sales figures causing uncertainty. The 10-year Treasury note yield climbed 6 basis points to 4.31%.

Analysis
Target price for DocMorris: UBS raises to CHF 4 (3.50) – Sell
Target price for Helvetia Baloise: JPMorgan increases to CHF 260 (250) – Overweight
Target price for Barry Callebaut: UBS lowers to CHF 1,100 (1,355) – Neutral

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