Campbell’s said weak demand for snacks continued to pressure sales in the latest quarter, but the company is seeing some signs of progress in efforts to connect with consumers. Chief Executive Mick Beekhuizen said snacks consumption was soft in the quarter due to efforts to stabilize fresh bakery operations, including work to improve availability and customer fill rates. Beekhuizen also cited weak demand for salty snacks like chips and pretzels. “I recognize that our performance remains well below expectations,” Beekhuizen said during a call with analysts. However, the soup-and-snack maker is starting to make progress on a number of initiatives aimed at shoring up the performance of its snacks business, he said. Some metrics in its Goldfish brand, for example, have improved after a pivot to refocus its marketing on families with kids, including a recent collaboration with Pokémon. Campbell’s is continuing efforts to reduce complexity and improve its in-store execution, which could include rationalizing its product portfolio and reallocating investments for certain brands, Beekhuizen said. The company is also looking to increase marketing for its salty snacks and focus on offering the right pack sizes at the right price points, he said.

After staying weak till well past noon, the Switzerland market briefly edged up into positive territory but retreated and stayed weak thereafter to eventually close on a weak note on Monday. The benchmark SMI, which dropped to 13,265.50 around mid-morning, recovered to 13,401.53 but drifted down and settled at 13,320.99, down 67.24 points or 0.5% from previous close. Amrize ended 4.2% down. Holcim shed 2.4%, while Sonova and Roche closed lower by 1.15% and 1.35%, respectively. Roche announced that it has entered into an exclusive licensing and collaboration ?agreement with Nurix Therapeutics. The deal is reportedly worth $2.3 billion. Sika, Geberit, Lindt & Spruengli, Novartis, ABB, Julius Baer and Nestle lost 0.4%-1%. Galderma Group climbed 3.3%. Givaudan and VAT Group both gained a little over 2%. Straumann Holding advanced 1.3%. Lonza Group, Sandos Group, UBS and Kuehne + Nagel posted moderate gains.

Europe
After staying well below the flat line till about an hour past noon on Monday, European stocks recovered some lost ground after Iran announced the end of its military operation against Israel, raising hopes of a potential de-escalation in the wider U.S.-Iran war. The pan European Stoxx 600 ended 0.15% down. The UK's FTSE 100 edged up 0.05%, Germany's DAX settled lower by 0.58% and France's CAC 40 closed 0.23% down. Switzerland's SMI slid 0.5%. Among other markets in Europe, Austria, Belgium, Denmark, Iceland, Ireland, Norway, Russia, Spain and Sweden ended weak. Czech Republic, Finland and Greece drifted down marginally. Netherlands, Poland and Türkiye closed higher, while Portugal ended flat. In the UK market, Entain and Intertek moved up 2.6% and 2.1%, respectively. BT Group, British American Tobacco, Vodafone Group, Halma, Airtel Africa, Aviva, Fresnillo, Coca-Cola HBC, Weir Group, BAE Systems and Bunzl gained 1%-1.5%. Scottish Mortgage, Berkeley Group Holdings, Persimmon, Barratt Redrow, Lion Finance, Marks & Spencer, Haleon, Melrose Industries, Kingfisher, IAG, Convatec Group, Croda International and LSEG shed 1.4%-3%. In the German market, Adidas, Porsche Automobil Holding, Infineon and Daimler Truck Holding gained 1%-2%. BASF, Heidelberg Materials, Brenntag, Zalando, Vonovia, SAP, Commerzbank, Beiersdorf, Siemens Healthineers, Bayer and Henkel lost 1%-4.2%. In the French market, STMicroelectronics climbed nearly 4.5%. Orange and Hermes International gained 2.1% and 1.5%, respectively. Dassault Systemes, L'Oreal, LVMH and Publicis Groupe also closed notably higher.

United States
Stocks showed a strong move back to the upside in early trading on Monday following Friday's sell-off but gave back ground over the course of the sessions. The major averages pulled back well off their highs of the session, with the Dow dipping into negative territory. After surging by as much as 1.8 percent, the tech-heavy Nasdaq ended the day up 220.23 points or 0.9 percent at 25,929.66. The S&P 500 also rose 21.99 points or 0.3 percent to 7,405.73, but the narrower Dow slipped 80.77 points or 0.2 percent to 50,786.01. The early rebound on Wall Street came amid bargain hunting following last Friday's plunge, which dragged the tech-heavy Nasdaq down to its lowest closing level in a month. Buying interest waned over the course of the session, however, as crude oil prices remained elevated after Israel and Iran reportedly exchanged missile strikes over the weekend. Despite the pullback by the broader markets, semiconductor stocks continued to see substantial strength, with the Philadelphia Semiconductor Index spiking by 5.6 percent after plummeting by 10.3 percent in the previous session. Shares of Marvell Technology (MRVL) soared by 9.6 percent following news the chipmaker will be joining the S&P 500 along with electronics manufacturing services company Flex (FLEX). Nvidia (NVDA) also jumped by 1.7 percent after the AI giant announced a multiyear technology partnership with SK hynix to advance next-generation memory for the global AI factory buildout and accelerate semiconductor design and manufacturing.

Asia
Following the previous day’s sharpest sell-off since March, Asian stock markets are on the mend on Tuesday. South Korea’s Kospi remains extremely volatile, having recovered 5 per cent following the previous day’s slump of over 8 per cent – accompanied by further trading halts due to volatility. Traders are talking of bargain-hunting. The Seoul stock market is also being buoyed by an upward revision of first-quarter GDP figures. GDP growth was driven primarily by strong semiconductor exports.

Bonds
In the U.S. bond market, treasuries moved modestly lower, extending the steep drop seen last Friday. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, rose 1.6 basis points to 4.552 percent.

Analysis
UBS raises Accelleron target to CHF 92.50 (92) – Buy
UBS raises Inditex target to EUR 62 (60) – Buy
Bank of America raises Nokia target to EUR 14.40 (11) – Buy

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