SpaceX, the space exploration company owned by tech billionaire Elon Musk, plans to build a massive new spaceport in the U.S. state of Louisiana. The company will invest approximately $100 billion in the site in Vermilion Parish on the Gulf Coast, SpaceX and the state’s economic development agency announced. It is set to become the company’s largest launch facility and “the largest in the world,” according to the state. The site is expected to include five launch complexes, each with two launch pads. SpaceX stated that the spaceport will support “thousands of flights” per year and advance commercial spaceflight. Construction is scheduled to begin in 2027, and the first Starship rockets could launch from there in 2029. The giant Starship rocket is currently still undergoing test flights. SpaceX already operates its main Starship facility in the U.S. state of Texas. According to SpaceX, its long-term goal is to enable regular flights to the Moon and Mars using fully reusable rockets and to establish a permanent human presence on other celestial bodies.

On Tuesday, the SMI gained 0.5 percent to 14,525 points. Cyclical stocks were in favour, particularly after positive economic signals came out of Germany. ABB led the SMI with a gain of 1.8 percent. Sika rose 1.5 percent, and Lonza added 1.0 percent. Amrize was clearly the day’s worst performer in the benchmark index, slumping 2.6 percent. Technology stocks were in demand, though they are represented in the SMI solely by Logitech. Some market participants cited speculation about strong quarterly results from AI giant Nvidia on Wednesday evening. Logitech increased by 0.9 percent. Semiconductor stocks VAT and Inficon improved by 1.1 percent and 1.9 percent, respectively; Comet soared 3.7 percent, and ams Osram surged as much as 8.3 percent. Investors sold off stocks considered less cyclical, with consumer goods stocks declining across Europe. Nestlé lost 0.8 percent; among smaller caps, Barry Callebaut dropped 0.7 percent and Lindt dipped 1.6 percent. DKSH was down 2.3 percent. Berenberg had downgraded the service provider’s stock from “Buy” to “Hold.”

Europe
European stock markets edged higher on Tuesday. According to FactSet data, the Stoxx Europe 600 index gained 0.4% to 656.48 points. In Paris, the CAC 40 and the SBF 120 fell 0.2% and 0.1%, respectively. In Frankfurt, the DAX 40 climbed 0.6%, and the FTSE 100 gained 0.3% in London. EXOSENS (+1.5%): The manufacturer of high-tech sensors for the defense and nuclear sectors received its first order from the U.S. Army. Photonis Defense, Exosens’ U.S. subsidiary, was awarded its first order for the delivery of 1,600 complete systems as part of the U.S. Army’s BiNOD (Binocular Night Observation Device) program. EIFFAGE (+1.1%): The construction and concessions group announced on Tuesday that it had won several contracts in the healthcare sector totaling 132 million euros. On Monday evening, Eiffage had already revealed that, as part of a consortium, it had won several contracts totaling 393 million euros for the construction of two waste-to-energy facilities in Limoges and Grenoble. The group’s share of these contracts amounts to nearly 162 million euros.

United States
Wall Street finished Tuesday on an upbeat note, with stocks posting muted gains. Tech stocks climbed, with the Nasdaq composite leading gains. The tech-heavy index gained 0.7%, followed by the Dow industrials and S&P 500, which both added 0.3%. Investors seemed to be holding back regarding trading volumes ahead of three “driving factors” to come—July’s personal-consumption expenditures index Wednesday morning, Nvidia earnings after the bell and Federal Reserve Chairman Kevin Warsh’s remarks at the Fed’s Jackson Hole symposium Friday. Moderna gained 14% to $158.83 and was the best-performing stock in the S&P 500. Nvidia rose 2.2%, snapping a seven-day losing streak, its longest since September 2022. The artificial-intelligence chip giant reports earnings after the closing bell on Wednesday. Intel rose 0.3%, Super Micro Computer gained 9.4%, and Marvell was up 4.8%. While Nvidia's earnings are a big deal, Marvell's earnings on Thursday could matter more. Dick's Sporting Goods sank over 30% after the retailer cut its full-year profit forecast as earnings missed expectations. The company lowered its guidance to earnings per share of between $11 and $12, from a previous range of $13.50 to $14.50. Albemarle fell 5.9% and was the worst-performing stock in the S&P 500.

Asia
Wednesday, positive sentiment prevailed on the East Asian stock markets. In Asian-dominated trading, the price of a barrel of Brent crude fell 2.6 percent to $86.30, having already dropped by about 4 percent the previous day. The Nikkei 225 index gained 0.6 percent, while the broader Topix index advanced 0.5 percent. In Shanghai, the Composite Index rose 0.7 percent, while the Hang Seng Index in Hong Kong added 0.7 percent. In Seoul, the KOSPI climbed 1.9 percent. Among individual stocks, Terra Drone in Tokyo soared by 21 percent. The Japanese drone manufacturer has excellent prospects for a major contract from the Japanese Ministry of Defense. Oil sector stocks are being sold off across the region amid the decline in oil prices. Shares of South Korea’s S-Oil dropped 3.3 percent. Japan Petroleum Exploration and Inpex gave up 2.7 percent and 1 percent, respectively, in Tokyo, while CNOOC dipped 1.4 percent in Hong Kong.

Bonds
Long-dated U.S. government debt yields slipped on Tuesday. The 10-year Treasury note yield fell by 0.065 percentage points to 4.638 percent on Tuesday. The 2-year Treasury note yield note declined by 0.038 percentage points to 4.195 percent. The 30-year Treasury note yield shed 0.056 percentage points to 5.174 percent, the lowest yield since August 5. U.S. government debt yields have continued to retreat as demand recovers following last week’s sell-off. Treasury auctions are showing stable demand.

Analysis
Berenberg downgrades DKSH Holding to Hold (Buy) — Target: 68 (75) CHF
EFG International price target: UBS lowers to 17.20 (20.70) CHF — Neutral
Berenberg raises Emmi target to 950 (900) CHF — Buy


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