UBS and Ant International have entered into a strategic partnership. The major bank and the provider of digital payment, digitization, and financial technology solutions intend to explore innovations in the area of blockchain-based tokenized deposits in the future, thereby supporting Ant International's global payment processing and liquidity management. According to a press release issued on Monday, the two parties have signed a memorandum of understanding (MoU) to this effect. As part of the collaboration, Ant International will use UBS Digital Cash, a blockchain-based payment platform launched in 2024. UBS Digital Cash will support Ant International's global treasury activities with blockchain-based payments that enable greater efficiency, transparency, and security. At the same time, UBS will use this expertise to improve cross-border payment solutions for its customers. In addition, the two companies will also develop joint innovations in the area of tokenized deposits, according to the statement.

On Friday, the SMI slipped 0.8 per cent to 12,634 points. Of the 20 SMI stocks, 18 lost ground and two gained. A total of 23.88 (previously: 16.48) million shares were traded. Selling was widespread, with cyclical stocks, which had been hit harder on Thursday, often performing better than the market. One of the two winners in the SMI was Richemont, rising 5.9 per cent. The luxury goods group presented convincing figures for its first half-year. The jewellery division in particular had a good run. The important Chinese business is also stabilising. The second strongest performer was Amrize, advancing in late trading and closing 0.5 per cent higher. Reinsurer Swiss Re also published figures, albeit to a less favourable market response. Observers spoke of a weak operating result. The share price slumped by 5.4 per cent. Among small caps, the half-year figures from hearing aid manufacturer Sonova disappointed, with its share price plummeting by 7.1 per cent. Sales were in line with expectations, yet EBITA fell short of expectations by 5 per cent, commented JP Morgan.

Europa
The European stock markets pulled back on Friday, with caution still the order of the day in the wake of a sharp decline in US technology stocks. The Stoxx Europe 600 index fell 1% to 574.8 points. In Paris, the CAC 40 and SBF 120 lost 0.8% and 0.7% respectively. In Frankfurt, the DAX 40 erased 0.7% while the FTSE 100 dropped 1.1% in London. ALSTOM (+4.1%): the rail equipment supplier raised its sales forecast for the current financial year on Thursday, following growth in all its activities in the first half. MERSEN (+1.6%): the industrial group announced on Thursday evening that it had been selected by Chinese battery giant CATL as a supplier of electrical protectors. RUBIS (-0.7%): the petroleum products distribution group confirmed on Friday that its main subsidiary Rubis Energie had signed a syndicated loan of €1.1 billion, which will enable it to refinance part of its existing debt and finance its activities. VALLOUREC (+1%): the manufacturer of seamless tubes indicated on Friday that it expected its gross operating profit to fall in 2025, even though this indicator and its sales exceeded analysts' expectations in the third quarter.

Stati Uniti
Stocks ended mixed Friday, a day after U.S. indexes posted their largest declines in a month. On a volatile day with wide swings, tech stocks pared steep initial losses, with the Nasdaq composite turning higher in morning trading and holding some of those gains in the afternoon. The tech-heavy index finished 0.1% higher. The Dow industrials, which suffered deeper losses, stayed negative on the day, finishing 0.7% lower. Relief over the end of the government shutdown has given way to concerns about lofty tech valuations and whether the Federal Reserve will slow interest-rate cuts. APPLIED MATERIALS (+1.3% after a weak opening): the manufacturer of equipment for the production of semiconductors reported better-than-expected sales and profits for the last quarter. NVIDIA (+1.8%): the share price of the manufacturer of artificial intelligence chips rallied even though a bill in the United States (‘Gain AI Act’) backed by AMAZON (-1.2%) and MICROSOFT (+1.4%) threatens to further restrict Nvidia's ability to export to China, according to the Wall Street Journal. The law would give technology companies, including Microsoft and Amazon, preferential access to chips for their data centres around the world. WARNER BROS. DISCOVERY (+4% to 23.03 dollars): According to the Wall Street Journal, PARAMOUNT (+2%), COMCAST (-1.6%) and NETFLIX (-3.6%) are preparing bids for the entertainment group's assets. Meantime, U.S. Trade Representative Jamieson Greer said America had reached a deal with Switzerland to cut hefty 39% tariffs down to 15%. The Swiss franc strengthened against the dollar. Bitcoin slipped further below $100,000. The Cboe Volatility Index-also known as the VIX, or Wall Street’s fear gauge-climbed above 20. Oil futures rallied after a Ukrainian drone hit a Russian Black Sea port. Natural-gas futures inched off Thursday’s highs.

Asia
Small losses prevailed on Monday during trading on the East Asian stock markets. The Seoul stock exchange was an exception. There, the Kospi recovered strongly by 1.8 per cent, but it had also fallen sharply on Friday by 3.8 per cent. In Tokyo, the Nikkei index dropped 0.3 per cent to 50,215 points, while Shanghai declined 0.4 per cent and Hong Kong 0.8 per cent.

Obbligazioni
Long-dated U.S. government debt yields rose on Friday as the stream of data withheld during the government shutdown draws near. As of now, future markets indicate investors are mostly pricing in a hold next month. The 10-year Treasury note yield increased by 0.055 percentage point this week, to 4.147% and the 2-year Treasury note yield added 0.057 p.p. to 3.613%.

Analisi
Alcon target price: Octavian lowers to CHF 88 (92) – Buy
Vontobel raises Richemont to Buy (Hold) – Target CHF 190 (170)
Vontobel upgrades Barry Callebaut target to CHF 1,150 (850) – Hold

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