Medical-supplies distributor Medline has raised $6.26 billion in an initial public offering, taking the title of biggest IPO of the year and a valuation of more than $50 billion. The U.S.-based company backed by private-equity giants Blackstone and Carlyle sold 216 million shares at $29.00 each in an upsized offering, it said. The blockbuster fundraise dethrones Chinese battery maker Contemporary Amperex Technology Co. , which had previously held the IPO crown after its $5.3 billion offering in May. Blackstone, Carlyle and Hellman & Friedman acquired Medline in 2021 in what was then one of the largest leveraged buyouts since the financial crisis.

The Swiss stock market ended Wednesday on a negative note, as did most other global markets. Investors were awaiting US inflation data (CPI), which will be released on Thursday and will provide indications on the future trajectory of key interest rates across the Atlantic. The Swiss stock market ended the session with the SMI down 0.22% at 13,028.60 points, after a high of 13,061.65 points and a low of 13,003.75 points. The SLI index lost 0.25% to 2,107.13 points and the SPI fell 0.15% to 17,892.92 points. In a session with little corporate news, most blue chips closed in the red, with the biggest declines recorded by Logitech (-4.9%), Amrize (-4.5%) and Holcim (-2.6%). At the top of the rankings were Sandoz (+1.7%), Alcon (+1.4%) and Lindt (+1.3%), with no specific information. On the broader market, the merged insurer Helvetia Baloise (+2.5%) was in demand after Berenberg initiated coverage of the stock with a buy rating. According to analysts, the stock still offers strong upside potential.

Europa
European stock markets closed mixed on Wednesday amid rising oil prices, ahead of the European Central Bank's (ECB) monetary policy announcements. The Stoxx Europe 600 index ended flat at 579.8 points. In Paris, the CAC 40 and SBF 120 each lost 0.3%. In Frankfurt, the DAX 40 fell 0.5%, while the FTSE 100 gained 0.9% in London. DBV TECHNOLOGIES (+20.1%): On Tuesday evening, the French biotech company announced positive results for its peanut allergy patch in a phase 3 trial, the final stage of clinical studies before potential commercialisation. REXEL (-1.6%): The group said on Wednesday that it was not in negotiations with any potential buyers, in response to reports in La Lettre that Luxembourg-based private equity firm CVC Capital Partners had expressed interest in acquiring the electrical equipment distributor. SANOFI (+1.5%): The pharmaceutical group announced on Wednesday that the European Medicines Agency (EMA) had granted orphan drug designation to efdoralprine alfa for alpha-1 antitrypsin deficiency (AATD)-related emphysema, a rare respiratory condition with a significant unmet medical need.

Stati Uniti
After ending yesterday's choppy session narrowly mixed, stocks moved to the upside in early trading on Wednesday but quickly came under pressure. The major averages pulled back well off their highs of the session and firmly into negative territory. The major averages saw further downside going into the end of the day, closing just off their lows of the session. The tech-heavy Nasdaq tumbled 418.14 points or 1.8 percent to 22,693.32, the S&P 500 slumped 78.83 points or 1.2 percent to 6,721.43 and the Dow slid 228.29 points or 0.5 percent to 47,885.97. The sharp pullback seen as the day progressed came amid renewed weakness among technology stocks, as reflected by the steep drop by the tech-heavy Nasdaq. Major AI player Oracle (ORCL) helped lead the sector lower, plummeting by 5.4 percent to a six-month closing low. Oracle came under pressure after a report from the Financial Times said the company's largest data center partner Blue Owl Capital will not back a $10 billion deal for its next facility in Michigan, although Oracle later said the project is still moving forward. Other big-name companies like Nvidia (NVDA), Broadcom (AVGO) and Advanced Micro Devices (AMD) also showed significant moves to the downside. Semiconductor stocks turned in some of the market's worst performances on the day, resulting in a 3.8 percent plunge by the Philadelphia Semiconductor Index. Considerable weakness was also visible among computer hardware stocks, with the NYSE Arca Computer Hardware Index tumbling by 3.1 percent. Networking stocks have also moved significantly lower, while airline, brokerage and housing stocks saw notable weakness outside of the tech sector.

Asia
Led once again by the technology sector, Asian stock markets posted losses on Thursday. However, these were limited overall. South Korea's technology-heavy benchmark index leads the list of losers in the region, with the Kospi losing 1.1 per cent - but, like other trading centres, it is already recovering clearly from its daily lows. Samsung Electronics lost 0.9 per cent, while SK Hynix even managed to move into positive territory thanks to positive momentum from Micron.

Obbligazioni
In the U.S. bond market, treasuries showed a lack of direction over the course of the session before closing roughly flat. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, crept up by less than a basis point to 4.151 percent.

Analisi
Bank of America raises Societe Generale target to EUR 85 (66) – Buy
UBS lowers Aegon target to EUR 6.80 (7.30) – Neutral
UBS raises Vienna Insurance target to EUR 72 (65.40) – Buy

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