Construction chemicals and adhesives manufacturer Sika suffered a decline in sales in the 2025 financial year. Negative currency effects and the weak Chinese construction market slowed growth. In 2025, sales dropped by 4.8 percent to 11.20 billion Swiss francs, the company announced on Tuesday. The strong Swiss franc was the main factor contributing to this: Sika estimates the negative currency effect at 5.4 percent. Analysts had expected slightly higher sales of CHF 11.29 billion on average. Acquisitions contributed a further 1.0 percent to growth, Sika added. Organically, the company thus shrank by 0.4 percent last year. Sika has been unable to expand on its own since the third quarter of 2025. This development is closely linked to weak demand in China and the Asia-Pacific region. Excluding the weak Chinese construction business, however, Sika would have grown organically by 1.2 percent. Sika has responded to this development with job cuts. Sika now expects an EBITDA margin of slightly above 19 percent for the full year 2025, excluding approximately CHF 90 million in one-time costs related to the “Fast Forward” program. Sika will present its full annual financial statements on February 20th.

On Monday, the SMI closed at 13,427 points, virtually unchanged. Amrize was the strongest performer in the SMI, gaining 2.6 percent. Analysts at Bank of America raised their price target for the stock from CHF 44 to CHF 46 and reaffirmed their “neutral” rating. Still, the stock fared better than Holcim, which was downgraded from ‘buy’ to “neutral” by analysts in a study on the building materials sector, with a slightly higher price target, and subsequently dropped by 0.7 percent. In addition, analysts raised the price target for Geberit shares (-0.3%) from CHF 620 to CHF 640, yet confirmed their “neutral” rating. Defensive stocks such as pharmaceuticals were in demand. Here, heavyweight Roche added 0.5 percent. Alcon and Lonza rose by 1.1 and 2.2 percent, respectively. Novartis, meanwhile, lost 0.2 percent. Nestlé shares declined by 0.6 percent. HSBC analysts noted that interest in consumer goods stocks was waning across the board.

Europa
European stock markets ended Monday slightly higher overall, as fears about the independence of the US Federal Reserve (Fed) resurfaced. The Stoxx Europe 600 index rose 0.2% to 610.95 points. In Paris, the CAC 40 and SBF 120 remained virtually unchanged. In Frankfurt, the DAX 40 gained 0.5%, while the FTSE 100 added 0.2% in London. ABIVAX (+5%): US giant Eli Lilly is reportedly willing to put up to €15 billion on the table to acquire the French biotech company specialising in inflammatory bowel diseases, La Lettre reported on Monday. VIRIDIEN (+3.2%): The oil services group announced on Monday that it had achieved its net cash flow target for 2025, thanks to robust operating performance. CAPGEMINI (-4.2%): Morgan Stanley downgraded its recommendation on the digital services group's stock from “neutral weight” to “underweight,” while reducing its target price from €145 to €142. EXOSENS (+2%): The amplification, detection, and imaging technology specialist has won a major order from ACTinBlack Group, a Luxembourg-based manufacturer of advanced night vision systems, to supply 5G image intensifier tubes. AIRBUS (+0.5%): Satellite operator EUTELSAT (+7%) announced on Monday that it had ordered 340 new OneWeb low-orbit satellites from the aerospace and defence group, following the 100 units ordered in December 2024.

Stati Uniti
Stocks edged higher, the dollar weakened and gold prices jumped to a record after Federal Reserve Chair Jerome Powell said President Trump was seeking to press the central bank into cutting interest rates with the threat of a criminal indictment. Stocks recovered after early losses, with the S&P 500 and Nasdaq composite moving slightly higher in afternoon trading and closing up 0.2% and 0.3% respectively. Capital One Financial tumbled 6.4%, American Express dropped 4.3%, Bread Financial Holdings sank 11%, and Synchrony Financial fell 8.4% after President Donald Trump called for a cap of 10% on credit-card interest rates as part of his push to ease affordability concerns. Trump’s move to curb credit-card rates also was dragging down shares in big banks: JPMorgan Chase fell 1.4% and Citigroup dropped 3%. JPMorgan is set to kick off the fourth-quarter earnings season when it reports on Tuesday, while Citigroup’s earnings are scheduled for Wednesday. Walmart was 3% higher. The retailer is set to join the Nasdaq 100, replacing AstraZeneca effective Jan. 20. Walmart also is one of the retailers teaming up with Google on its rollout of AI-assisted shopping tools. U.S.-listed shares of Abivax rose 3.2%. Eli Lilly is prepared to pay 15 billion euros, or roughly $17.5 billion, to acquire the French biotech, local outlet La Lettre reported. Abivax and Eli Lilly declined to comment. Abercrombie & Fitch plunged 18% after the retailer narrowed its guidance for the current quarter. Allegiant Travel reached an agreement to acquire Sun Country Airlines for about $1.5 billion in a deal the two low-cost regional carriers said would create a more competitive, leisure-focused airline. Shares of Allegiant Travel tumbled 6.3% while Sun Country jumped 11%. Beam Therapeutics soared 23%. The biotechnology company said it had received positive updates from regulators, which may lead to the Food and Drug Administration’s approval of its lead genetic-disease program and liver-targeting therapy.

Asia
In Asia, major indexes broadly closed with gains on Tuesday. The positive trend was particularly evident in Tokyo, where the Nikkei 225 jumped 3.2 percent. Shares in the automotive, finance, and mechanical engineering sectors led the gains in Tokyo. Toyota Motor soared 5.0 percent, Nomura Holdings climbed 5.2 percent, and Kawasaki Heavy Industries increased by 6.0 percent. In Seoul, the Kospi advanced by a further 1.3 percent after reaching an all-time high the previous day. In Shanghai, however, the market shed 0.3 percent, while in Hong Kong, the Hang Seng Index was up by 0.9 percent. Sydney ended the day 0.6 percent higher.

Obbligazioni
Long-dated U.S. government debt yields slipped on Tuesday. The 10-year Treasury note yield added one basis point to 4.18 percent. The rise in yields was mitigated by auctions of three- and ten-year US bonds, which traders said met with brisk demand.

Analisi
Morgan Stanley upgrades Rolls-Royce to Overweight (Equalweight) - 118 (132) GBp
Goldman Sachs launches Thales with Buy - target 146 EUR
Bernstein lifts Orange to Outperform (Marketperform) - 13 (10.10) EUR

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