Kuehne + Nagel reported a sharp drop in 2025 earnings following a year it said was marked by a deteriorating economic environment. The Swiss transport and logistics company said full-year recurring earnings before interest and tax - a preferred profitability measure - fell 17% on year. It expects recurring EBIT of between 1.2 billion and 1.4 billion Swiss francs ($1.54 billion-$1.8 billion) this year, after reporting 1.38 billion francs in 2025. As the freight industry contends with overcapacity and pressure on profitability, the company has been working to right-size its cost base and streamline its organizational and sales structure as it seeks to accelerate growth. A fresh group-wide cost-cutting program was launched toward the end of last year, targeting at least 200 million francs of annual savings. Savings from the program are expected to fully ramp up over the course of 2026 and no significant one-off costs are anticipated this year after it booked one-off charges of 122 million francs - mainly from the savings program - in the fourth quarter.

Swiss stocks closed on a weak note on Monday, in line with most of the markets across Europe, amid falling appetite for riskier assets due to rising tensions in the Middle East. The Switzerland market's benchmark index SMI tumbled to a low of 13,700.13, way down from its previous close of 14,014.30, and despite recovering some ground, ended the day's session with a sharp loss of 180.20 points or 1.29% at 13,834.10. Richemont ended down by 5.72%. Straumann Holding closed 3.15% down, while Holcim, Geberit and Alcon ended down by 2.6%, 2.35% and 2.27%, respectively. Partners Group, Julius Baer, ABB, Swiss Life Holding, Swiss Re, Sika, VAT Group, Helvetia Baloise Holding, Roche Holding and Lonza Group lost 1%-2%. Kuehne + Nagel climbed about 1.5%. Galderma Group gained 1.2% and Schindler Ps ended 0.5% up. In economic news, Swiss retail sales increased at the fastest pace in six months in January after a revised slight decline in December, data from the Federal Statistical Office revealed. In real terms, retail sales climbed 1.1% on a monthly basis, reversing a 0.2% fall in December, revised from a 1% growth. Excluding service stations, total retail sales were 1.3% higher.

Europa
Most of the markets across Europe settled notably lower on Monday as stocks tumbled amid rising tensions in the Middle East, where tensions run high following the U.S. and Israel's coordinated strikes on Iran and the retaliatory strikes by Teheran on U.S. bases across the region. The pan European Stoxx 600 fell 1.61%. The U.K.'s FTSE 100 ended down by 1.2%, Germany's DAX lost 2.56% and France's CAC 40 slid 2.17%, while Switzerland's SMI closed down by 1.29%. Among other markets in Europe, Austria, Belgium, Greece, Iceland, Ireland, Netherlands, Poland, Spain, Sweden and Türkiye ended with sharp to moderate losses. Finland settled modestly lower, while Czech Republic, Denmark and Portugal edged down marginally. Norway and Russia moved higher. In the UK market, IAG, Standard Chartered, JD Sports Fashion, Hikma Pharmaceuticals, Burberry Group, HSBC Holdings, Informa, Intercontinental Hotels Group and Mondi lost 4 to 5.6%. Smith & Nephew ended down by about 4.3% despite reporting higher profits and cash flow for 2025. Barclays, Associated British Foods, Easyjet, Marks & Spencer, Natwest Group, Lloyds Banking Group, Anglo American Plc, Antofagasta, Fresnillo and Unilever also declined sharply. BAE Systems climbed more than 6%. Airtel Africa gained 3.2%. Bunzl moved up 2.35% after the business supplies distributor reported 3% revenue growth at constant exchange rates in 2025, driven by acquisitions. The Sage Group gained about 2.2%. The software company said that it is launching a share repurchase program to repurchase up to GBP 300 million. BP and Shell closed up by 2.15% and 1.9%, respectively. Beazley, Babcock International and Rolls-Royce Holdings also posted strong gains.

Stati Uniti
Stocks moved sharply lower at the start of trading on Monday in reaction to the conflict in the Middle East but showed a substantial recovery over the course of the session. The major averages climbed well off their lows of the session before eventually ending the day narrowly mixed. After tumbling by as much as 1.6 percent, the Nasdaq rose 80.65 points or 0.4 percent to 22,748.86. The S&P 500 also inched up 2.74 points or less than a tenth of a percent to 6,881.62, while the narrower Dow dipped 73.14 points or 0.2 percent to 48,904.78. The turnaround on the day came as traders used the initial sell-off as an opportunity to pick up stocks at reduced levels, with the Dow rebounding after hitting its lowest intraday level in two months. Networking stocks moved sharply higher over the course of the session, driving the NYSE Arca Networking Index up by 3.7 percent to a record closing high. The sharp increase by the price of crude oil also contributed to substantial strength among oil producer stocks, with the NYSE Arca Oil Index surging by 3.4 percent. Natural gas, software and brokerage stocks also saw significant strength, while airline stocks plummeted amid concerns about travel disruptions due to the conflict in the Middle East. Reflecting the weakness in the airline sector, the NYSE Arca Airline Index plunged by 4.1 percent to its lowest closing level in two months. Considerable weakness was also visible among housing stocks, as reflected by the 2.0 percent slump by the Philadelphia Housing Sector Index.

Asia
The ongoing attacks by the US and Israel against Iran are once again pushing East Asian stock markets significantly into negative territory on Tuesday. The Nikkei 225 in Tokyo is down another 2.9 per cent. Reference is also made here to statements by Ryozo Himino, Deputy Governor of the Bank of Japan (BoJ). He reaffirmed the central bank's stance of continuing to raise key interest rates. However, he failed to give any concrete indications as to when the next step would be taken. The BoJ last raised its key interest rate to 0.75 per cent in December.

Obbligazioni
In the U.S. bond market, treasuries pulled back sharply after moving notably higher over the two previous sessions. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, surged 8.6 basis points to 4.048 percent.

Analisi
Bank of America raises Temenos target to CHF 92 (89) – Neutral
Berenberg raises Totalenergies target to EUR 62 (57) – Hold
Morgan Stanley raises Aixtron target to EUR 25 (15) – Equalweight

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