UBS CEO Sergio Ermotti will pocket a stable salary in 2025. As in 2024, he will be paid CHF 14.9 million for the past financial year. According to the annual report published on Monday, CHF 2.8 million of this is fixed salary and CHF 12.1 million is variable remuneration. The entire Group Executive Board of Switzerland's largest bank will receive a total of CHF 145.3 million for 2025, up from CHF 143.6 million. Ermotti is currently challenged on all fronts: operationally, strategically, and in public relations. The Ticino native took over as CEO again in April 2023 to lead the integration of the acquired Credit Suisse. In terms of integration, the bank is on track without any major incidents: in 2025, the important migration of former CS customer accounts in Switzerland to the UBS platform was largely completed and is expected to be finalized by the end of the current first quarter of 2026. In addition, the bank is in the midst of a major political debate about stricter capital requirements following the collapse of Credit Suisse and its takeover. UBS takes the view that its business model will no longer be viable if the measures currently planned by the Federal Council come into force in their proposed form. In 2025, Switzerland's only remaining major bank increased its profit by over 50 percent to USD 7.8 billion, and shareholders can look forward to a significantly higher dividend.

On Friday, the Swiss stock market, like its neighbors in Europe, experienced a significant downturn. Qatar issued a warning in the Financial Times about the serious consequences of the war in the Middle East for energy supplies. The price of North Sea Brent crude jumped more than 6 percent to just under $91, the highest level since the start of the US-Israeli attacks on Iran. The SMI lost 1.5 percent to 13,096 points. Companies considered less sensitive to economic cycles fared best. Nestlé shares even edged up slightly. Swisscom added 0.5 percent. At the bottom of the SMI, however, were classic cyclicals such as Amrize (-5.4%), Sika (-3.6%) and Holcim (-3.3%). Roche also found itself far down the daily rankings with a minus of 2.9 percent following an underwhelming study of a weight-loss drug developed in collaboration with Denmark's Zealand Pharma. The Danish partner's share price subsequently slumped by 36.5 percent.

Europa
European stock markets declined on Friday, following a trading session marked by a further surge in crude oil prices and unexpected job losses in the United States. The Stoxx Europe 600 index shed 1% to 598.7 points, bringing its weekly losses to 5.5%. In Paris, the CAC 40 fell 0.65% and the SBF 120 slipped 0.7%. In Frankfurt, the DAX 40 dipped 0.9% and the FTSE 100 edged down 1.2% in London. ATOS (-5%): The IT services group indicated on Friday that it expects to further improve its profitability this year, with its operating margin coming in at 4.4% last year, compared with 2.1% in 2024. MEDINCELL (-5.8%): The biotechnology company announced on Friday the success of its €48 million private placement, carried out through an offering to international institutional investors. SPIE (-3.5%): The electrical and mechanical engineering specialist reported aiming for a further improvement in its EBITA margin and revenue in 2026 after posting results broadly in line with analysts' expectations for 2025.

Stati Uniti
On Friday, investor anxiety over the Iran conflict intensified. The Dow Jones Industrial Average lost 453 points, or 0.9%, dragging the blue-chip index 3% lower for the week in its steepest retreat since April. The S&P 500 fell 1.3%, bringing its weekly loss to 2%. The tech-focused Nasdaq decreased 1.6%, capping a 1.2% weekly decline. A disappointing report on the U.S. labor market, a spike in oil prices and the specter of a protracted Middle East war converged at the end of a turbulent week, fuelling fears of a stagflationary spiral that threatens to derail the U.S. economy. The U.S. lost 92,000 jobs in February, well below January’s gain of 126,000 and far worse than the 50,000 jobs expected by economists. The unemployment rate ticked higher, to 4.4%. The West Texas Intermediate benchmark rose 12% Friday to $90.90 a barrel, its biggest daily jump since 2020. For the week, the U.S. oil benchmark surged 36%. Brent-crude futures gained 8.5% to $92.69 a barrel, up a record 27% for the week. Investors already have plenty of things to worry about. Concerns over the disruption of artificial intelligence have weighed on everything from software to insurance providers. Last week, fintech firm Block laid off 40% of its employees, citing AI tools as the reason for the cuts. More recently, signs of stress are showing up in the private-credit market where major firms are pausing redemptions and writing down loans. On Friday, BlackRock shares tumbled 7.2% after the asset manager limited withdrawals from one of its flagship private-credit funds for the first time.

Asia
Asian stock markets are tumbling on Monday impacted by the skyrocketed crude oil prices to more than $100 per barrel against the backdrop of the Iran war. The Japanese stock market is trading sharply lower on Monday with the Topix plunging 4.4 percent. the South Korean stock market slumped by 6.0 percent. Chinese stock markets fared slightly better. In Hong Kong, the Hang Seng Index dropped by 2.4 percent. The Shanghai Stock Exchange was “only” down 0.9 percent.

Obbligazioni
U.S. government debt yields slipped at the end of a volatile week as U.S. reports a surprising 92,000 job loss in February, while markets fret about inflation driven by the war in Iran. The 10-year Treasury note yield shed 1 tick to 4.14 percent.

Analisi
Galderma target price: Vontobel raises to CHF 182 (172) – Buy
Cicor target price: Research Partners increases to CHF 139 (116) – Hold
Novartis target price: Berenberg raises to CHF 110 (92) – Hold

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