Cocoa products manufacturer and trader Barry Callebaut began to see a return to volume growth in the third quarter of its staggered 2025/26 fiscal year—for the first time in two years. However, this was not enough at this stage to reverse the downward trend observed over the first three quarters combined. Nevertheless, the 5.7% rebound observed between March and the end of May reduced the volume contraction—which had stood at 6.9% at the midpoint of the period—to 2.8%. In terms of revenue, the multinational reported sales of 9.56 billion francs for the first nine months of its staggered fiscal year, down 12.7% year-over-year, according to a statement released Thursday. While volumes met analysts’ expectations, revenue fell short of the projected 9.74 billion. Management has revised its projection for the full-year volume decline to around 1%, compared with 1% to 3% in its previous forecast. Meanwhile, it is maintaining its forecast of a decline in recurring operating income before interest and taxes (EBIT) of approximately 5% and a debt-to-EBIT ratio of less than three times recurring EBIT, excluding depreciation and amortization.

Midweek, the SMI declined 1.3 percent to 14,174 points. Stocks in the construction and construction-related sectors were particularly under selling pressure. Holcim plunged 4.0 percent, Sika plummeted 5.1 percent, and Geberit declined 3.4 percent. Amrize shares also shed 1.6 percent. Losses were likewise seen among the defensive index heavyweights. Shares of Novartis, Nestlé, and Roche dipped by as much as 1.4 percent. Richemont (–2.4%) and Givaudan (–3.1%) both recorded losses as well. Partners Group shares were hit by a negative analyst comment and fell 1.9 percent to 663.40 francs. Barclays lowered its price target to 940 francs from 1,200 CHF but confirmed its “Overweight” rating.

Europa
European stock markets plunged on Wednesday as Donald Trump’s statements announcing the end of the ceasefire with Iran drove up oil prices and bond yields. The Stoxx Europe 600 index fell 1.6% to 635.91 points. In Paris, the CAC 40 and SBF 120 declined by 2.2% and 2.1%, respectively. The DAX 40 lost 2.2% in Frankfurt, while the FTSE 100 dropped 1.7% in London. AIRBUS (-3.2%): The aerospace group and German engine manufacturer MTU Aero Engines announced Tuesday evening their intention to create a joint venture dedicated to the development and commercialization of a fully electric hydrogen fuel cell engine. KERING (-5%)/ L'OREAL (-2%): Luxury group Kering reported Tuesday evening having signed an exclusive 50-year licensing agreement with cosmetics group L'Oréal for the creation, development, and distribution of perfumes and beauty products under its Gucci brand. OIL STOCKS: Oil companies are rising in the wake of higher crude oil prices: TOTALENERGIES (+2.3%) in Paris and BP (+3.1%) in London are among the few stocks bucking the trend of weaker European markets. VIVENDI (-11.65%): The Paris Court of Appeals confirmed on Wednesday that there is no obligation to buy back shares held by Vivendi’s minority shareholders during the spin-off of the media and music holding company.

Stati Uniti
The Dow Jones Industrial Average fell 1.1% Wednesday, dragged lower by American Express AXP, Sherwin-Williams SHW and Boeing BA. The S&P 500 shed 0.3%, while the Nasdaq composite rebounded from early session lows to climb 0.2%. Oil traders shifted back to wartime footing. Brent crude futures, the global pricing benchmark, rose 5.2% to $78.02 a barrel, their highest price since Washington and Tehran in June agreed to a 60-day ceasefire. U.S. oil futures rose 4.4%. The Treasury Department on Tuesday revoked a waiver that allowed Iran to sell oil on the global market, raising the specter of continued disruptions. Broadcom (AVGO): The stock rose 4.8% after Apple announced its intention to spend more than $30 billion on chips manufactured in the United States by Broadcom. Alibaba (BABA, HK:9988): The company’s Hong Kong-listed shares and its U.S. ADRs jumped more than 11% as investors turned to less-favored plays in the AI sector. Rivian Automotive (RIVN): The electric vehicle maker’s stock stabilized after an 18% drop yesterday, triggered by plans to sell additional shares. AI Financial (AIFC): The Nasdaq-listed payment company, controlled by the Trump family’s cryptocurrency firm, is in talks to sell its core business to blockchain technology company Perpetuals.com. AI Financial’s stock declined 2.7%.

Asia
Asian indexes diverged for the Thursday trading session. Around 6:30 a.m. (Swiss time) on Thursday, the Tokyo Stock Exchange’s flagship Nikkei index was up 1.7% to nearly 67,956 points. On the Seoul Stock Exchange, the Kospi index was rebounding, rising 0.25% to 7,264 points, after plunging more than 20% from its all-time high on June 19. Investors were focusing on South Korean chip giant SK Hynix Inc., which is due to set the initial public offering price for its upcoming listing on the Nasdaq, Wall Street’s technology index, on Thursday. The stock jumped nearly 4% on Thursday morning in Seoul. In Hong Kong, by contrast, the Hang Seng Index gave up 0.78%. The Shanghai Stock Exchange Composite Index dropped 0.46%, while the Taiex index in Taipei picked up 0.11%.

Obbligazioni
Bond traders Wednesday sold off U.S. Treasuries, pushing the 10-year yield to 4.567%, its highest level since May. The yield on 2-year Treasuries, which aligns closely with investors’ expectations for Fed policy, climbed to its second-highest level of the year, 4.2%. Futures markets on Wednesday implied a more than 80% likelihood that the central bank will raise interest rates at least once by year’s end. In newly released minutes from the central bank’s June meeting, Fed officials said “inflation remained elevated and had moved higher,” citing elevated oil prices, tariff costs, and a surge in demand for materials and labor linked to the nationwide AI build-out.

Analisi
Barclays lowers Partners Group target to CHF 940 (1,200) - Overweight
Deutsche Bank cuts Barry Callebaut target to CHF 960 (1,000) - Sell
SIG price target: Morgan Stanley raises to CHF 15.20 (13.60) - Equal Weight

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