An experimental mRNA-based vaccine succeeded in preventing cancer from coming back or spreading in a study of high-risk melanoma patients, Moderna and its partner Merck & Co said Wednesday, paving the way for a potentially new life-extending treatment for the thousands of people diagnosed with the deadly skin cancer each year. Moderna's stock surged by about 180 percent. Merck's stock rose by about 13 percent. In the wake of this, the stock price of Moderna's competitor BioNTech jumped 22 percent, while Novavax rose by nearly 11 percent. Pfizer's stock rose 3.6 percent. The positive results rippled through drug industry stocks as investors saw the potential for more future blockbusters. It is the second major oncology breakthrough in recent months after a different drug succeeded in extending the lives of people with pancreatic cancer, a notoriously lethal disease. Melanoma has also traditionally been a very deadly cancer, but immunotherapies like Merck’s blockbuster Keytruda have made great strides in improving outcomes.

The Swiss market closed on a firm note on Wednesday even as most of the markets across Europe struggled to find their way up north. Data showing a sharp jump in Swiss industrial production and upbeat earnings update from Geberit contributed to market's rise. The benchmark SMI opened flat and despite recovering well, briefly slipped below the flat line a little before noon, but gained in strength thereafter to eventually close on a bright note. The index ended the day with a gain of 65.68 points or 0.46% at 14,386.58, Geberit jumped nearly 7.5% on strong quarterly earnings. The maker of sanitary products and related systems reported net income of 167.8 million Swiss francs for the second quarter, up 11% compared to a year earlier. Lonza Group climbed 2.37%. Roche gained 1.8%, while Partners Group and Novartis both closed up by about 1.3%. Givaudan, Sandoz Group, Amrize and Galderma Group gained 0.8%-1%. SGS and Kuehne + Nagel also ended notably higher. Straumann Holding, Helvetia Baloise Holding, Lindt & Spruengli, Alcon, Swiss Life Holding, Zurich Insurance and Julius Baer lost 1%-2.5%. Data from the Federal Statistical Office showed Industrial production in Switzerland grew by 5.5% year-on-year in the second quarter of 2026, defying market expectations for a 4.7% drop and recovering from an upwardly revised 7.6% decline in the previous quarter.

Europa
European stocks closed slightly lower on Wednesday as persisting concerns about Middle East tensions and elevated oil prices rendered the mood cautious. In addition to digesting the regional inflation data, investors looked ahead to the minutes from the Federal Reserve's latest monetary policy meeting for clues about the central bank's future interest rate moves. The pan European Stoxx 600 ended down 0.11%. Germany's DAX and France's CAC 40 edged lower by 0.14% and 0.09%, respectively. The UK's FTSE 100 settled with a gain of 0.14%. Among other markets in Europe, Austria, Belgium, Czech Republic, Greece, Ireland, Netherlands, Portugal and Spain ended higher. Denmark, Finland, Iceland, Poland, Russia and Türkiye closed weak, while Norway and Sweden ended flat. In the UK market, miners moved higher, contributing to market's marginally positive close. Fresnillo and Endeavour Mining jumped 7.85% and 7.5%, respectively. Glencore, Anglo American Plc, Antofagasta and Rio Tinto climbed 3.7%-5.3% Croda International rallied 5.3%. ICG, Scottish Mortgage, Weir, AstraZeneca, JD Sports Fashion, Experian, GSK, Sainsbury (J), AutoTrader Group, , Unilever, Kingfisher, Intercontinental Hotels Group and BP gained 1%-2.3%. IG Group Holdings closed 4.8% down. Smith & Nephew closed 3.7% down. The medical technology company disclosed that its CFO John Rogers has resigned from the board with immediate effect to take a new position in the United States.

Stati Uniti
U.S. stocks rose modestly Wednesday, and long-term Treasury yields pulled back sharply after the government said it would buy back more longer-dated bonds, easing pressure on a market that had pushed borrowing costs to their highest levels in nearly two decades. Results from landmark cancer vaccine study sent Moderna shares soaring. The Dow Jones Industrial Average rose 119.65 points, or 0.22%, to 53463.05. The S&P 500 added 16.22 points, or 0.21%, to 7707.98, while the Nasdaq Composite advanced 41.38 points, or 0.16%, to 26331.09. According to preliminary data, there were 1755 advancing issues and 996 declining issues on the NYSE. Target rose 4.3% to a 52-week high after raising its full-year sales growth forecast, as the retailer's turnaround continued to gain traction. Lowe's rose 2% despite tempering its full-year outlook, citing cooling demand for large home renovation projects. Estee Lauder rallied 16% after the beauty company narrowed losses and lifted sales. TJX slipped 4.2% despite raising its full-year earnings forecast, after its quarterly results fell short of expectations. La-Z-Boy tumbled 17% after the furniture maker swung to an unexpected quarterly loss. The Fed released minutes from its July meeting, which showed a deepening divide among officials about how to handle inflation, with many arguing rate hikes could be needed if price pressures don't subside. Federal Reserve officials held rates steady at that meeting, but three of the 12 members on the Open Market Committee voted for an increase.

Asia
The easing of tensions on the U.S. bond market, triggered by the U.S. Treasury’s announcement that it would double its buy-back operations for long-dated bonds, lifted sentiment on East Asian stock markets on Thursday. The move is aimed at easing pressure on a market that had recently driven borrowing costs to their highest level in almost two decades. In Tokyo, the Topix rose by 0.9 per cent, whilst in Seoul, the technology-heavy Kospi remained true to the extreme volatility seen over the past few weeks, surging by 6.1 per cent and thereby recouping the previous day’s losses.

Obbligazioni
U.S. treasury yields settled mixed on the Treasury's buyback plans. The 10-year fell 0.054 percentage point to 4.651%, while the two-year yield rose 0.004 percentage point to 4.178%.

Analisi
UBS raises its Medartis target price to CHF 105 (97) – Buy
Jefferies raises VAT to Hold (Underperform) – target price CHF 646 (560)
Citi raises its Moncler target price to EUR 63 (62) – Buy


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