Glencore has ceased business dealings with the struggling Singapore-based iron ore trader Radiant World, as well as with Sapphire Minmetals and other associated companies. The Zug-based commodities giant, which is contesting “substantial claims” made against it by Radiant World and Minmetals, stated on Tuesday that it has evidence that the latter sent falsified invoices and contracts, as well as fraudulent emails, to financial institutions. Radiant World and Minmetals falsely claimed that the emails originated from Glencore employees, the Baar-based group said on Tuesday. Glencore is currently reviewing its business dealings with these companies. Glencore, which considers the claims to be unfounded and is vigorously contesting them, intends to take the necessary action. Glencore itself has suffered losses and been exposed to risks in connection with its transactions with these companies. However, the financial exposure is said to be “insignificant” and to fall below the US$500 million threshold that the group had mentioned in its half-year results. Taking into account the provisions already set aside, the exposure is said to be significantly lower than this amount. Glencore first mentioned its exposure to Radiant during the presentation of its half-year results.

The Switzerland stock market ended weak on Tuesday as worries about geopolitical tensions, rising bond yields and elevated oil prices rendered the mood cautious. The benchmark SMI, which scaled a low of 13,680.95 and a high of 13,829.78 intraday, ended the session at 13,808.87, down 69.67 points or 0.5% from previous close. Bank stock UBS Group and Julius Baer dropped 3.4% and 2.3%, respectively, contributing significantly to market's weakness. Partners Group ended 2.56% down. The group has become the largest outside shareholder in SEG and is reportedly planning to more than double its initial equity investment to fund acquisitions and expansion across sports and adjacent services. Richemont, Nestle, Galderma Group and Amrize shed 1.25%-1.9%. Holcim, Sandoz Group, Sonova and Sika also closed weak. Swisscom ended more than 2% up. ABB climbed about 1.65%, while Zurich Insurance and Swiss Re gained about 1.5% over their previous closing levels. Kuehne + Nagel, Straumann Holding, Logitech International, Lonza Group and Lindt & Spruengli posted modest gains.

Europa
European stocks closed weak on Tuesday despite paring most of their early losses, as the mood remained cautious with investors reacting to the latest batch of economic data from the region and looking ahead to the monetary policy announcements from major central banks, including the Federal Reserve, the Bank of England and the Bank of Japan this week. The pan European Stoxx 600 ended down 0.28%. The U.K.'s FTSE 100 closed down 0.37%, Germany's DAX drifted lower by 0.15% and France's CAC 40 dropped 0.34%. Switzerland's SMI ended with a loss of 0.5%. Among other markets in Europe, Austria, Belgiium, Czech Republic, Denmark, Iceland, Ireland, Netherlands, Russia and Türkiye closed weak. Finland, Norway and Portugal ended higher, while Greece, Poland, Spain and Sweden closed flat. In the UK market, LSEG ended 3.2% down. IG Group Holdings, Relx, Glencore, Antofagasta, Aberdeen Group, HSBC Holdings, Fresnillo, Diageo, Experian and Burberry Group shed 2%-2.7%. Barclays, Standard Chartered, Associated British Foods, Intercontinental Hotels Group, Coca-Cola Europacific Partners, 3i Group and Unilever also ended notably lower. BAE Systems and Babcock International both gained about 3.4%. Shell, BP, Kingfisher, Airtel Africa, Legal & General, British Land, Admiral Group, Marks & Spencer, Persimmon, Lion Finance, Land Securities, Severn Trent, Standard Life, Centrica and United Utilities gained 1%-2%. In the German market, Zalando ended down by about 4%. Deutsche Bank, Daimler Truck Holding, Deutsche Boerse, Continental, Adidas, Bayer, Siemens and BASF lost 1%-2.3%. Rheinmetall moved up more than 3.5%. Qiagen, MTU Aero Engines, RWE, Symrise and Gea Group gained 1.2%-2%. In the French market, Hermes International, LVMH, Teleperformance and EssilorLuxottica lost 2%-3%. Sanofi, Publicis Groupe, Kering, BNP Paribas, Accor, Dassault Systemes, Danone, Stellantis, Societe Generale, Capgemini, Michelin and L'Oreal also ended weak.

Stati Uniti
U.S. stocks fell ahead of the Federal Reserve's rate decision as Treasury yields hit more multiyear highs amid signs of a prolonged oil shock. The Dow Jones Industrial Average dropped 328.09 points, or 0.63%, to 52093.11. The S&P 500 lost 34.25 points, or 0.45%, to 7585.73 and the tech-heavy Nasdaq Composite fell 204.84 points, or 0.78%, to 25981.57. Airlines and cruise ship operators continued their retreat. A rebound in artificial-intelligence stocks was muted as traders weighed statements from AI firms about slowing development. The PHLX "SOX" Semiconductor Sector index rose 0.4%, but is still own more than 20% in the last three months, according to Dow Jones Market Data. Global semiconductor stocks were identified in the BofA fund-manager survey as the "most crowded trade." Airlines and cruise ship operators continued their retreat. The average price of a gallon of gasoline hit $4.33 in the U.S., within 25 cents of 2026 highs, according to the AAA driving association. One estimate of restaurant traffic hinted that rising gasoline and credit costs were already impeding discretionary spending. Monthly visits to U.S. restaurants declined 2.4% compared with last August, according to a report from data-analytics firm Placer.AI. Shares of Wingstop, Cava, Cheesecake Factory, Shake Shack and Chili's owner Brinker International all slid by 4% or more. Truist Financial struck a deal to sell $5.5 billion of auto loans as part of the Charlotte, N.C. financial services firm's decision to exit the near-prime auto lending business. Federal regulars pressed Tesla on whether its steering wheel-free Cybercab may have a way for humans to drive it.

Asia
Midway through the week, positive trends are dominating the stock markets in East Asia and Australia. On the Tokyo Stock Exchange, the Nikkei 225 index is up 0.5 per cent, whilst the broader Topix index has also risen by 0.5 per cent.

Obbligazioni
The yield on the 10-year U.S. Treasury note rose 0.035 percentage point to 4.995%, the highest close since July 20, 2007. The yield on the policy-sensitive two-year note rose 0.028 percentage point to 4.661%. The yield on the 30-year bond rose 0.036 percentage point to 5.362%.

Analisi
JPM lowers its Lanxess target price to EUR 15 (18) – Neutral
Berenberg upgrades GSK to Buy (Hold) – target price 2,200 (2,000) p


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