STMicroelectronics announces: the completion of the 3Y share buy-back programs of $1,040 million initiated in 2021 and the launch of a new share buy-back plan comprising two programs, totalling up to $1,100 million to be executed within a 3-year period (subject to shareholder and other approvals from time to time). The new Buybacks will be carried out, in accordance with the authorization of the Supervisory Board and the provisions of the EU Regulations. The completed Buy-Backs were launched on July 1, 2021, and their duration was approximately 3 years.

The Swiss market ended notably lower on Friday with stocks reeling under pressure right through the day's session amid concerns about the outlook for global economic growth. The benchmark SMI ended down by 115.29 points or 0.95% at 12,012.87. The index touched a high of 12,110.54 and a low of 11,987.23 in the session. Holcim ended 3.48% down. UBS Group closed lower by about 3.2%, and ABB drifted down 2.83%. SGS and Partners Group lost 2.38% and 2.08%, respectively. Sika, VAT Group and Julius Baer lost 1.6 to 2%. Nestle, Geberit, Straumann Holding, Kuehne & Nagel, Sonova, Logitech International and SIG Group ended lower by 0.7 to 1.25%. Ams OSRAM AG dropped 5.29%. Adecco and Avolta lost 2.52% and 2.31%, respectively. Temenos Group, Georg Fischer and Clariant also ended sharply lower. Lindt & Spruengli climbed 1.3%, and Roche GS ended up by 1.12%. Flughafen Zurich, BKW and Galenica Sante posted moderate gains.

Europe
European stocks closed lower on Friday with investors assessing monetary policy decisions of several central banks, and digesting a slew of European and U.S. economic data. Eurozone business recovery slowed sharply in June as the manufacturing sector downturn gathered momentum and activity in the services sector deteriorated. The HCOB's preliminary composite Purchasing Managers' Index, compiled by S&P Global, fell to 50.8 from May's 52.2. Elsewhere, U.K. private sector growth eased to a seven-month low in June as a slowing of service sector growth offset a stronger performance in manufacturing. The S&P Global Composite PMI decreased to 51.70 from 53 points in May as some companies put big decisions on hold until after July 4 election. On the positive side, U.K. retail sales volume grew 2.9% on a monthly basis in May, offsetting the 1.8% fall in April, official data revealed. Also, British consumer sentiment index advanced to -14 in May from -17 in April, monthly survey data from the market research group GfK showed. The pan European Stoxx 600 dropped 0.73%. The U.K.'s FTSE 100 ended down 0.42%, Germany's DAX lost 0.5% and France's CAC 40 ended lower by 0.56%, while Switzerland's SMI settled lower by 0.95%. Among other markets in Europe, Austria, Denmark, Netherlands, Norway, Poland, Portugal and Spain ended weak. Belgium, Iceland and Russia edged down marginally, while Greece, Sweden and Turkiye closed higher. Bank stocks were among the prominent losers amid the possibility of several central banks lowering interest rates in the coming months. In the UK market, Antofagasta ended more than 4% down.

United States
The S&P 500 ebbed lower Friday, weighed down by a decline in Nvidia shares, but held onto its third consecutive week of gains. The benchmark index dipped 0.2%, bringing its week-to-date rise to 0.6%. The Nasdaq Composite shed 0.2% for the day and was little changed for the week. The Dow Jones Industrial Average was the relative outperformer, inching up slightly to bring its weekly gain to 1.5%. The S&P 500 has climbed 15% this year, in large part due to a rush of investments in companies at the vanguard of artificial-intelligence development. The index and Nasdaq Composite each remain not far off their records notched before Wednesday’s Juneteenth holiday. The rise and fall in shares of Nvidia, whose chips power AI technology, has helped drive the direction of the major indexes this year. The stock rallied on Tuesday, briefly making Nvidia the world’s most valuable public company, but struggled to close the week. Since the S&P 500 and Nasdaq Composite are weighted by market value, moves in megacap stocks like Nvidia have a big influence on their performance. Shares of Nvidia fell 3.2% on Friday, capping the stock’s first weekly decline since April. “The bifurcation in the market continues to exist and there’s a lot of concern about the breadth of the market,” said Mark Luschini, chief investment strategist at Janney Montgomery Scott. “Or to put it another way, the narrowness of the leadership.” Among individual stocks, shares of Hertz Global rose 16% after the car-rental company raised the size of its bond deal to $1 billion. Sarepta Therapeutics ’ stock jumped 30% after the Food and Drug Administration expanded approval of the biotechnology company’s Duchenne muscular-dystrophy gene therapy for patients aged 4 and older. Nikola shares gained 8.4% after the embattled electric-vehicle maker’s board approved a 30-to-1 reverse stock split, effective June 30.

Asia
Most stock exchanges in East Asia are trending lower in the course of trading on Monday. The stock market barometer in Sydney is also down 0.8 per cent. Tokyo is an exception. The Nikkei 225 index is up 0.6 per cent at 38,830 points. It is supported by the yen, which continues its slide in the absence of any signals from the Japanese central bank to abandon its ultra-expansionary course.

Bonds
The yield on the benchmark 10-year U.S. Treasury note ticked up to 4.256%, from 4.252% on Thursday.

Analysis
Bank of America lowers Ryanair target to EUR 24 (25) – Buy
UBS lowers Kion target to 50 (63) EUR – Buy
Deutsche Bank raises Schneider Electric target to EUR 210 (200) – Hold

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