The US company Alcon, which specializes in ophthalmology and is listed on the Swiss stock exchange, achieved growth in the 2024 financial year. Shareholders can now look forward to a higher dividend. In the fourth quarter alone, sales at the former Novartis subsidiary rose by 6 per cent to USD 2.48 billion, as the company announced late on Tuesday evening. And Alcon also became more profitable from October to December. The core margin as a measure of profitability rose by 1.2 percentage points to 20.1 per cent. Meanwhile, the company's operating margin (unadjusted) increased to 15.9 per cent from 8.9 per cent in the previous year. The bottom line was a quarterly profit of USD 284 million after USD 427 million in the previous year, which had been supported by a positive tax effect. Core earnings per share, adjusted for various effects, rose slightly by 2 cents to 72 cents. Shareholders are now receiving a higher dividend. The Group intends to pay them a dividend increased by 4 centimes to 28 centimes per share. Meanwhile, Alcon's turnover for the year as a whole rose by 5 per cent to 9.83 billion dollars. Alcon had recently forecasted a range of 9.8 to 9.9 billion, which has now been achieved.

Swiss stock markets ended trading on a favorable note on Tuesday. The SMI gained 0.6 per cent to 13,025 points. Among the 20 SMI stocks, there were eleven losers and nine gainers. A total of 27.91 (previously: 21.02) million shares were traded. The heavyweights Nestlé (+1.4%), Novartis (+2.3%) and Roche (+0.4%) recorded gains. ABB was once more under pressure, losing a further 1.7 per cent. Among small caps, SIG Group slumped by almost 14 per cent. Despite presenting good figures for the fourth quarter, the company gave a cautious outlook.

Europe
The European stock markets closed flat on Tuesday, against a backdrop still dominated by negotiations to end the war in Ukraine and trade tensions between the United States and the rest of the world. The Stoxx Europe 600 index gained 0.2% to 554.2 points. In Paris, the CAC 40 and the SBF 120 each lost 0.5%. The DAX 40 fell by 0.1% in Frankfurt, while the FTSE 100 gained 0.1% in London. CLARIANE (-8.3%): the operator of retirement homes and clinics has once again published accounts in the red for the 2024 financial year. BUREAU VERITAS (-2.8%): the certification and quality control group reported a profitability rate ‘only’ in line with expectations, observes Oddo BHF. SOCIETE GENERALE (+2.3% to 38.70 euros): On Tuesday, JPMorgan raised its recommendation on the bank's shares from ‘neutral’ to ‘outperform’, while raising its target price for the stock from €29 to €46. According to the financial intermediary, Société Générale's recent return on capital and profitability indicators are the first signs of the company's stock market recovery.

United States
The Nasdaq Composite and S&P 500 declined for a fourth consecutive session Tuesday, with economic worries and tariff fears dragging on markets again. Tech stocks were among the hardest hit. Treasury prices rallied, and cryptocurrencies sold off. The Nasdaq Composite fell about 1.3%, following Monday’s tech-led selloff. The S&P 500 dropped roughly 0.5%, and the Dow industrials ticked up 0.4%. The Conference Board’s closely watched index of consumer sentiment registered the largest monthly decline in more than three years in February. Fears of recession reappeared amid concerns over the inflationary impact of President Trump’s potential tariff policies. Trump has said tariffs on Canada and Mexico are set to move forward next week. Investors also appeared to be reconsidering the artificial intelligence trade, just a day before AI giant Nvidia reports fourth-quarter earnings. The Roundhill Magnificent Seven ETF dropped more than 2% and entered correction territory, a drop of at least 10% from a recent high. Energy stocks were another weak spot. Bitcoin prices dropped below $88,000 as part of a broader selloff in cryptocurrencies. Consumer sentiment fell for a third straight month, by 7 points to 98.3 in February, the largest monthly decline since August 2021.

Asia
Asian stocks were mixed on Wednesday. While the Nikkei-225 in Tokyo dropped by 0.7 per cent to 37,987 points, the Kospi bounced back by 0.3 per cent having declined the previous day. The recovery was stronger in Shanghai (+0.7 per cent) and especially in Hong Kong, where the Hang Seng Index jumped 3.2 per cent. The sub-index for technology shares climbed even higher, by 4.7 per cent. In Tokyo, meanwhile, concerns about further US tariffs weighed on sentiment. Chip stocks such as Tokyo Electron (-5.8 per cent) and Renesas (-3.9 per cent) continue to be sold off. Advantest, on the other hand, edged 0.3 per cent higher.

Bonds
Yields on 2- and 10-year U.S. government debt were on pace for a fifth straight session of declines on Tuesday as traders considered the risks of slowing global growth and a potential domestic recession. The 10-year Treasury note yield declined by 10 basis points (0.10 percentage points) to 4.3%. The 2-year Treasury note yield shed 6 basis points to 4.1%.

Analysis
Target price Intershop: UBS upgrades to CHF 124 (117) - Sell
Target price Holcim: CFRA raises to CHF 100 (87) - Hold
Target price Belimo: Jefferies increased to CHF 752 (725) - Buy

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