Tesla is recalling more than 46,000 Cybertrucks over the potential for an exterior panel to fall off. The National Highway Traffic Safety Administration said a cosmetic appliqué along the exterior of the vehicles, known as the cant rail, can delaminate and detach from the vehicle, which the agency said could create a road hazard for motorists. The cant rail is a long piece of metal trim over the left and right side windows. The NHTSA said the recall population includes 46,096 model year 2024 and 2025 Cybertrucks made from Nov. 13, 2023, to Feb. 27, 2025. That is the majority of all Cybertrucks, which Tesla first released in November 2023. The flaw involves glue that can become brittle in certain environments, the recall said. Fixing it requires Tesla to use a different adhesive and reinforce the rail with a stud welded to the stainless panel and a nut clamping the panel to the vehicle structure.

The Switzerland market closed on a firm note on Thursday despite struggling for direction till about a couple of hours past noon, despite the Swiss National Bank lowering interest rate by 25 basis points. Worries about the outlook for global economic growth amid trade war and Middle East tensions weighed on the market for much of the day's trading session. The benchmark SMI closed up 56.13 points or 0.43% at 13,097.05. The index touched a low of 13,005.50 and a high of 13,103.76. Partners Group climbed about 2.1%. Givaudan, Nestle, Novartis and Alcon gained 1.3 to 1.8%. Sandoz Group and SGS closed higher by 0.88% and 0.82%, respectively. Swatch Group and Adecco ended down 4.16% and 3.94%, respectively. Richemont closed nearly 3% down. VAT Group and Geberit ended moderately lower, while Schindler Ps, ABB and SIG Group lost 0.2 to 0.4%. The Swiss National Bank trimmed its interest rate for the fifth consecutive meeting to the lowest since September 2022, amid heightened downside risks to inflation. The policy board, led by President Martin Schlegel, lowered the policy rate by 25 basis points to 0.25% from 0.5%. This followed a 50 basis point cut in December. The bank has reduced the key rate by 150 basis points since March 2024.

Europe
European stocks closed lower on Thursday on continued uncertainty about the outlook for global economic growth due to the trade war and rising tensions in the Middle East. Investors digested a slew of policy announcements from central banks, including the Bank of England. The Federal Reserve left its benchmark rate unchanged on Wednesday and signaled a couple of quarter percentage cuts this year. Today, the Bank of England held its rates unchanged, and the Swiss National Bank cut interest rate by 25 basis points. Sweden's Riksbank held rates, saying the outlook remains stable despite dramatic global developments. The BoE paused its monetary easing amid intensifying uncertainty over global trade policy and weak economic growth in the U.K. The nine-member Monetary Policy Committee, headed by BoE Governor Andrew Bailey, decided to maintain the Bank Rate at 4.5, which was the lowest level since June 2023. The U.K. central bank had reduced the rate by 25 basis points in February after two such reductions last year. Bank staff forecast the economy to grow around 0.25% in the first quarter of 2025. Growth estimates were slightly stronger than expected in February. Inflation is projected to rise further in the near-term to about 3.75% in the third quarter but to fall back thereafter. The pan European Stoxx 600 closed down 0.43%. The U.K.'s FTSE 100 edged down 0.05%, Germany's DAX closed 1.24% down, and France's CAC 40 fell 0.95%. Switzerland's SMI climbed 0.43%. Among other markets in Europe, Austria, Belgium, Denmark, Finland, Ireland, Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden and Turkiye closed weak. In the UK market, Pearson closed down 5.7%. M&G, Compass Group, Beazley, 3i Group, Hikma Pharmaceuticals, IAG, HSBC Holdings and Standard Chartered lost 2 to 4%. Rolls-Royce Holdings, BAE Systems, Anglo American Plc, Glencore, Natwest Group, Antofagasta and Rio Tinto lost 1 to 2%. SSE, Prudential, Pershing Square Holdings, Experian, Diploma, BT Group, National Grid and Diageo gained 2 to 3.1%. Entain, Kingfisher, United Utilities, RightMove, Reckitt Benckiser, Severn Trent, Marks & Spencer, WPP and BP closed higher by 1.3 to 2%.

United States
After recovering from an initial move to the downside, stocks showed a lack of direction over the course of the trading session on Thursday. The major averages swung back and forth across the unchanged line before eventually closing modestly lower. The Nasdaq fell 59.16 points or 0.3 percent to 17,691.63 and the S&P 500 dipped 12.40 points or 0.2 percent to 5,662.89, while the narrower Dow posted an even more modest loss, edging down 11.31 points or less than a tenth of a percent to 41,953.32. The modestly lower close on Wall Street came amid lingering concerns about the economic outlook following the Federal Reserve's monetary policy announcement on Wednesday. The Fed announced its widely expected decision to leave interest rates unchanged, but forecasts suggest officials still expect to resume cutting rates later this year. However, the Fed officials also lowered their projections for GDP growth in 2025 to 1.7 percent from 2.1 percent and raised their forecasts for consumer price growth this year to 2.7 percent from 2.5 percent. Fed Chair Jerome Powell said during his post-meeting press conference that a 'good part' of the higher inflation forecast is due to tariffs. Airline stocks moved significantly lower over the course of the session, dragging the NYSE Arca Airline Index down by 1.7 percent. Considerable weakness also emerged among biotechnology stocks, as reflected by the 1.2 percent loss posted by the NYSE Arca Biotechnology Index. Networking and computer hardware stocks also showed notable moves to the downside, while most of the other major sectors showed more modest moves on the day.

Asia
After uninspiring cues from Wall Street, the stock markets in East Asia and Australia were mixed on Friday. Some significant losses on the Chinese stock exchanges are offset by small gains elsewhere. After the public holiday break in Japan on Thursday, the Nikkei 225 index in Tokyo rose by 0.2 per cent to 37,815 points. In Seoul, the Kospi rose by 0.1 per cent. In Sydney, the trading day has already ended with a gain of 0.2 per cent.

Bonds
In the U.S. bond market, treasuries gave back ground after an early rally but closed modestly higher. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, dipped 2.3 basis points to 4.233 percent after falling as low as 4.174 percent.

Analysis
UBS starts Bioversys with Buy – 48 CHF
HSBC raises Rheinmetall to EUR 1,600 (1,275) – Buy
UBS raises Relx to 47 (46) GBP/Buy – Trader

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