Johnson & Johnson’s failure to win approval of an $8 billion bankruptcy plan for its talc liabilities is the latest court ruling to pare back the use of chapter 11 to resolve mass torts and could limit the appeal of bankruptcy for companies looking to drive settlements. The decision Monday by Houston bankruptcy Judge Christopher Lopez means that chapter 11 may no longer be a viable option for J&J. Now the healthcare and consumer products giant will go back to the tort system to face the nearly 100,000 lawsuits filed against the company linking its talc baby powder to ovarian and other gynecological cancers. In recent years, creative lawyers have attempted to use the bankruptcy code as a means to push forward sweeping resolutions of corporate tort liabilities. But a growing number have been thwarted by federal courts. J&J’s two previous bankruptcy cases were each dismissed in New Jersey in 2023 after courts found that the special subsidiary the company created to house its talc liabilities wasn’t in financial distress and therefore didn’t qualify for the protections of chapter 11. That same year, an Indiana bankruptcy judge rejected 3M’s attempt to use bankruptcy for its Aearo Technologies unit to resolve lawsuits alleging its earplugs were defective and caused injury to military service members.

The Swiss market ended on a firm note on Tuesday, in line with markets across Europe, as investors shrugged off tariff concerns and picked up stocks at reduced levels. The benchmark SMI closed up 88.50 points or 0.7% at 12,686.62. The index touched a high of 12,754.44 in the session. Adecco gained about 2.3%. Logitech International climbed nearly 2%, while SGS ended 1.64% up. ABB, Swiss Re, Partners Group, Holcim, Zurich Insurance, Lindt & Spruengli, Richemont, Nestle and SIG Group gained 0.9 to 1.42%. Sandoz Group and Swatch Group closed lower by 1.7% and 1.58%, respectively. Alcon ended down 1.08%. Data from the Federal Statistical Office said retail sales in Switzerland rose 1.6% year-on-year in February, slowing from an upwardly revised 2.9% gain in the previous month. This marked the weakest growth in retail trade since November 2024. On a seasonally adjusted monthly basis, retail trade fell 0.7% in February, reversing an upwardly revised 0.7% rise in the preceding month. The Swiss procure.ch PMI fell to 48.9 in March from 49.6 in February, according to a report from procure.ch & UBS. The PMI reading was expected to come in at 50.5.

Europe
European stocks closed on a firm note on Tuesday as investors, despite continued uncertainty ahead of the launch of fresh tariffs by the U.S., indulged in some bargain hunting after successive days of losses. Investors digested data on regional business activity and also monitored the developments on the geopolitical front. European Commission President Ursula von der Leyen said in a speech today that the European Union is open to negotiations with the U.S. on tariffs but will take retaliatory measures, if necessary. 'We will approach these negotiations from a position of strength. Europe holds a lot of cards, from trade to technology to the size of our market. But this strength is also built on our readiness to take firm countermeasures if necessary. All instruments are on the table,' she said. The pan European Stoxx 600 climbed 1.08%. The U.K.'s FTSE 100 gained 0.61%, Germany's DAX jumped 1.67% and France's CAC 40 closed up 1.1%, while Switzerland's SMI ended 0.7% up. Among other markets in Europe, Austria, Belgium, Denmark, Finland, Greece, Ireland, Italy, Netherlands, Poland, Portugal, Spain, Sweden and Turkiye closed on a firm note. Norway edged up marginally. Russia ended sharply lower, and Iceland closed flat. In the UK market, Rolls-Royce Holdings rallied more than 4%. Hiscox, Rentokil Initial, Easyjet, JD Sports Fashion, Barclays Group, Halma, Babcock International, Pershing Square Holdings, Endeavour Mining, Fresnillo, Admiral Group, Auto Trader Group, BAE Systems, Polar Capital Technology, Natwest Group and Melrose Industries gained 1.5 to 3%. WPP ended down 3.61%. Sainsbury (J), Informa, IAG, St. James's Place, Vodafone Group and Weir Group also ended notably lower. In the German market, Commerzbank climbed more than 7%. Adidas, Siemens Energy, Rheinmetall, SAP, MTU Aero Engines, Heidelberg Materials, Deutsche Bank, Zalando, Infineon, RWE and Siemens closed higher by 1.5 to 3.4%.

United States
After recovering from an early move to the downside and moving mostly higher in morning trading, stocks showed a lack of direction over the remainder of the session. The major averages spent the day swinging back and forth across the unchanged line. The tech-heavy Nasdaq eventually ended the day firmly positive, jumping 150.60 points or 0.9 percent to 17,449.89. The S&P 500 also climbed 21.22 points or 0.4 percent to 5,633.07, but the narrower Dow edged down 11.80 points or less than a tenth of a percent to 41,989.96. The volatility on the day came as traders continue to express uncertainty about President Donald Trump's trade policies ahead of the announcement of reciprocal tariffs on Wednesday. The higher close on the day may have reflected bargain hunting following recent weakness on Wall Street, which saw the Nasdaq and S&P 500 hit six-month intraday lows on Monday before regaining ground. While the S&P 500 managed to reach positive territory, Nasdaq ended the day at its lowest closing level since early last September. In U.S. economic news, a report from the Institute for Supply Management showed activity in the U.S. manufacturing sector contracted in March after two consecutive months of expansion. Despite the higher close by the broader markets, biotechnology stocks pulled back sharply after surging on Monday, resulting in a 3.2 percent plunge by the NYSE Arca Biotechnology Index. Pharmaceutical stocks also showed a significant move to the downside, dragging the NYSE Arca Pharmaceutical Index down by 2.8 percent. Healthcare and airline stock also saw considerable weakness on the day, while software stocks turned in a strong performance, contributing to the advance by Nasdaq.

Asia
There is little movement on the stock markets in East Asia and Australia on Wednesday. In Tokyo, Seoul, Shanghai, Hong Kong and also in Sydney, the indices moved by a maximum of 0.3 per cent compared to their previous day's closing levels. The Nikkei index in Tokyo is up 0.1 per cent at 35,650 points.

Bonds
In the U.S. bond market, treasuries showed a strong upward move after ending the previous session little changed. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, tumbled 9.0 basis points to a nearly four-month closing low of 4.156 percent.

Analysis
UBS lowers Sonova to CHF 280 (300) – Neutral
Barclays lowers Richemont to CHF 171 (175) – Overweight
UBS raises Carlsberg to DKK 930 (810) – Neutral

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