Porsche AG car deliveries fell 8% in the first quarter to 71,470 vehicles as strong growth in North America failed to offset hefty declines in China and Europe. Automakers faced a turbulent end to the quarter ahead of U.S. President Trump’s automobile tariffs starting in the first week of April. Analysts believe Porsche prepared itself for the new duties by shipping more vehicles ahead of the deadline and adjusting its pricing strategy, with some pass-through to customers. First-quarter deliveries in North America rebounded after import-related issues last year delayed the delivery of some models, while in Europe the figures were distorted by a strong quarter in 2024. The German premium sports-car maker said Tuesday that the Chinese market is still suffering from a tense economic situation, with the company continuing to focus to balancing demand and supply in the country. Deliveries in North America rose 37% in the quarter, but fell 10% in Europe and 42% in China. “Customer demand remains at a solid level,” said Matthias Becker, member of the executive board for sales and marketing. “We are working closely with the various sales regions and will consistently focus on matching demand and supply in line with our ‘Value over Volume’ strategy.”

The Swiss market closed on a buoyant note on Tuesday, tracking positive global cues, amid expectations the U.S. President Donald Trump will soften his tariff stance. The benchmark SMI closed with a strong gain of 311.64 points or 2.82% at 11,359.12, despite coming off the day's high of 11,507.87. Lonza Group climbed 7.62% after the company's Chief Financial Officer Philippe Deecke reportedly reassured analysts in a call that the pharmaceutical manufacturer is 'well protected' from potential US tariffs on the pharma sector due to its business model and global infrastructure. Swiss Re rallied 5.78%. Sandoz Group gained nearly 5%, while Zurich Insurance Group, Richemont, Alcon, Swiss Life Holding, ABB and VAT Group ended higher by 4 to 4.3%. Straumann Holding, Holcim, Kuehne + Nagel, Sika, Partners Group, Julius Baer, Swatch Group, Geberit, Sonova, Logitech International, Lindt & Spruengli, Adecco, UBS Group and Nestle settled higher by 2 to 4%.

Europe
European stocks closed higher on Tuesday, snapping a four-session losing streak, as mild optimism about U.S. President Donald Trump softening its tariff stance on some countries prompted investors to indulge in some buying. The pan European Stoxx 600 surged 2.72%. The U.K.'s FTSE 100 closed up 2.71%, Germany's DAX ended higher by 2.48% and France's CAC 40 settled 2.5% up, while Switzerland's SMI climbed 2.82%. Among other markets in Europe, Austria, Belgium, Czech Republic, Denmark, Finland, Greece, Iceland, Ireland, Italy, Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden and Turkiye all closed higher. In the UK market, Rolls-Royce Holdings, Experian, Hiscox, IAG, Games Workshop, Polar Capital Technology Trust, Beazley, RightMove, Babcock International Group, 3i Group, St. James's Place, Scottish Mortgage and Barclays gained 5 to 7%. Ashtead Group, BAE Systems, Aviva, M&G, Compass Group, Phoenix Group Holdings, Reckitt Benckiser, Legal & General, Associated British Foods, Coca-Cola HBC, Halma, Melrose Industries, Glenco, Airtel Africa and Haleon were among the several other major gainers. BT Group closed down 3.1%. Standard Chartered and Kingfisher lost 1.54% and 1.1%, respectively. In the German market, Commerzbank, Heidelberg Materials, Sartorius, Rheinmetall, Siemens Energy, Munich RE, MTU Aero Engines, Deutsche Boerse, Hannover Rueck, Continental and Deutsche Bank gained 4 to 7%.

United States
Stocks moved sharply higher early in the session on Tuesday but showed a substantial downturn over the course of the trading day. The major averages pulled back well off their highs of the session and tumbled firmly into negative territory. The major averages climbed off their worst levels going into the close but still posted significant losses on the day. The Nasdaq plunged 335.35 points or 2.2 percent to 15,267.91, the S&P 500 slumped 79.48 points or 1.6 percent to 4,982.77 and the Dow slid 320.01 points or 0.8 percent to 37,645.59. Earlier in the day, the Dow jumped by nearly 3.9 percent, while the S&P 500 and Nasdaq had both surged more than 4 percent. With the downturn on the day extending the recent nosedive, the Dow and the Nasdaq dropped to their lowest closing levels in over a year and the S&P 500 hit a nearly one-year closing low. The early rally on Wall Street partly reflected optimism about negotiations on President Donald Trump's new tariffs that could help avoid a global trade war. Treasury Secretary Scott Bessent said approximately 70 countries have approached the White House about trade talks, with Japan purportedly getting priority status. The sell-off by oil service stocks came as the price of crude oil pulled back sharply after rebounding earlier in the day, tumbling to its lowest levels in four years. Substantial weakness also emerged among airline stocks, with the NYSE Arca Airline Index plummeting by 4.0 percent to a four-year closing low. Biotechnology stocks also showed a significant move to the downside, as reflected by the 3.9 percent slump by the NYSE Arca Biotechnology Index. Computer hardware, semiconductor, oil producer and housing stocks also moved notably lower amid another day of broad based weakness on Wall Street.

Asia
The recovery on the stock markets in East Asia and Australia has already come to an end after just one day. The indices fell across the board on Wednesday.

Bonds
In the U.S. bond market, treasuries extended the sharp pullback seen over the course of the previous session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, jumped 10.7 basis points to 4.262 percent.

Analysis
Citi lowers Sika target to CHF 200 (250) – Neutral
UBS raises Engie target to EUR 20 (17.5) – Buy
Goldman Sachs lowers Daimler Truck target to EUR 40 (41)/Neutral – Traders