The landmark decision sought by Bayer from the US Supreme Court on the issue of glyphosate is likely to be delayed. According to the company, the Supreme Court has asked the Solicitor General for the US government's opinion on the Durnell case. In April, Bayer, through its subsidiary Monsanto, asked the court to review the case, which concerns the alleged carcinogenic effects of the weed killer. Once the Solicitor General has submitted his opinion, the Supreme Court will decide whether to accept the case during the 2025-2026 session, according to Bayer. If the court accepts the case, a ruling on the matter could be handed down during the next session, which ends in June 2026. “A positive ruling on the fundamental issue in the Roundup litigation - whether federal law precludes lawsuits based on alleged lack of warning labels under individual state laws - could help significantly reduce litigation,” Bayer said.

Save for a brief while early on in the session, the Swiss market languished in negative territory on Monday amid uncertainty about U.S. government's tariff moves. The benchmark SMI closed down 58.92 points or 0.49% at 11,921.46. The index, which advanced to 12,013.70 in early trades, dropped to a low of 11,899.77 in the session. SIG Group closed down 2.72%. Sika, VAT Group, Givaudan, Kuehne + Nagel, Swatch Group, Roche Holding and ABB lost 1 to 2.05%. Holcim, Sonova, SGS, Straumann Holding, Logitech International, Geberit and Nestle also closed weak, Amirize climbed 1.33%. Partners Group gained about 0.5%, while Sandoz Group and UBS Group edged up marginally. In economic news, a measure signaling future turning points in the Swiss economy decreased unexpectedly in June to the lowest level in six months, the results of a survey by the KOF Swiss Economic Institute showed. The economic barometer dropped to 96.1 in June from 98.6 in the previous month. The expected reading was 99.3. The negative developments are reflected in the majority of the indicator bundles included in the KOF Economic Barometer, especially the indicator bundle for manufacturing, which is considerably under pressure, the KOF said.

Europe
European stocks closed weak on Monday after a cautious session amid uncertainty about U.S. government's tariffs as the July 9 deadline nears. The pan European Stoxx 600 ended down 0.42%. The U.K.'s FTSE 100 closed 0.43% down, Germany's DAX lost 0.51% and France's CAC 40 drifted down 0.33%. Switzerland's SMI lost 0.49%. Among other markets in Europe, Belgium, Denmark, Finland, Greece, Netherlands, Iceland, Portugal and Sweden ended weak. Czech Republic, Norway, Poland, Russia, Spain and Turkiye closed higher. Austria ended flat. In the UK market, Intermediate Capital Group, Barratt Redrow, Persimmon, Croda International, Taylor Wimpey, Experian, Spirax Group, Hikma Pharmaceuticals, Rentokil Initial, Mondi and Hiscox lost 1.6 to 4.2%. Endeavour Mining climbed nearly 2.5%. Imperial Brands, Airtel Africa, Rolls-Royce Holdings, BAE Systems, Coca-Cola Europacific Partners and JD Sports Fashion gained 1 to 2%. In the German market, Symrise closed nearly 7% down, and Bayer ended lower by about 5.3%. Deutsche Bank, Brenntag, Sartorius, BASF, Merck and Siemens lost 2.3 to 3.2%. Volkswagen, BMW, Porsche, Commerzbank, Mercedes-Benz and Deutsche Post closed down 1.4 to 2%. Zalando climbed more than 3% and Siemens Energy surged 2.7%. Puma, Rheinmetall and Infineon gained 1.3 to 2%. In the French market, Stellantis lost about 3% and Renault closed nearly 2.5% down. Schneider Electric, Pernod Ricard, Saint Gobain, Veolia, LVMH and Dassault Systemes lost 1 to 2%. L'Oreal climbed about 2.3%. Thales, Safran, Carrefour, Hermes International and Unibail Rodamco gained 1 to 1.6%.

United States
Stocks moved mostly higher over the course of the trading session on Monday, adding to the strong gains posted last week. With the continued upward move, the Nasdaq and the S&P 500 once again set new record closing highs. The major averages reached new highs late in the session before giving back some ground going into the close. The Dow advanced 275.50 points or 0.6 percent to 44,094.77, the Nasdaq climbed 96.27 points or 0.5 percent to 20,369.73 and the S&P 500 rose 31.88 points or 0.5 percent to 6,204.95. The continued strength on Wall Street came amid ongoing optimism about trade deals ahead of the impending deadline for U.S. reciprocal tariffs early next month. Positive sentiment was also generated in reaction to news Canada has rescinded its digital services tax on American tech firms, which were initially set to begin being collected today. Oracle rose 4% to $218.63. In a regulatory filing, Oracle said CEO Safra Catz plans to tell the company’s employees today that the software company “signed multiple large cloud services agreements including one that is expected to contribute more than $30 billion in annual revenue starting in FY28.” The company has emerged as the third-party cloud provider of choice for companies such as Nvidia. Shares of electric-vehicle maker Tesla fell 1.9% after closing down 0.7% on Friday. The Senate bill would end tax credits for the purchase of EVs after September, quicker than the House proposal’s call for eliminating them by the end of the year for most vehicles. Tesla CEO Elon Musk slammed the legislation as Republicans narrowly advanced the measure in a 51-49 weekend vote.

Asia
Stock markets in East Asia and Australia were mixed on Tuesday. Good guidance from Wall Street with new record highs for some indices is only being taken up sporadically. In Tokyo, the somewhat stronger gains of the previous day are lost again. The Nikkei 225 index fell by 0.9 per cent to 40,127 points, although a sentiment barometer from the Japanese central bank was better than expected and also better than in the previous quarter.

Bonds
In the U.S. bond market, treasuries saw a notable rebound following the pullback seen last Friday. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, slid 5.3 basis points to a two-month closing low of 4.230 percent.

Analysis
UBS raises ams-Osram to CHF 14.80 (13.50) – Buy
UBS raises Sensirion to CHF 90 (83) – Buy
UBS lowers SIG to CHF 16 (19) – Neutral