Meta Platforms Inc. (META), the parent company of Facebook, has acquired a minority stake in French ophthalmic firm EssilorLuxottica (ESLOF.PK, ESLOY.PK), Bloomberg reported, citing people familiar with the matter. According to the report, Meta purchased just under 3% of EssilorLuxottica, a stake valued at approximately 3 billion euros ($3.5 billion) based on the current market price. The company is considering increasing its investment to around 5% over time, although those plans may still change. On the trading floor, the news only caused movement for the French company. ADRs traded in New York just now soared by 5.5 per cent, although being little changed after hours. Meta shares, on the other hand, barely moved and were virtually flat.

The Swiss stock market recovered significantly from the day's lows on Tuesday afternoon, in line with the European stock markets. The SMI gained 0.1 per cent to 11,971 points. Of the 21 SMI stocks, eleven were losers and ten were gainers. A total of 21.25 (previously: 14.16) million shares were traded. Until the next index review in September, the SMI will comprise 21 instead of 20 shares after Holcim spun off its North American business under the name Amrize. Roche (+0.2%), Nestlé (-0.1%) and Novartis (+0.1%) closed well above the day's low. Novartis obtained marketing authorisation for an anti-malaria drug in Switzerland. Apparently, UBS is threatened with legal action in the USA due to the Credit Suisse takeover. The share price was unimpressed with a premium of 1.6 per cent. Ophthalmology specialist Alcon announced the Canadian approval for its Unity VCS surgical system, yet the share price did not react here either, falling 0.6 per cent. Basilea (+1.8%) received funding totalling USD 39 million in the USA for the further development of certain active ingredients. Following a positive comment from Barclays, Galderma rose by 2.6 per cent.

Europe
The European stock markets posted another session of gains on Tuesday, as investors analysed the latest US announcements on trade policy. The Stoxx Europe 600 index climbed 0.4% to 545.7 points. In Paris, the CAC 40 gained 0.6% and the SBF 120 appreciated by 0.5%. The DAX 40 added 0.6% in Frankfurt and the FTSE 100 advanced 0.5% in London. FORVIA (+5.8% to 9.74 euros): Barclays raised its target price for the automotive supplier's shares from €10 to €13, while confirming its ‘overweight’ recommendation. VALLOUREC (+1.8%): the seamless tube manufacturer has obtained two contracts from Chinese oil companies CNOOC and PetroChina to supply OCTG (Oil Country Tubular Goods) for drilling operations in Iraq. ‘These contracts represent potential sales of more than 130 million dollars’, or more than 110 million euros, Vallourec revealed in a press release.

United States
Stocks were mixed on Tuesday after President Donald Trump said he wouldn’t delay the date when his tariffs will take effect. The Dow Jones closed down 0.4% on Tuesday, at 44,240.76 points, and the S&P 500 gave up 0.1%, at 6,225.52 points. The technology-heavy Nasdaq Composite, on the other hand, gained 0.03% to 20,418.46 points. Tesla rose 1.3% after falling 6.8% on Monday. Shares have declined 25% this year. CEO Elon Musk announced over the weekend that he would form a new political party, and his return to politics prompted investors to sell the stock. Sunrun fell 11%, Enphase Energy was down 3.6%, and First Solar declined 6.5% after the White House said it would “rapidly eliminate the market distortions and costs imposed on taxpayers by so-called ‘green’ energy subsidies.” Moderna, up 8.8%, was the best-performing stock in the S&P 500. Nvidia rose 1.1%. The maker of artificial-intelligence chips declined 0.7% on Monday and ended the session with a market capitalization of $3.861 trillion. Merit Medical Systems said it expects second-quarter revenue of $380 million to $384 million, better than analysts’ forecasts of $372.5 million, and named Martha Aronson as chief executive and president. She will succeed Fred Lampropoulos, who founded the company in 1987 and has been chief executive since then. Shares climbed 4.6%.

Asia
Asian stock markets were once again nervous on Wednesday. They moved in mixed order after Donald Trump announced that he was not considering ‘any delay’ in the tariffs scheduled for August 1, and that he wanted to impose new surcharges on imported copper in particular. On the Tokyo Stock Exchange, the flagship Nikkei index fell by 0.07% to 39,654 points, while the broader Topix index gained 0.23% to 2,823 points. The Seoul Stock Exchange added 0.48%, with Sydney being down 0.25% and Taipei 0.28%. In Hong Kong, the Hang Seng index gave up 0.84%, while the Shanghai composite index climbed 0.10%.

Bonds
Long-dated U.S. government debt yields edged higher on Tuesday. The 10-year Treasury note yield rose by 2 basis points to 4.41%. Traders explained the declining prices with the extension of the deadline in the customs dispute. A rather modest auction of three-year debt securities with a volume of 58 billion dollars provided little impetus.

Analysis
Barclays launches Galderma with Overweight - target CHF 133
Deutsche Bank lowers Roche target to CHF 235 (250) - Sell
Deutsche Bank raises Sandoz target to CHF 48 (42) - Buy