Heating and ventilation technology specialist Belimo has reported an all-round improved financial performance for the first half of the year, enabling it to confirm its forecasts for 2025 as a whole. Between January and the end of June, the Zurich-based company saw its net sales jump by 18.6% year-on-year to CHF 561.5 million, while operating profit (Ebit) increased by 37.7% to CHF 128.1 million, it said in a press release on Monday. Net profit amounted to CHF 101.3 million, an increase of 31.2% compared with the first half of 2024. The company, celebrating its 50th anniversary, benefited from solid growth in all the regions in which it operates. In the Americas, revenues jumped by 30.1% at constant exchange rates, turning this region into the sales engine, according to the company. Despite the customs war launched by Washington, Belimo benefited from strong demand and investment in the United States and Canada. For 2025 as a whole, management is still forecasting sales growth of around 15% to 20% excluding currency effects and an operating margin in excess of 20%.

On Friday, the SMI gained 0.2 per cent to 11,983 points. Among the 21 SMI stocks, there were 13 price gainers and 8 price losers. A total of 24.13 (previously: 22.28) million shares were traded. Hearing aid manufacturer Sonova's shares were the strongest performer within the SMI, advancing by 2.1 per cent. According to traders, analysts at Bernstein upgraded the share to ‘outperform’. The SMI also received a tailwind from heavyweight Nestlé, the share price of which rose by 1.2 per cent. Roche added 0.6 per cent. Novartis (-1.1 per cent), on the other hand, once again lost ground. The shares had already been sold off on Thursday, although the pharmaceutical group had presented good figures and raised its outlook. However, some market participants had reportedly expected even more. Richemont shed 1.8 per cent. The luxury goods group had released strong results on Wednesday, yet observers still doubt that the important Chinese market will recover.

Europe
European equity markets ended flat. The Stoxx Europe 600 index closed unchanged at 547.0 points. In Paris, the CAC 40 was also flat, while the SBF 120 edged up by 0.1%. The DAX 40 gave up 0.3% in Frankfurt and the FTSE 100 picked up 0.2% in London. VIVENDI (+13.3%): the entertainment and participations group jumped after the Autorité des marchés financiers (AMF) ordered its main shareholder, the Bolloré group, to file a draft public offer for the shares it does not yet hold within six months. ARGAN (-0.2%): the property company specialising in logistics platforms has published stronger results for the first half of 2025 and confirmed its targets for the year as a whole. VINCI (+0.3%): the construction and concessions group has signed an agreement to acquire the German company R+S, for an undisclosed sum. In addition, Vinci welcomed more than 86 million passengers to its airports in the second quarter of 2025, an increase of 6.7% compared with the same period in 2024. BURBERRY (+5.3%): the luxury goods group reported better-than-expected sales for the first quarter ending June 28th. Sales totalled £433 million (€500 million), down 1% on a like-for-like basis, whereas analysts were expecting a decline of 3%.

United States
Stocks closed mostly lower Friday, with the Dow off 0.3% and the Nasdaq Composite up a bit to its 11th record high of an eventful 2025. Updates from banks and consumer-focused companies this week have pointed to a resilient economy. But some of the latest results disappointed investors. Netflix, which lifted its annual forecasts late Thursday, dropped 5.1%. American Express slid 2.3% and 3M fell 3.7% after reporting premarket. Results from the Magnificent Seven tech giants will kick off next week. Meanwhile, Wall Street is looking ahead to the Aug. 1 tariff-pause expiration and related drama. President Trump backed away from threats to fire Federal Reserve Chair Jerome Powell this week but continues to say rates should be lower. On Friday, Fed governor Christopher Waller said he would accept the top job at the central bank, if offered. Powell’s term as chair ends next year. Waller has pushed for an interest-rate cut this month, a move that aligns with Trump’s demands for looser policy. Investors see only a marginal chance of an imminent cut, however. New survey data from the University of Michigan showed consumer sentiment continued to recover this month, reaching a five-month high, though the mood remains considerably worse than it was at the end of last year. The WSJ Dollar Index weakened. The euro strengthened against the greenback. Bitcoin prices declined to around $118,000. Trump is expected to sign the Genius Act Friday, after the House of Representatives passed three crypto bills. Chevron shares fell after arbitrators cleared the completion of the company’s $53 billion purchase of Hess. Exxon, which was challenging the deal, declined further. Sarepta Therapeutics sank 36% after Reuters reported that the Food and Drug Administration is going to ask the company to stop shipments of its Duchenne muscular dystrophy gene therapy Elevidys. Two patients died earlier this year after taking the drug. Norfolk Southern rose 2.5% after The Wall Street Journal reported Union Pacific was holding talks to acquire its smaller railroad rival. The talks are at an early stage and may not result in a deal or receive regulatory approval, people familiar with the matter told the Journal. Union Pacific fell 1.2%. 3M was down 3.7% after the maker of Post-it Notes and Scotch Tape reported bettter-than-expected second-quarter earnings and raised the midpoint of its 2025 per-share guidance to $7.87 from $7.75. Charles Schwab reported second-quarter adjusted earnings of $1.14 a share on revenue of $5.9 billion, beating Wall Street estimates for earnings of $1.10 on revenue of $5.7 billion. Core net new assets rose 31% in the quarter to $80.3 billion. Shares rose 2.9%.

Asia
Asian indexes diverged for the Monday trading session. The Shanghai Composite (+0.4%) and the Hang Seng Index (+0.3%) recorded slight gains. There is no trading in Japan due to a public holiday. Sydney, on the other hand, is down significantly, with the S&P/ASX-200 falling by 1.2 per cent. Among individual stocks, South32 rose by 4.3 per cent. The mining group presented production figures for the fourth quarter in line with expectations. BHP and Rio Tinto shares followed suit, advancing by up to 1.5 per cent.

Bonds
Long-dated U.S. government debt yields inched lower on Friday. The 10-year Treasury note yield slipped to 4.42%, triggered by signs that tariffs boosted June’s inflation. Renewed speculation about a potential early dismissal of Fed Chair Powell also swung bond markets this week. A decline on yields today, mostly in the short end, was linked to Governor Waller’s call for an interest rate cut this month, in a likely dissent for the July 30 rate decision. The 2-year Treasury note yield dropped 5 bps, to 3,871%.

Analysis
Vontobel upgrades ABB target to CHF 52 (49) - Hold
DZ Bank downgrades Novartis target to CHF 112 (115) - Buy
Berenberg lowers SFS Group target to CHF 120 (125) - Hold