Ascom achieved a stable turnover in the first half of 2025, yet thanks to a savings program, operating profit was significantly increased. As a result, the outlook for the full year was also confirmed. With an increase of 0.2 percent to 140.0 million francs, sales were at the level of the previous year, as the technology company specialising in hospital communication revealed on Wednesday. Currency-adjusted, turnover declined by 1.5 percent. Due to the cost optimisations, the operating profit at the EBITDA level increased by 15.2 percent to CHF 12.1 million, while the corresponding EBITDA margin rose by 1.2 percentage points to 8.6 percent. In terms of profit, Ascom recorded CHF 2.2 million in the face of foreign currency losses, compared to 2.9 million in the previous year. With these figures, Ascom exceeded analysts' expectations in terms of EBITDA and margin, sales and order intake are within the limits of analysts’ forecasts. For the full year, Ascom confirmed its objectives. The company is aiming for sales growth at constant exchange rates in the low single-digit range. The EBITDA margin is expected to improve significantly in the range of 9 to 10 percent.

On Tuesday, the SMI improved by 0.3 percent to 11,858 points. Within the SMI, 10 price losers and 10 winners were facing each other, the Geberit share closed unchanged. 19.58 (previously: 30.14) million shares were traded. Roche gained 0.2 percent. Lonza, on the other hand, fell by 1.4 percent. Adecco dropped by 2.7 percent. Traders spoke of mixed numbers. America and Asia had compensated for the weakness in Europe. ABB shed 0.2 percent. The industrial group plans to invest around 100 million USD in a new location in Montreal. With its largest investment in Canada to date, ABB intends to expand its production as well as research and development capacities. Alcon gave up 0.6 percent. The pharmaceutical company specialising in ophthalmology acquires the US company Staar Surgical, a manufacturer of implantable eye lenses, for around 1.5 billion US dollars in cash.

Europe
European stock markets closed slightly higher on Tuesday, supported by good corporate results. The Stoxx Europe 600 index gained 0.2%, to 541.4 points. In Paris, the CAC 40 and the SBF 120 yielded 0.1% each. The DAX 40 in Frankfurt picked up 0.4% while the FTSE 100 added 0.2% in London. ALSTOM (+1.1%): the railway equipment manufacturer announced on Tuesday having won a contract with the Singapore transport authorities. BP (+2.9% in London): the oil group published on Tuesday a profit higher than analysts' expectations in the second quarter and launched a review of its assets to maximise returns to shareholders and reduce its costs. DIAGEO (+5% in London): the European number one alcoholic beverages reported a downward profit shift for its 2024-2025 financial year until the end of June and indicated that it expects a slight organic growth in its turnover for the current financial year. EUTELSAT (+12.1%): the satellite operator confirmed on Tuesday its financial objectives for the year ending June 2026, after recording results above expectations in the first half. INFINEON (+4.6% in Frankfurt): the German semiconductor specialist raised its margin forecast for the financial year on Tuesday, referring to an increase in demand for components for vehicles, energy infrastructure and data centres.

United States
U.S. stocks edged lower Tuesday, taking a knock from a disappointing services-sector report. A day after posting strong gains, all three major indexes finished in the red. The S&P 500 fell 0.5% and the Dow Jones Industrial Average slipped 0.1%, while the Nasdaq composite lost 0.7%. Stocks opened the day higher but slumped after the weaker-than-expected data from the Institute for Supply Management. Overall, the ISM services-sector index dropped to 50.1 in July from 50.8 the previous month. That was below the 51.2 reading anticipated by economists surveyed by The Wall Street Journal, providing another sign that the economy is cooling after last Friday’s jobs report suggested that the pace of hiring has slowed significantly in recent months. Taken together, recent business surveys suggest “that activity remains lackluster,” analysts at Barclays wrote in a report Tuesday. Further complicating matters, the ISM report’s prices index extended recent increases, reaching its highest level since October 2022. That was a sign of continued inflation pressures, which could potentially make it harder for the Federal Reserve to cut interest rates. Tariff news, meanwhile, also weighed on investor sentiment. President Trump said Tuesday he will unveil tariffs on semiconductors and pharmaceuticals “within the next week or so” and that import taxes on drugs could ultimately reach 250%. Trump also threatened to raise tariffs on imports from India over the country’s economic links to Russia, although he said that the U.S. was getting close to a trade deal with China. On Monday, the major stock indexes all rose more than 1%. Tuesday’s decline was modest enough to leave all three benchmarks in positive territory for the week so far. Meanwhile, corporate earnings continued to roll in. Pfizer shares rose 5.2% after it boosted its annual profit guidance. Hims & Hers Health stock sank 12% after the telehealth company reported lower-than-expected revenue. U.S. crude prices slid 1.7%, falling for the fourth straight session. European and Asian stocks mostly advanced, with Japan’s Nikkei 225 Index rising 0.6%.

Asia
In Asia, major indexes broadly closed with moderate gains on Wednesday. In Tokyo, the Nikkei 225 index is up 0.6 percent to 40,802 points. Seoul lags behind with a minus of 0.3 percent, while in Sydney speculation on an upcoming interest rate cut by the Australian central bank lifted the S&P/ASX-200 by 0.6 percent to a record high. Shanghai is up 0.3 percent, Hong Kong 0.1 percent. Among individual stocks in Tokyo, the shares of real estate developer Mitsui Fudosan soared by 6.1 percent following quarterly results. The speculation in Hong Kong that Apple could launch its new iPhone 17 in September is causing higher prices for shares of Apple suppliers. AAC increased by 4.6 percent, Q Technology and Lens Technology improved by about 1 percent each.

Bonds
The 10-year U.S. Treasury note yield settled at 4.20%, virtually unchanged from Monday but down from around 4.22% just before the disappointing services-sector ISM report. Investors have been buying up long-term U.S. debt, and 10-year yields are at their lowest levels since April. An auction of 10-year notes on Wednesday will signal if buying interest remains high. The 10-year notes get the most attention, as they serve as the basis for rates on debt across the world, including credit cards and mortgages.

Analysis
UBS raises Sanofi to Buy (Neutral) - target 62 (51) EUR
UBS cuts Novo Nordisk to Neutral (Buy) - Target 340 (600) DKK
Ascom price target: Research Partners downgrades to 5.70 (6.70) CHF - Buy