A group of ex-managers of Credit Suisse around the former Chairman of the Board of Directors Urs Rohner has agreed on a payment of 115 million US dollars in the United States to settle a class action. This is evident from court documents, which can be viewed on the UBS website. However, the managers are insured through the organ liability insurance, and the money flows to the company. A New York judge provisionally approved the settlement on Thursday, according to Bloomberg. The lawsuit was filed in 2022 by the Providence City Pension Fund due to events having led to the Archegos and Greensill problems in 2021, which caused the CS high losses. The Bank's failure to introduce a risk-based management system is criticised.

On Friday, the SMI lost 0.3 percent to 12,188 points. Of the 21 SMI values, 14 price losers and 6 winners faced each other, Holcim concluded unchanged. 17.03 (previously: 16.09) million shares were traded. The defensive heavyweights Nestlé (+0.7%), Roche (-0.3%) and Novartis (-0.4%) contributed to the stability of the leading index. The daily winner was Zurich Insurance with a plus of 0.8 percent. Kühne+Nagel recorded the highest decline of 1.7 percent. Swiss Re went closed marginally higher. According to the rating agency Fitch, the profitability of global reinsurers is likely to remain robust until 2026. Meanwhile, Amrize, split from Holcim, specialising in building materials in North America, received an unsolicited "mini purchase offer". TRC Capital Investment Corporation intends to acquire up to 2 million Amrize ordinary shares in cash. Amrize recommends not accepting the offer. Amrize added 0.3 percent.

Europe
European stock markets edged lower on Friday as Wall Street moved away from its records before a long weekend. The Stoxx Europe 600 index fell 0.6%, to 550.1 points. In Paris, the CAC 40 and the SBF 120 lost 0.8% and 0.7%, respectively. In Frankfurt, the DAX 40 dropped 0.6% while the FTSE 100 shed 0.3% in London. ORANGE (+1.2%): the telecommunications operator announced on Thursday evening that it had issued 900 million euros worth of new 12-year bonds, with a coupon of 3.75%. REMY COINTREAU (-4.1%): the spirits group confirmed on Friday that it would revise downwards the maximum impact of tariffs, from 45 million to 30 million euros for the current year. The group thus foresees for 2025-2026 an organic decline in its current operating income (ROC) less marked than previously expected and now aims for 5%. SCHNEIDER ELECTRIC (-1.7%): the electrical equipment specialist revealed on Thursday that it had carried out a bond issue of 3.5 billion euros intended to partially finance the purchase of the remaining 35% of its Indian joint venture, called SEIPL. The operation was carried out in four tranches as part of an EMTN (Euro Medium Term Note) program, stated the company. VINCI (-1%): the construction and concession conglomerate recorded an increase in frequency at its airports and on its motorways in July. Vinci Airports traffic expanded by 3.6% last month compared to July 2024 and Vinci Autoroutes traffic rose by 1%.

United States
U.S. stocks ended August on a downbeat note, with market favourite Nvidia and other AI-linked stocks leading Friday’s broad retreat. The S&P 500 retreated from its Thursday record, falling 0.6%. The Dow industrials lost 0.3%. The Nasdaq composite dropped 1.2% after Dell became the latest tech company to post soft results or guidance for an artificial intelligence-related segment. Dell’s stock slid by as much as 10%, while Nvidia, Broadcom and Oracle dropped 3% or more. The latest instalment of the Federal Reserve’s preferred measure showed the inflation rate held roughly steady last month. As expected, the personal-consumption expenditures price index rose 2.6% in the 12 months through July. Investors are watching inflation and other data with a view to the likelihood of a September interest-rate cut. Futures pricing suggests traders see an 87% chance the Fed lowers rates then, CME Group data show, up from 63% a month ago. A hearing Friday on a bid by Federal Reserve governor Lisa Cook for a temporary restraining order against President Trump concluded after two hours with no decision. She sued him on Thursday to block him from firing her. The S&P 500 finished August with its fourth straight monthly advance. The gains came amid an eventful few weeks, which included the release of a weaker-than-expected jobs report and the implementation of Trump’s tariffs on dozens of countries. On Friday, the U.S. ended the de minimis rule that for years has allowed packages worth $800 or less to enter the country tariff-free. The exemption for Chinese goods ceased in May. Gold closed at a record of $3,473.70, its first in three weeks. Benchmark U.S. oil futures fell 0.9%, closing Friday at $64.01 a barrel. Bitcoin slipped below $109,000.

Asia
Asian indexes diverged for the Monday trading session. The Nikkei-225 is down 1.8 percent. Softbank loses almost 7 percent, the semiconductor value Advantest over 8 percent. In Korea, too, the low performers are led by the technology stocks. Samsung Electronics fall by a over 3 and SK Hynix by just under 5 percent. The mood in Hong Kong (+1.8%) benefits from surprisingly positive economic data from China. Nevertheless, the stock index in Shanghai adds only 0.1 percent.

Bonds
The 10-year U.S. Treasury note yield settled at 4,23%, reversing three days of declines. July PCE inflation broadly kept June’s pace, supporting bets on an interest rate cut by the Fed next month and keeping Treasury yields rising.

Analysis
Jefferies lowers target Kühne+Nagel to 180 (200) CHF - Hold
Vontobel raises target Jungfraubahn to 220 (210) CHF - Hold
Jefferies downgrades Geberit target to 696 (710) CHF - Buy