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Swiss Market Index Closes Week Little Changed; US-Iran Talks Postponed

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Swiss stocks concluded the trading week little changed amid a quiet day of economic news locally and light trading volumes due to a US holiday.

The Swiss Market Index was up 0.06% at the end of Friday's trading session.

On the geopolitical front, the planned talks between the US and Iran set to take place today in Switzerland regarding the implementation of the recently signed memorandum of understanding were postponed "for the time being," the Swiss Federal Department of Foreign Affairs said in a release without specifying any reasons for the cancellation. Preparations for the talks at the Bürgenstock, however, were continuing.

The postponement comes as Israel launched airstrikes in Lebanon, Reuters and other media outlets reported.

In corporate news, Holcim (HOLN.SW) completed its purchase of Germany-headquartered walling systems company Xella as part of its growth strategy, with the acquisition expected to be accretive to the Swiss building materials company's EPS and cash flow from the first year. Holcim's shares closed the session 0.67% lower.

Berenberg raised its price target for Eli Lilly (LLY.SW) to $1,135 from $1,050, with an unchanged hold rating on the stock, taking into account higher expectations for the Switzerland-listed pharmaceutical company's injectable obesity franchise.

"Eli Lilly delivered excellent P3 efficacy and safety data for retatrutide (tri-agonist) at the ADA conference; we raise our forecasts accordingly. Meanwhile, the launch ramp of Foundayo (oral GLP-1) remains slow, in sharp contrast with that of Novo's Wegovy pill. Our Foundayo forecasts are below consensus," the research firm said. "In H2, we expect additional P3 retatrutide and Foundayo obesity co-morbidity data, P2 tirzepatide plus eloralintide obesity combination data and P3 remternetug data in Alzheimer's disease."

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Update: US Equity Indexes Rise as Washington Lifts Blockade of Iran's Ports, Deal Sets Up Hormuz Chokepoint for Reopening

(Updates with index/price moves, macroeconomic data, and political/company news from the first paragraph.)US equity indexes rose after a peace deal signed by President Donald Trump and his Iranian counterpart, Masoud Pezeshkian, led to Washington lifting its blockade of Tehran's ports on Thursday and as mega-cap semiconductor names rallied.The Nasdaq Composite advanced 1.9% to 26,517.93, with the S&P 500 up 1.1% to 7,500.58 and the Dow Jones Industrial Average higher by 0.1% to 51,564.70 on Thursday.Technology led the gainers, followed by consumer discretionary and communication services. Energy led the decliners.The US on Thursday lifted its blockade of Iran, and oil tankers began freely moving through the Strait of Hormuz after months of being unable to use the critical channel, as the tentative agreement to end the war took effect, according to the Associated Press. US Vice President JD Vance said that the 60-day negotiating period between Tehran and Washington began on Thursday, Al Jazeera reported.Iran's Supreme National Security Council says that the Persian Gulf Strait Authority has been charged with issuing permits as fast as possible for commercial vessels wishing to transit the Strait of Hormuz, the Al Jazeera report said.Front-month global benchmark North Sea Brent shed 0.3% to $79.34 per barrel, and the US West Texas Intermediate climbed 0.3% to $76.55 per barrel. Both the WTI and Brent traded more than 2% lower earlier in the session.The US expects "a complete ceasefire on all fronts", including Lebanon, Hezbollah, and Israel, Al Jazeera cited US President Donald Trump as saying. "We encourage everyone in the Middle East Region to maintain their commitment to allowing our negotiations to beautifully unfold.""You can't just kill your way out of solving every single national security problem that you have," Al Jazeera cited Vance as saying in reference to Israel.In company news, Intel (INTC) shares surged 11% to among the leaders on the S&P 500 and the Nasdaq, after Trump said Apple (AAPL) has agreed to work with Intel to design and build chips in the US.Tower Semiconductor (TSEM) said it shipped more than five million coherent photonic integrated circuits in partnership with Marvell Technology (MRVL). Shares of Marvell jumped 7.3%, among the top gainers on the Nasdaq.In economic news, US initial jobless claims fell to 226,000 in the week ended June 13 from an upwardly revised 230,000 in the previous week, compared with expectations for 225,000 in a survey of analysts compiled by Bloomberg.In precious metals, gold futures slumped 3.3% to $4,238.30, while silver futures plummeted 6.7% to $66.51 as investors priced in higher interest rates this year.On Wednesday, the Federal Reserve unanimously left its benchmark rate unchanged in the 3.50% to 3.75% range, while excluding language that suggested a lingering bias toward cuts. The probability of US interest rates rising to the 4% to 4.25% target range soared to 33% as of Thursday afternoon from 14% a week ago, implying the market doubled its outlook for two rate increases of 25 basis points each by the end of 2026, according to the CME FedWatch tool.US Treasury yields traded mixed, with the 10-year down less than one basis point to 4.45%, while the two-year rose 1.6 basis points to $4.18%.

Dow JonesNasdaq CompositeS&P 500$AAPL$INTC$MRVL$TSEM
Asia Markets

US Equity Indexes Rise This Week as Signing of Iran Peace Deal Lays Groundwork for Hormuz Chokepoint Reopening

US equity indexes rose this week as the interim Iran peace agreement set the stage for reopening the Strait of Hormuz, outweighing the Federal Reserve's hawkish tone at the June policy meeting.* The S&P 500 closed at 7,500.58 on Thursday versus 7,431.46 a week ago. The Nasdaq Composite stood at about 26,517.93, compared with 25,888.84 a week earlier. The Dow Jones Industrial Average ended at 51,564.70, versus 51,202.26 at the end of last week.* President Donald Trump and his Iranian counterpart, Masoud Pezeshkian, digitally signed a memorandum of understanding targeting a permanent deal to end the war between the US and Iran.* "The traffic of commercial vessels will immediately start and, considering the need for removing the technical and military obstacles and de-mining by the Islamic Republic of Iran, will be instated within 30 days," Reuters cited from the MoU.* West Texas Intermediate crude oil traded at $73.81 late Thursday, heading for pre-Iran war levels ahead of the reopening of the Persian Gulf chokepoint for about a fifth of global crude oil flows.* The US 10-year Treasury yield traded at 4.43% late Thursday, after touching 4.66% in May, as slumping oil prices alleviated inflation concerns.* The Fed kept policy steady to mark its fourth consecutive pause, but ejected the so-called lingering easing bias from its policy statement.* "While Chair [Kevin] Warsh was unwilling to indicate the direction of the Fed funds rate ahead, nine of his 18 colleagues had no such reservations and pencilled in a hike to 3.75-4.00% by year-end in the dot plot," Berenberg said in a note. "That was a big change from the previous iteration in March, in which 12 out of 19 were expected to cut this year.* "This, alongside Warsh's defence of his Fed's commitment to the 2% inflation half of the Fed's mandate, led investors to price in 38bp of tightening this year, up from 21bp previously," the Berenberg note said. "A hike is now fully priced in by October."

Dow JonesNasdaq CompositeS&P 500
Asia Markets

Exchange-Traded Funds, US Equities Higher After Midday

Broad Market IndicatorsBroad-market exchange-traded funds IWM and IVV were higher after midday Thursday. Actively traded Invesco QQQ Trust (QQQ) was up 2.4%.US equity indexes rose amid a rally in mega-cap semiconductors and as crude oil extended declines to the lowest in more than three months after a signing of the interim Iran peace deal set the stage for an immediate reopening of the Strait of Hormuz.EnergyIShares US Energy ETF (IYE) and the State Street Energy Select Sector SPDR (XLE) each fell 2%.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) and iShares US Technology ETF (IYW) rose 2.9% each, while iShares Expanded Tech Sector ETF (IGM) was up 2.8%.The State Street SPDR S&P Semiconductor (XSD) increased and iShares Semiconductor (SOXX) were up 6.4% each.FinancialThe State Street Financial Select Sector SPDR (XLF) dropped 0.6%. Direxion Daily Financial Bull 3X Shares (FAS) shed 1.9%, and its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), gained 2%.CommoditiesCrude oil decreased 2.1%, and the United States Oil Fund (USO) fell 1.3%. Natural gas gained 2.5%, and the United States Natural Gas Fund (UNG) was 1.3% higher.Gold on Comex lost 3.3%, and the State Street SPDR Gold Shares (GLD) also dropped 0.2%. Silver declined 6.5%, and iShares Silver Trust (SLV) was down 1.4%.ConsumerThe State Street Consumer Staples Select Sector SPDR (XLP) was down 0.2%. The Vanguard Consumer Staples ETF (VDC) fell 0.2% and iShares Dow Jones US Consumer Goods (IYK) was down 0.4%.The State Street Consumer Discretionary Select Sector SPDR (XLY) gained 1.6%. VanEck Retail ETF (RTH) was 0.9% higher, and the State Street SPDR S&P Retail (XRT) moved up 2.5%.HealthcareThe State Street Health Care Select Sector SPDR (XLV) shed 0.9%, iShares US Healthcare (IYH) decreased 0.7%, and Vanguard Health Care ETF (VHT) slipped 0.7%. IShares Biotechnology ETF (IBB) dropped 0.4%.IndustrialThe State Street Industrial Select Sector SPDR (XLI) added 1.1%. Vanguard Industrials Index Fund (VIS) gained 1.3%, while iShares US Industrials (IYJ) rose 0.6%.CryptocurrencyIn midday activity, bitcoin (BTC-USD) was down 2.7%. Among cryptocurrency ETFs, ProShares Bitcoin ETF (BITO) declined 2.7%, ProShares Ether ETF (EETH) fell 3.1%, and ProShares Bitcoin & Ether Market Cap Weight ETF (BETH) was 2.8% lower.

Dow Jones^EEM^EXI^FAS^FAZ^GLD^IBB^IGM^IGV^IPK^IVV^IWMNasdaq Composite^IYE^IYH^IYJ^IYK^IYW^PMR^QQQ^RTH^SOXXS&P 500^SPY^UNG^USO^VDC^VHT^VIS^XLE^XLF^XLI^XLK^XLP^XLV^XRT^XSD$BETH$BITO$EETH