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Asia Markets

UBS, Givaudan Drive Swiss Shares Higher as Middle East Tensions Ease

Swiss shares rose 0.27% at the trading close on Tuesday, reversing the previous day's losses, amid hopes of progress in peace talks in the Middle East and several favorable corporate developments.US President Donald Trump said his country and Iran are "in the final throes of what will be a very, very good deal," hours after brokering a halt to retaliatory strikes between Tehran and Israel.On the corporate front back home, Givaudan (GIVN.SW) jumped 7.48% following a slew of analyst rating upgrades. JPMorgan placed the flavor and fragrance company on Positive Catalyst Watch and Deutsche Bank upgraded to buy from hold, a day after Goldman Sachs raised its own rating to buy from sell."Demand remains solid, with Q2 conditions holding up after the March step-up. Combined with increasing innovation activity, this should lead to a sequential organic sales growth (OSG) acceleration for most," Deutsche Bank said as it also raised its price target on Givaudan to 3,300 francs from 3,000 francs. "At this stage, cost inflation appears to be manageable and should be passed through fairly quickly, ensuring profitability remains relatively well-underpinned, especially as self-help focus remains strong for most names. All in all, we expect Q2 results to be above the consensus."Meanwhile, UBS Group (UBSG.SW) gained 0.21% after sources told Reuters that the Swiss parliament is considering new proposals to ease the capital requirements for the country's biggest bank. The new proposals would reportedly reduce the government's requirement for the bank to fully back its foreign subsidiaries with common equity tier 1 capital to 70% or 80%.In other corporate news, SoftwareOne (SWON.SW) dropped 2.97% as it set out its financial targets for 2030 at its capital markets day. The Swiss software and cloud technology group is targeting a high-single-digit revenue compound annual growth rate and a dividend payout ratio of between 30% and 50% of its net profit.

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Asia Markets

Swiss Stocks Close Flat; Roche Shares Down

The Swiss Market Index closed Tuesday trading flat as investors digested the latest local corporate updates as well as developments in the Middle East.The US Food and Drug Administration accepted Roche's (RO.SW) new drug application for giredestrant on a priority review basis. The investigational treatment is an oral selective estrogen receptor degrader indicated as an adjuvant treatment for adults with estrogen receptor-positive, human epidermal growth factor receptor 2-negative, stage 1, 2, and 3 breast cancer. The drugmaker was down 2.59%.Meanwhile, Bloomberg News reported, citing a source, that UBS Group (UBSG.SW) plans to issue at least $500 million of perpetual Additional Tier 1 bonds, with a potential coupon of 7.5% and a first call date in late 2032. The lender, which rose 1.17%, had no comment when reached by.RBC Capital Markets upgraded its price target and earnings forecasts for Compagnie Financière Richemont (CFR.SW) after the sector perform-rated luxury goods company published its fiscal 2026 financial report."Richemont's 4Q26 confirmed strong Jewellery Maisons revenue momentum (+16%), though earnings uplift was more modest given softer gross margin, higher [operating expenses] (inc one-offs) and tax rate. For FY27E, we expect continued momentum for its Jewellery Maisons (+10%), although [we] do expect price increases to moderate somewhat in line with moderating gross margin headwinds, particularly in 2H27E. Raising revenue estimates by 3% and EPS by 2%, although we remain slightly below consensus. We roll forward our DCF, resulting in a revised [price target] of CHF 175 (from CHF 165)," the research firm said. Richemont edged up 0.66%.In economic news, Switzerland's watch exports tumbled 16.6% year over year to 2.13 billion francs in April, owing to a value decline across nearly all material categories, particularly precious metal watches and steel models, according to the Federation of the Swiss Watch Industry.On the geopolitical front, Tehran is reviewing Washington's proposed temporary agreement to end the conflict in the Middle East, Reuters reported, citing Iran's Mehr News Agency. Iran has not responded to a proposed final text of the deal, according to the report.

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Asia Markets

Swiss Stocks Close Week Flat; US Fed Ends Actions Against UBS, Credit Suisse

The Swiss Market Index was up 0.05% on Friday's close amid a quiet day of local economic news following the Ascension Day holiday.Sandoz Group (SDZ.SW) secured marketing authorization from the European Commission for its insulin lispro biosimilar Bysumlog to treat diabetes mellitus in adults and children, while its insulin aspart biosimilar Dazparda was approved for the treatment of the same condition in adults, adolescents, and children aged one year and above. Both injectable biosimilars are comparable in efficacy and safety to their reference medicines. At closing, the Swiss pharmaceutical major's stock was 3.36% in the red.Meanwhile, Berenberg left Zurich Insurance Group's (ZURN.SW) buy rating and price target of 656 francs unchanged following its first-quarter trading update, noting the insurer's "attractive" valuation and better-than-expected growth in gross premiums in its non-life insurance segment. Zurich's shares closed the session 0.46% higher."This strong commercial non-life gross premium growth is noteworthy, as we believe that it was achieved at attractive margins; for example, pricing in North America commercial improved modestly from -1% in 2025 to 0% in Q1 2026. Zurich in its results also indicated that the 7% growth in the midmarket may accelerate in H2 2026, as the new mid-market underwriters in the US gain traction," the research firm said in a note. "We believe that this strong gross premium growth will lead to strong operating profit growth. We believe that the strong rise in Zurich's solvency ratio from 259% at FY 2025 to 265% at Q1 2026, ahead of 261% consensus, reflects part of the benefit of higher earnings."In other news, the US Federal Reserve Board terminated enforcement actions against UBS Group (UBSG.SW) and its Credit Suisse units, effective Tuesday. This relates to the consent order and $268.5 million fine issued by the Fed to the Swiss group in July 2023, due to Credit Suisse's "unsafe and unsound counterparty credit risk management practices" with Archegos Capital Management. UBS fell 0.69%.Looking ahead, the upcoming week will see the first-quarter data for Switzerland's economic growth and industrial production.

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Asia Markets

Swiss Blue-chip Index Extends Losses; UBS Shares Up

Swiss stocks extended their losing streak at Wednesday's close, with the Swiss Market Index down 0.88%, as investors assessed fresh corporate and economic data releases while awaiting the US Federal Reserve's monetary policy decision.The Fed is widely expected to leave its key interest rate unchanged in the 3.5% to 3.75% range later today."Nothing much is expected from this meeting. The March dots showed the Committee median vote leaned toward one cut this year and one more next year. That's unlikely to be settled for a long while yet. [US Fed Chair] Powell is unlikely to be comfortable with teeing up such a move before his successor takes over and he faces eleven other voting FOMC members that are more worried about inflation at the moment," Scotiabank Economics said. "Our forecast remains for one cut by late year and another in early 2027 which would drop the fed funds upper limit rate to 3.25% and hence still on the boundary between restrictive and neutral."Back home, data from UBS & CFA Society Switzerland showed that the country's economic sentiment index increased to -30.3 points in April from -35 points in March.On the corporate front, Sandoz Group's (SDZ.SW) net sales increased to $2.76 billion in the first quarter from the year-ago $2.48 billion, bolstered by an 18% growth in constant-currency net sales at its biosimilars segment. For 2026, the Swiss pharmaceutical major reaffirmed its guidance of a mid-to-high single-digit percentage growth in net sales at constant currency. The stock closed the session 2.23% lower.On the flip side, UBS Group (UBSG.SW) gained 3.22% at closing as it delivered a year-over-year surge in first-quarter net profit attributable to shareholders to $3.04 billion from $1.69 billion. Total revenue also climbed over the period to $14.24 billion from $12.56 billion, mainly driven by double-digit growth in the Swiss banking group's core franchises."We delivered excellent financial results and remain on track to deliver on our financial objectives for 2026 ... Having now successfully transferred all client accounts in Switzerland, we achieved another crucial milestone in one of the most complex integrations in banking history. We are confident in substantially completing the integration by year-end, positioning us for further sustainable growth," Chief Executive Officer Sergio Ermotti said. "On the topic of Swiss capital requirements, we will continue to engage constructively and contribute to fact-based deliberations. These developments do not, and will not, change who we are as a firm."

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Asia Markets

Swiss Market Index Extends Losing Streak; ABB Shares Gain

Swiss stocks extended their losses to a third day, with the Swiss Market Index down 0.51% on Wednesday's close, as investors assess economic data releases while keeping a close eye on geopolitical developments in the Middle East."[President Donald Trump] extended the ceasefire indefinitely just before its expiry after Iran refused further negotiations due to unreasonable US demands. This marks a U-turn in tone, as Trump had earlier ruled out an extension and hinted at military action," Danske Bank said. "With Iran reportedly not requesting the ceasefire and the Strait of Hormuz issue still unresolved, Iran appears to hold the upper hand at present."Elsewhere and in economic news, the UK's annual inflation rate accelerated to 3.3% in March from 3% in February, while the annual core inflation rate edged down to 3.1% from 3.2%.Over to corporates, ABB (ABBN.SW) delivered a year-over-year jump in first-quarter attributable net income to $1.32 billion from $1.10 billion. Revenue climbed 18% over the period to $8.73 billion, bolstered by double-digit growth in orders in all of its regions amid geopolitical uncertainties. The Swiss electrification and automation company's shares closed the session 3.40% higher.Meanwhile, the Swiss Federal Council eased its proposed changes to capital rules for banks in the country, including systemically important bank UBS Group (UBSG.SW), with the package of measures resulting in the lender increasing its common equity tier 1 capital by $20 billion. The council said it is in agreement with the Swiss National Bank (SNBN.SW) and financial regulator FINMA regarding the proposed solution, which is "more moderate than planned, due to the results of the consultation procedure.""UBS continues to strongly disagree with the proposed package, which is extreme, lacks international alignment and disregards concerns expressed by the majority of respondents to the government's consultations," the banking group said in response to the government's announcement. "If adopted, the proposed measures would have far-reaching consequences for the Swiss economy ... UBS looks to the parliamentary deliberation process in connection with the proposed treatment of foreign participations to take account of the concerns raised by many stakeholders during the democratic consultation process." The stock was up 0.15% at closing.

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Research

Barclays Upgrades UBS Group to Equalweight, Lifts PT

Barclays on Monday upgraded Swiss bank UBS Group (UBSG.SW) to equal weight from underweight and increased its price target to 34 francs from 33 francs.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

$UBSG.SW
Asia Markets

Swiss Stocks End Week in Green; Bossard Shares Jump

The blue-chip Swiss Market Index closed 0.18% in the green on Friday, as investors assess the latest economy-related developments amid cautious optimism over peace talks between the US and Iran set to take place this weekend.The KOF Swiss Economic Institute's global economic barometers diverged in April, with the coincident barometer declining 0.2 point to 102.1 points and the leading barometer rising 1.7 points to 102.9 points."Although the war against Iran and the closure of the Strait of Hormuz dominated the headlines in March, the movements in the two global indicators were relatively modest. Both indicators remain slightly above average," KOF director Jan-Egbert Sturm said. "For now, it seems that survey participants think this war will be temporary and largely regional, and therefore will not affect their economic situation too much."On the tariffs front, Switzerland is looking to finalize a trade agreement with the US by July-end, with the Swiss government reportedly expecting to continue talks with a third round of negotiations this April, Bloomberg News reported, citing unnamed sources.Meanwhile, government data showed that the Swiss consumer sentiment index fell to -42.9 points in March from -30.4 points in February. In the previous year, the index came in at -34.8 points. The State Secretariat for Economic Affairs said the separate indices for economic and financial outlooks and the moment to make major purchases deteriorated year over year, while the indicator for past financial situation barely changed.Over to corporates, Bossard (BOSN.SW) reported a year-over-year increase in first-quarter group net sales to 284.9 million francs from 283.3 million francs. The Swiss industrial fastening and assembly technology company said it remains committed to its medium-term financial targets despite the current market volatility and expectations of a subdued level of economic demand in the first half of 2026. The stock jumped 6.48% at closing.UBS Group (UBSG.SW) also saw its shares gain 0.96% after Switzerland's Federal Criminal Court dismissed a money-laundering case against it related to loans granted by Credit Suisse to Mozambique state-owned companies. The court ruled that there is no transfer of criminal liability to UBS, which acquired Credit Suisse in 2023.

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