PepsiCo Inc. said its revenue rose for the recent quarter, though profit fell, while it navigates a volatile supply-chain and cost environment. The food-and-beverage company on Tuesday posted net income attributable to the company of $2.22 billion for the fiscal third quarter, compared with $2.29 billion in the same period last year. Earnings were $1.60 a share, compared with $1.65 a share in the prior year. Adjusted earnings were $1.79 a share. Analysts polled by FactSet were expecting $1.73 a share. For the quarter ended Sept. 4, net revenue rose to $20.19 billion from $18.09 billion. Analysts were looking for $19.39 billion. Revenue for the North America beverage segment rose to $6.4 billion from $5.96 billion. Frito-Lay North America revenue rose to $4.65 billion from $4.4 billion. Quaker Foods North America revenue rose to $618 million from $608 million.

The stock market in Switzerland was little changed on Tuesday. The SMI gained 5 points to 11,587. Among the 20 SMI stocks, there were 13 price gainers and seven price losers. 28.01 (previously: 28.26) million shares were traded. Bank stocks rose as market interest rates rose. UBS gained 1.9 per cent and Credit Suisse 1.4 per cent. Reinsurer Swiss Re provisionally estimates its own claims expenditure from Hurricane Ida at around 750 million US dollars. The stock was up 0.2 per cent, slightly ahead of the market average. Zur Rose benefited from a Europe-wide development. Positions were built up at the start of the fourth quarter, particularly in the shares of online retailers and delivery services, market sources said. Zur Rose rose by 5.7 per cent. The Stadler Rail share went up by 5.1 per cent. The impetus was provided by the news that the manufacturer of rail vehicles had received an order from the SBB with a volume of around CHF 2 billion for double-decker trains.

European equity markets rebounded sharply on Tuesday, largely erasing the previous day's decline, as investors shrugged off China's property woes while welcoming news of sustained growth in the US services sector. The Stoxx Europe 600 index gained 1.2% to 456 points. In Paris, the CAC 40 and SBF 120 gained 1.5% and 1.4%, respectively. In Frankfurt, the DAX 40 advanced 1.1% and the FTSE 100 in London gained 0.9%. Infineon Technologies AG on Tuesday provided an outlook for its current fiscal year, forecasting revenue to rise strongly and targeting a segment result margin of around 20%. The German chip maker said it forecasts revenue for the year from Oct. 1 to Sept. 30, 2022, to grow by a mid-teens percentage and the margin for the segment result to be around 20%. Both targets are based on an exchange rate of $1.20 to the euro. “Electrification and digitization are secular themes, and semiconductors are indispensable for both of them,” said Infineon’s Chief Executive Reinhard Ploss in a statement ahead of the company’s capital markets day. Shares in French stationary maker Societe BIC slumped Tuesday after a selloff of more than 2 million shares by a Swedish insurance company, according to a person close to the matter. The decline comes after Sweden’s Alecta Pensionsforsakring Omsesidigt sold 2.1 million BIC shares at 47.50 euros ($55.19) each, in a transaction organized by Goldman Sachs, according to the person.

U.S. stocks rose on Tuesday following Monday's tech-driven selloff, while supply-and-demand friction pushed energy prices to multiyear highs. The Dow Jones Industrial Average rose 311.75 points, or 0.9%, to 34314.67 and the S&P 500 gained 45.26 points, or 1.1%, to 4345.72. The tech-heavy Nasdaq Composite Index jumped 178.35 points, or 1.3%, to 14433.83, a day after falling more than 2%. Hertz Global Holdings Inc. tapped former Ford Motor Co. CEO Mark Fields as its interim chief executive and moved Chief Executive Paul Stone to the role of president and chief operating officer. The leadership change comes as the Estero, Fla.-based company resets after emerging from bankruptcy under new ownership and demand for rental cars has snapped back after bookings were crushed in the early days of the pandemic. The Wall Street Journal in September reported that the company was in talks to name a new CEO. A Hertz spokeswoman said the search continues for a permanent chief executive. Johnson & Johnson has asked U.S. health regulators to authorize a booster dose for its Covid-19 vaccine, citing studies showing it improved protection among adults who previously received a single shot. The Food and Drug Administration could decide on J&J’s request within weeks. The agency has scheduled an Oct. 15 meeting of an advisory panel to review the evidence of the need for a booster, and to recommend whether the agency should authorize one. The advisers also are scheduled to review data on whether people who received one company’s vaccine could take a booster from another company. J&J’s request Tuesday was to authorize a J&J booster for people who had earlier taken the company’s one-dose vaccine.

Good Wall Street guidance only influenced the East Asian stock markets at the beginning of midweek trading. Across the board, indices turned lower in the course of trading, with the negative factors being the familiar ones, namely high inflation, rising market interest rates and concerns about declining economic momentum. At the same time, uncertainty about developments in China's real estate sector continues to smoulder. The shares of China Evergrande are further exposed, as are those of Hopson – the company is apparently in the process of acquiring parts of Evergrande – and the smaller real estate company Fantasia, which recently failed to repay bonds on time.

The Treasury selloff has continued in Asia, pushing the 10-year yield to its 13th gain in 16 trading days, with investors focused on Friday's key labor data. U.S. government bond yields rose Tuesday, pushing the long-dated 30-year bond to its highest level in three months, extending a climb that has been under way since late September when the Fed signaled that it could begin tapering its monthly bond purchases by the end of 2021.

JP Morgan rises ING target to 14,80 (12,70) EUR – Overweight
Barclays lowers Heineken target to 102 (104) EUR – Equalweight
UBS rises Unicredit target to 14,45 (13,55) EUR – Buy

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