Elon Musk said Tesla Inc. won’t introduce new models this year, as the electric-car maker bets on increasing deliveries over diversifying its product offerings in the face of ongoing supply-chain disruptions. Churning out new vehicles, such as the long-awaited “Cybertruck” pickup, would dent Tesla’s growth, Mr. Musk said Wednesday, as the company reported record earnings. “The fundamental focus of Tesla this year is scaling output,” Mr. Musk said, noting that he expects the company to comfortably boost deliveries by more than 50% this year. It has been nearly two years since Tesla last put a new model - the Model Y compact sport-utility vehicle - into customers’ hands. Buyers now have a widening array of battery-powered alternatives to choose from. Auto makers are expected to launch more than two dozen new battery-powered vehicles in the U.S. this year, according to Bank of America. Tesla’s focus on growth helped it to generate a record profit of $5.5 billion last year on $53.8 billion of revenue.

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The Swiss stock market ended Wednesday's trading session with significant gains. The SMI gained 1.3 per cent to 12,098 points. Among the 20 SMI stocks, there were 18 price gainers and two price losers. 43.7 (previously: 55.71) million shares were traded. Technology stocks, which had been badly hit recently, experienced a renaissance, especially since some US industry representatives presented good figures and dispelled doubts about growth with their outlooks. In Switzerland, Logitec (+6%) once again led the SMI after the shares had already reacted with a strong plus on Tuesday to the business figures of the supplier of computer accessories. Outside the SMI, AMS gained 4.0 per cent and Tenemos 2.7 per cent. Also leading the gainers were the shares of banks and insurers, which benefited from the prospect of rising interest rates. Credit Suisse's share price, which had recently been weighed down by various scandals at the bank and on Tuesday by a profit warning, advanced 4.6 per cent. UBS rose 2.5 per cent. Swiss Life, Swiss Re and Zurich posted gains of 1.3 to 2.8 per cent.

European equity indices closed sharply higher on Wednesday, continuing the rebound that began on Tuesday as investors await the Federal Reserve's (Fed) monetary policy decision. The session was also animated by a wealth of corporate news. The Stoxx Europe 600 index closed up 1.9% at 468.5 points. In Paris, the CAC 40 and the SBF 120 gained 2.1% and 2%, respectively. In Frankfurt, the DAX 40 gained 2.2% and in London, the FTSE 100 rose 1.3%. Orpea fell by 20.9%. Big European and U.S. businesses are attempting to balance their business interests in Russia with increasing pressure from their home governments to isolate Moscow, as tensions between the West and Russia grow over Ukraine. Metro AG on Wednesday unveiled its strategic targets through 2030, saying it plans to focus on professional customers and expand its multichannel business model. The German wholesale company said at its capital markets day that it targets total sales to grow at a compound annual rate of 3% to 5% in the 2022-25 period and reach over 40 billion euros ($45.19 billion) by 2030. In Italy, top business executives held a videoconference with Russian President Vladimir Putin on Wednesday, although some companies pulled out of the long-scheduled event following pressure from Italy’s government. Wacker Chemie AG said Wednesday that profit more than tripled in 2021, citing preliminary figures. The German chemicals company posted a net profit of 780 million euros ($881.5 million) for 2021 compared with a profit of EUR202 million in the previous year. Earnings before interest, taxes, depreciation and amortization stood at EUR1.5 billion up from EUR666 million the previous year.

U.S. stocks gave up their gains after the Federal Reserve signaled intentions to raise interest rates in mid-March, offering the most-detailed vision yet of its plan to address rising inflation. The Fed's statement indicated approval of a final round of asset purchases, bringing its stimulus program to a conclusion by March. "It will soon be appropriate to raise the target range for the federal-funds rate," the statement said. Stocks turned lower during Fed Chairman Jerome Powell's press conference, which followed the statement. The S&P 500 slipped 0.15% following the Fed's afternoon announcement. The broad index has declined in five of the past six trading days. The tech-focused Nasdaq Composite Index edged less than 0.1% higher, while the Dow Jones Industrial Average fell about 0.4%. Intel Corp. won an annulment of a $1.2 billion fine issued by the European Union’s antitrust regulator more than a decade ago over allegations the microchip producer had used its commercial power to squeeze out a competitor. The court’s decision is a blow to the European Commission, the bloc’s main antitrust regulator, which is seeking to expand its reach through new regulations and a reinterpretation of its existing powers. Lawyers said a ruling in favor of Intel could put a greater burden on the commission in pursuing some antitrust cases. AT&T Inc. swung to a fourth-quarter profit as the company improved its wireless revenue and shed the burden of its customer-losing pay-TV business in 2021. The wireless-and-broadband internet provider said Wednesday it expects to continue to boost revenue in its core cellular business while cutting overall costs in 2022.

East Asian stock markets reacted with heavy price losses on Thursday to the results of the US Federal Reserve's interest rate meeting the previous evening. Index losses are up to 3.2 per cent in Seoul and Tokyo, where the Nikkei index slides to 26,155 points. Hong Kong is down 2.6 per cent, led by heavy losses in tech stocks, which are considered particularly sensitive to interest rates. Their sub-index plunges 4.5 per cent. Shanghai holds up best, down 1.0 per cent.

On the US bond market, the yield on ten-year paper rose by a good 9 basis points to 1.87 per cent.

UBS raises Softcat to Neutral (Sell) – Target 1,740 (1,860) p
CS lowers Philips target to EUR 32.50 (42) – Neutral
UBS raises Kingspan to Buy (Neutral) – Target EUR 98 (94)

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