Intel Corp. said it has filed paperwork to take its Mobileye self-driving car unit public as the semiconductor giant tries to spark investor enthusiasm in its own shares and capitalize on growing demand for automated driving. Intel last year said it was going to list Israel-based Mobileye, which it bought in 2017 for around $15 billion. People familiar with the matter have said the unit could fetch a valuation above $50 billion. Pat Gelsinger, who became the chip company's chief executive last year, has been trying to remake Intel through steps such as investing in new chip-making factories and bolstering its engineering team. Intel last month agreed to buy Israeli chip company Tower Semiconductor Ltd. for nearly $6 billion. The moves have failed to boost its share price, though, amid concerns the spending will weigh on results in the near-term. On Monday, Intel said it has confidentially submitted a draft registration statement with the U.S. Securities and Exchange Commission for a proposed initial public offering. Intel has said it expected the listing to take place in mid-2022 and that it expects to retain a majority share. The Santa Clara, Calif., chip maker said it hasn't yet determined the number of shares to be offered or the expected price range.

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The ongoing Ukraine war and the rapidly rising prices for commodities such as oil and gas again weighed heavily on the Swiss stock market on Monday. The SMI lost 0.8 per cent to 11,205 points. Among the 20 SMI stocks, there were 14 price losers and five price winners, one share closed unchanged. 86.56 (previously: 81.32) million shares were traded. The banking sector recorded some of the biggest losses. The share prices of Credit Suisse and UBS fell by 4.3 and 2.1 per cent, respectively. Julius Baer fell by 5.2 per cent. The sector's outlook is very much dependent on the macroeconomic outlook, which in turn is threatened by the possibility of an intensifying and protracted conflict. The insurance sector was also sold off sharply. Swiss Life fell by 3.9 per cent, Swiss Re by 2.7 per cent and Zurich by 1.5 per cent. The price of the luxury goods group Richemont fell by 2.3 per cent. As a result of the sanctions against Russia, the company is losing an important sales market. Despite the mood of crisis, Nestle (-2.2%) and Givaudan (-1.0%), which are actually considered defensive, were also sold. Swisscom (+0.8%) held up better.

European stock markets closed lower on Monday as investors worried about the escalating war in Ukraine and the possibility of new Western sanctions on Russian oil imports. The Stoxx Europe 600 index fell 1.1% to 417.1 points. In Paris, the CAC 40 and SBF 120 lost 1.3% and 1.4%, respectively. In Frankfurt, the DAX 40 gave up 2%, while the FTSE 100 in London was down 0.4%. The Moscow Stock Exchange, which remained closed last week, will also be closed on Monday and Tuesday, the Bank of Russia said. European bank stocks fell after Russian attacks on Ukraine intensified and commodity prices rose. European markets traded in the red, and European lenders' shares recorded steeper declines. Although most European lenders—with a few exceptions such as Vienna-listed Raiffeisen—don't have substantial exposure to Russia or Ukraine, the sector's prospects are strongly linked to the macroeconomic outlook, which is being threatened by the possibility of an intensifying and protracted conflict. Fears that supplies of oil and other commodities that the world economy relies on could be crimped have led prices to increase, adding to inflationary pressures.Rio Tinto PLC said Monday that it has reached a settlement with the Australian Securities and Investments Commission over the timing of a 2013 impairment disclosure against Mozambique coal assets it used to own. The mining company said it will pay 750,000 Australian dollars (US$553,000) for contravening its continuous disclosure obligations between Dec. 21, 2012, and Jan. 17, 2013, immediately before it announced a roughly US$3 billion impairment against the value of the Mozambique business.

The Dow Jones Industrial Average dropped more than 2%, putting the blue-chip gauge into correction territory, as surging oil prices deepened concerns about economic growth. The selloff in equities also put the Nasdaq Composite Index in a bear market, defined as a 20% decline from a recent high. The moves during the start of 2022 had already sent the S&P 500 into correction territory, defined as a decline of at least 10% from a recent high. The Dow industrials joined the other indexes in correction territory Monday as the climb in oil prices threatened to feed into higher inflation. The Dow industrials were down 2.4% following four consecutive weeks of losses. They are down at about 11% from their January high. The S&P 500 dropped nearly 3%, bringing its 2022 decline to almost 12%. The tech-heavy Nasdaq Composite Index lost 3.6% and is down 18% year-to-date and more than 20% from its high. The S&P 500 entered a correction on Feb. 22, while the Nasdaq Composite fell into correction on Jan. 19. Attention focused on energy markets, where oil prices rose after Secretary of State Antony Blinken said Sunday that the U.S. and European partners are discussing a ban on imports of Russian oil. Uber Technologies Inc. raised its first-quarter guidance Monday, saying its ride-hailing business is bouncing back quickly from the disruption caused by the spread of the Omicron variant around the end of 2021. The company raised its current-quarter guidance for adjusted earnings before interest, taxes, depreciation and amortization from between $100 million and $130 million to between $130 million and $150 million. The increase in guidance is driven by improvement in the company’s ride-hailing and delivery businesses, compared with the last quarter of 2021, when a rise in Covid-19 cases disrupted operations, Uber said.

The war in Ukraine and the rising energy prices as a consequence are again the dominating and burdening topic on the East Asian stock markets on Tuesday. Oil prices rose by around 2 per cent, even after Russia warned for the first time of a gas supply stop to the West and also of the consequences of an oil embargo.

U.S. Treasury yields edged higher in Asia, extending Monday's gains and flashing a warning as the reaction to the Ukraine crisis deepens.

UBS raises Swiss Life target to CHF 643 (640) – Buy

UBS lowers Lufthansa target to EUR 6.65 (7.25) – Neutral

BoA raises Lloyds Banking to Neutral (Underperform) – Target 46 (42) p

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