One of China's biggest oil companies, Cnooc Ltd., plans to raise $4.41 billion from a Shanghai listing, after its shares were delisted from the New York Stock Exchange. The state-owned company is selling a total of 2.6 billion shares for 10.80 yuan (US$1.70) a share, it said. If the company exercises an over-allotment option, which is an additional 390 million shares, the total amount raised from the domestic offering will be $5.07 billion. Cnooc's share sale - like a recent megadeal by China Mobile -shows that China's corporate champions are able to access large pools of capital back home if needed, blunting the impact of being exiled from American markets. In January, China Mobile Ltd., which was also booted from the NYSE last year, had raised close to $9 billion in a Shanghai stock-offering. China Mobile's offering followed a similar fund raising by its peer China Telecom Corp. in May last year. The NYSE began the process of delisting Cnooc and other Chinese companies in February last year, and the American depositary receipts of some companies were delisted from the NYSE in October. The action by the NYSE was taken to comply with an investment blacklist introduced under former President Donald Trump, which bars Americans from investing in Chinese companies that the U.S. says aid China's military, intelligence and security services.

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The war in Ukraine and inflation concerns dampened the buying mood on the Swiss stock market on Monday. The SMI gained 0.2 per cent to 12,529 points. Among the 20 SMI stocks, there were twelve price losers and eight price winners. 38.48 (previously: 37.79) million shares were traded. Defensive stocks such as Swisscom (+1.6%) or the shares of pharmaceutical manufacturers Novartis (+1.2%) and Roche (+0.6%) were on the winning side. Nestle visually lost 0.3 per cent or 0.42 francs. The shares were trading at a dividend discount of 2.80 francs. The recent rise in market interest rates helped the shares of insurers in particular to make gains, while the prices of banks were held back by concerns that the Ukraine war and inflation could slow down the economy and thus also affect the business of the financial institutions. Credit Suisse and UBS improved by 0.3 and 0.1 per cent respectively. Swiss Life, Swiss Re and Zurich closed 1.3 to 2.8 per cent higher.

The main European equity indices ended lower on Monday, with the exception of the CAC 40, which recovered some of the ground lost last week. Inflationary pressures continue to weigh on the markets just days before the European Central Bank (ECB) meeting. The Stoxx Europe 600 index fell 0.6% to 458.3 points. In Paris, the CAC 40 and the SBF 120 rose by 0.1% and 0.2%, respectively. In Frankfurt, the DAX 40 fell 0.6% and in London, the FTSE 100 lost 0.7%. French banking giant Société Générale SA said it would exit Russia, sell its operations to one of Russia’s richest people, and take a more than $3 billion hit to its income. The French bank said Monday that it was selling its entire stake in Rosbank and its Russian insurance units to Interros, a conglomerate controlled by metals billionaire Vladimir Potanin. Interros previously controlled Rosbank. The French bank didn’t disclose how much it was selling Rosbank for, but said the price tag included Interros agreeing to pay off loans Société Générale had made to its Russian unit. Swedish telecommunications company Ericsson AB said Monday that it is suspending its business in Russia indefinitely and will record a provision of 900 million Swedish kronor ($95.2 million) in the first quarter of 2022. In late February, Ericsson suspended all deliveries to customers in Russia to give it time to analyze the potential impact of sanctions against the country.

U.S. stocks fell as investors worried that Covid-19 lockdowns in China could exacerbate supply-chain problems and weigh on economic growth. Technology stocks in particular weighed on major indexes. The S&P 500 fell 1.7%. The Dow Jones Industrial Average retreated 1.2% as shares of Apple and Microsoft fell. The tech-heavy Nasdaq Composite Index declined 2.2%. China's lockdowns in Shanghai and other industrial centers are starting to weigh on the country's economy. "China is weighing on people's minds quite a bit," said Ernesto Ramos, head of integrated equity at Columbia Threadneedle Investments. He said the lockdowns are "creating all kinds of supply side bottlenecks for the U.S. consumer and for U.S. manufacturers that rely on goods from China for their finished products." AT&T Inc. shares climbed Monday in the first trading session after completing a deal to merge the company’s media business with Discovery Inc. The telecom company’s stock rose 7.5% to $19.58, while shares of the new company, Warner Bros. Discovery Inc., slipped 2% to $23.97. Investors who looked at the stock prices Monday morning could be forgiven for feeling confused, though. Elon Musk confirmed he wouldn’t be joining Twitter Inc.’s board of directors but said he might engage with the social-media company on a range of issues “without limitation.” Mr. Musk might discuss with Twitter’s board or parts of its management team the company’s product and services, potential mergers and governance issues, he said an amended regulatory filing Monday. The Tesla Inc. chief executive can express his views about Twitter on social media or speak directly with executives and board members, the filing states.

The Asian and Australian stock exchanges recorded losses on Tuesday. Concerns about rising prices, especially of commodities, and in the wake of rising market and key interest rates are again weighing heavily on the markets. Japan suffers a particularly sharp decline, with the Nikkei falling 1.6 per cent to 26,400 points. The Kospi in South Korea also suffers significant losses of 1 per cent. The Australian market holds up better with a minus of 0.5 per cent. China's Hong Kong (-0.7) and Shanghai (-0.5 per cent) bourses are about even, but were still trading higher in early trade.

A Treasurys selloff intensified ahead of key inflation data, sending the 10-year yield to its seventh consecutive daily rise with a gain of 0.066 percentage point to 2.779%, the highest since January 2019.

BoA raises Roche target to 435 (395) CHF – Buy

JP Morgan lowers Puma target to EUR 115 (120) – Overweight

CS raises Remy Cointreau to EUR 200 (180) – Underperform

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