Spirit Airlines Inc. rebuffed a $3.6 billion cash takeover bid from JetBlue Airways Corp., saying a deal likely can’t be completed, and it is sticking with plans to merge with rival budget carrier Frontier Group Holdings Inc. JetBlue’s offer for Spirit came with a higher price tag than Frontier’s cash-and-stock offer, which was originally valued at $2.9 billion. However, Spirit’s board said it believed there was too much risk that regulators would bar a merger with JetBlue, even after JetBlue pledged to shed assets to win regulatory approval and to pay a $200 million breakup fee if it was unable to complete the proposed acquisition for antitrust reasons. JetBlue’s alliance with American Airlines Group Inc. in New York and Boston was of particular concern to Spirit, according to a letter from Mr. Gardner and Spirit Chief Executive Ted Christie to JetBlue CEO Robin Hayes. The Justice Department has challenged that arrangement and is suing to block it. JetBlue said Monday that it isn’t giving up and made the details of its latest offer public in an effort to win over Spirit shareholders. The two deals offer two competing visions, each of which could reshape the airline industry. Shares of Spirit Airlines fell $2.21, or 9.4%, to $21.40. JetBlue shares added 29 cents, or 2.6%, to $11.30 while Frontier fell 40 cents, or 3.8%, to $10.21.

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Following a three-day winning streak, the Swiss stock market closed lower on Monday. The SMI lost 1.3 per cent to 11,972 points. Among the 20 SMI stocks, there were 19 price losers and Swisscom (+0.1%) as a winner. 34.47 (previously: 34.81) million shares were traded. In the luxury goods sector, Richemont and Swatch lost 3.1 and 2.3 per cent, respectively, in the face of weak China data and a further slowdown in the Chinese economy. Banking stocks Credit Suisse and UBS slipped 2.5 and 2.1 per cent. AMS-Osram declined by 0.8 per cent. Logitech (-0.2 per cent), however, put up a good fight ahead of Tuesday's results. "Penny stock" Leclanche rallied 6.9 percent. The December 2021 over-indebtedness situation was resolved in February 2022, but the company's ability to continue as a going concern remains dependent on the completion of the Spac merger and bridge financing until the merger is completed, the energy storage solutions provider said.

Shares declined in Europe but trading was lighter than usual, with the U.K. markets closed for the May bank holiday. The Stoxx Europe 600 index lost 1.5% to 443.5 points. In Paris, the CAC 40 and the SBF 120 both lost 1.7%. In Frankfurt, the DAX 40 was down 1.1%. In Europe, the session was particularly volatile and marked by a momentary interruption in trading on certain markets, shortly before 10:00. The Nasdaq and Euronext stock exchanges say they are investigating the causes of this interruption, which some investors attribute to human error. Orpea (-4.8%) has appointed Laurent Guillot as its new CEO. Casino declined by 2.8%. Citi lowered its price target from €27 to €17, while confirming its recommendation to "neutral" on the retail group's shares. Stellantis (-3.1%) suffered a more pronounced decline than the market, with a 29.3% drop in new car registrations in April, while the Renault group (-1.3%) displayed a more moderate decline of 21%. Elis (-1.8%) acquired 100% of Danish company Centralvaskeriet. Italian bank Intesa Sanpaolo (-1.7% in Milan) announced the reappointment of its CEO and managing director, Carlo Messina.

U.S. stocks climbed Monday after the S&P 500 touched a new intraday low for the year and the yield on the U.S. 10-year Treasury note hit 3% for the first time in more than three years. The S&P 500 rose 23.45 points, or 0.6%, to 4155.38. The Dow Jones Industrial Average added 84.29 points, or 0.3%, to 33061.50. The Nasdaq Composite Index jumped 201.38 points, or 1.6%, to 12536.02. The indexes traded lower for much of the session but turned higher in the last hour. The S&P 500 fell as low as 4062.51, its lowest intraday level since May 2021. Investors are awaiting the Federal Reserve’s policy meeting Wednesday for more signals on the pace of monetary tightening, with markets anticipating a rate increase of half a percentage point to counter the highest inflation in decades. The war in Ukraine and a Covid-19 outbreak in China threaten to further snarl supply chains and boost prices. Shares of Moody’s slid $15.35, or 4.9%, to $301.13 after the credit rating company said its profit fell by about one-third as costs rose. The European Commission accused Apple (+0.2%) of abusing its dominant position in the mobile wallet market, according to a statement of objections sent by Brussels to the US group. Berkshire Hathaway (-1.6%), Warren Buffett's investment company, began buying more shares of Activision Blizzard (+3.2%) after Microsoft (+2.5%) announced in January that it would acquire the video game maker. Berkshire Hathaway now holds a 9.5% stake in Activision. Berkshire also increased its stake in Chevron by 2%, and now owns the equivalent of $25.9 billion in shares, up from $4.5 billion at the end of 2021. Chevron is now the fourth largest stock in the investment company's portfolio, behind Apple, American Express and Bank of America and ahead of Coca-Cola.

In Asia, trading is suspended in Japan, Mainland China and Singapore for public holidays. Trading will resume in Japan on Friday and in Shanghai on Thursday. In Hong Kong (+0.1%) and Seoul (+0.2%) the indices hardly move. Zijin Mining lost 3.6 per cent. The company announced it would buy assets from DunAn Group for the equivalent of just over 1 billion dollars, including a lithium mine in Tibet. At Bank of China, quarterly figures are rewarded with a plus of 4.8 per cent.

The worst bond rout in decades hit a new milestone Monday, with the yield on the 10-year Treasury reaching 3% for the first time since late 2018. At closing, the ten-year US Treasury bond jumped 10 basis points to 2.985%, while the two-year bond rate also rose by 4 basis points to 2.735%.

LBBW lowers BASF target to EUR 60 (65) - Buy

Alsterresearch raises MTU target to EUR 176 (170) - Sell

Citi cuts Henkel target to EUR 66 (77) - Neutral

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