Twitter Inc. is suing Elon Musk over the billionaire's attempt to walk away from his $44 billion takeover bid, seeking to force him to honor the terms of the deal. The California-based group has taken the case to court to force the entrepreneur to abide by the original terms of the agreement reached in April with its board of directors. This filing in a Delaware court follows the announcement of Elon Musk's withdrawal, who felt late last week that Twitter had not provided him with the necessary information to assess the number of fake accounts active on the platform. In its complaint, Twitter asked for an expedited hearing of the case to protect its shareholders "from the continuing market risk and operational damage resulting from Musk's attempt to forcibly evade a particularly strong merger agreement." Expedited proceedings in this Delaware court, the "Chancery Court," usually take place within a few months. According to Twitter, Elon Musk changed his intentions toward it as soon as the stock market turned around in the spring. "Rather than bear the cost of a market downturn, as required by the merger agreement, Musk wants to pass it on to Twitter shareholders," the complaint states.

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Recession worries again dampened the buying mood on the Swiss stock market on Tuesday. The SMI gained 0.4 per cent to 11,070 points. Among the 20 SMI stocks, there were 16 price gainers and four price losers. 26.35 (previously: 23.84) million shares were traded. The previous day's winners were sold, while investors bought the losers. Givaudan, for example, lost 3.4 per cent. On the other hand, ABB advanced 1.3 per cent. Nestle turned positive after initial losses and gained 0.4 per cent. The shares of banks Credit Suisse and UBS, which were reviled on Monday, recovered by 1.7 and 2.2 per cent – despite lower market interest rates. Holcim exited trading 1.8 per cent higher. The cement group had announced a smaller acquisition in Serbia. In the second tier, Zur Rose slipped 0.5 per cent. Deutsche Bank had downgraded the share of the online pharmacy to "hold" and lowered the price target to 84 from 180 francs.

The European stock markets rebounded in the afternoon, after falling in the morning due to a disappointing Zew indicator, and ended Tuesday's session in the green. European equity markets rebounded, despite ongoing concerns about new health restrictions in China, Russian gas supplies to Europe and the tightening of monetary policies by major central banks. At the close, the Stoxx Europe 600 index was up 0.5% at 417.04 points. In Paris, the CAC 40 and the SBF 120 gained 0.8% each. In Frankfurt, the DAX 40 advanced by 0.6% and the FTSE 100 by 0.2%. EDF jumps 5.8% after reports the French government is willing to pay more than EUR8B to nationalize the energy company. DNB Bank AS A on Tuesday posted a forecast-beating rise in second-quarter net profit, as earnings were boosted by higher net interest income. Norway’s largest lender made a profit attributable to shareholders of 7.61 billion Norwegian kroner ($745.6 million), compared with NOK6.21 billion a year earlier. Net interest income rose 22% to NOK11.53 billion, it said. Analysts polled by FactSet had expected net profit of NOK6.9 billion and net interest income of NOK11.22 billion.

Fears about a recession on the horizon weighed on stocks, oil and bond yields, continuing a volatile stretch for global markets. The S&P 500 fell for a third consecutive session, losing 35.63 points, or 0.9%, to 3818.80. The Dow Jones Industrial Average declined 192.51 points, or 0.6%, to 30981.33. The technology-focused Nasdaq Composite shed 107.87, or 0.9%, to 11264.73. Losses accelerated in the final hour of the trading session. Worries about an economic slowdown have stoked a rapid reversal in oil prices, which had raced higher for much of the year. Brent crude futures, the benchmark in international energy markets, fell 7.1% to $99.49 a barrel, snapping a three-session winning streak and hitting the lowest settle value since April. Falling oil prices pressured shares of energy companies, which were the biggest losers within the S&P 500 on Tuesday, continuing a stretch of volatility for a group that had been a star performer for much of the year. The energy sector lost 2%. Shares of Hess fell 3.9%, while Marathon Oil dropped 3.1%. Earnings season among major U.S. companies will pick up speed later in the week with results due from major financial institutions. Investors will pay particular attention to bank executives' commentary on the trajectory of the economy, and to the effects of higher input costs on profit margins. Some investors have said that they are expecting bigger divergences among stocks and sectors within the broader market, as coming financial results shape the market's winners and losers. onsumers are continuing to buy treats like soda and chips at rising prices, even as their pocketbooks get more squeezed by inflation. PepsiCo Inc. reported a 5.2% increase in revenue in the latest quarter from a year earlier, as prices on average rose 12% and the company benefited from strong sales of its snacks and packaged foods. “Unlike things like cars and houses and durable goods like washing machines, we’re just sort of an affordable treat, even when times are tougher,” PepsiCo finance chief Hugh Johnston said in an interview Tuesday.

The East Asian stock exchanges are mostly slightly up on Wednesday. Participants also attributed smaller premiums on some stock exchanges such as Seoul (+0.7%) or Hong Kong (+0.6%) to the significant drop in oil prices on the previous day, which did not recover significantly on Wednesday. On the Japanese market, gains in auto and aerospace stocks are causing the Nikkei-225 to rise slightly by 0.3 per cent. Honda Motor rises 2.6 per cent and ANA Holdings 1.8 per cent. With oil prices lighter, Inpex loses 3 per cent.

In the bond market, the yield on 10-year Treasurys slipped to 2.958% from 2.990% Monday. Yields, which move inversely to prices, have drifted lower since late June on expectations that an economic slowdown would prod the Federal Reserve to pull interest rates back down in 2023.

CS lowers BASF target to EUR 67 (72) – Outperform

HSBC raises Flughafen Wien target to EUR 33 (25.50) – Hold

JPM lowers Arkema to Underweight (Neutral) – Target EUR 82.50 (142)

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