A federal judge in Ohio has ordered the companies owning CVS, Walgreens and Walmart pharmacies to pay $650 million over 15 years to two Ohio counties after a jury found them liable for contributing to the opioid epidemic. The jury’s verdict last November, delivered after a six-week trial, came in a so-called bellwether case that attorneys elsewhere have watched closely. It was the first decision reached among lawsuits targeting pharmacy chains for their alleged role in the opioid crisis. U.S. Judge Dan Polster in Cleveland issued his order on Wednesday after a separate nonjury trial was held to determine the appropriate amount the companies must pay. Judge Polster ruled that the defendants were responsible for a portion of plans created for Lake and Trumbull counties, the plaintiffs in the case, to address problems linked to the opioid epidemic. He ordered the companies to immediately pay two years’ worth of those payments into a fund, or $86.7 million of the total $650.6 million.

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The stock market in Switzerland closed with slight gains on Thursday. The SMI gained 0.3 per cent to 11,161 points. Among the 20 SMI stocks, there were 15 price gainers and five price losers. 16.47 (previously: 26.52) million shares were traded. Geberit came under pressure after reporting its figures. The share price fell by 1.4 per cent in Zurich. According to Jefferies, a series of robust results seems to end with the presentation of the second quarter. EBITDA was around 8 per cent below consensus and the first quantitative forecast for 2022 implied EBITDA that should be around 3 per cent below consensus. Market participants took a positive view of the interim report of the Zur Rose pharmacy group. The share price rose by 8.4 per cent. The company now wants to reach the profit zone on an EBITDA basis in the coming year and not just in 2024. RBC analysts were positive about the half-year figures of Siegfried Holding, whose shares rose 15.7 per cent. Revenue beat market expectations by 8 per cent and EBITDA by as much as 18 per cent.

After a volatile session, the European stock markets managed to get back on track on Thursday, after analysing the "minutes" of the latest Federal Reserve (Fed) meeting and a new series of statistics on both sides of the Atlantic. At the close, the Stoxx Europe 600 index was up 0.4% at 440.8 points. In Paris, the CAC 40 and the SBF 120 gained 0.5% and 0.4% respectively. The DAX 40 in Frankfurt advanced 0.5%, while the FTSE 100 in London rose 0.4%. Norway’s central bank raised its key policy rate to 1.75% from 1.25% on Thursday, and said it expects to raise the rate further in September. Analysts polled by The Wall Street Journal had expected the central bank to raise its key rate to 1.75%, despite guidance from the central bank at its last meeting in June suggesting it would increase to 1.50%. Estee Lauder, the beauty company, said it expects fiscal first-quarter earnings below Wall Street estimates. Estee Lauder (ticker: EL) said it expects first-quarter earnings of between $1.22 a share and $1.32 a share, well below analysts’ forecasts of $1.84. The company also expects net sales to decrease 10% to 8% from the prior-year period.

U.S. stocks rose Thursday as investors parsed earnings reports, economic data and minutes from the Federal Reserve's latest policy meeting for clues about the trajectory of the economy and interest rates. The major benchmarks wobbled between gains and losses for much of the session before closing in positive territory. The S&P 500 gained 9.70 points, or 0.2%, to 4283.74 after finishing lower Wednesday. The Dow Jones Industrial Average ticked up 18.72 points, or nearly 0.1%, to 33999.04. The technology-heavy Nasdaq Composite added 27.22 points, or 0.2%, to 12965.34. Stock indexes have climbed in recent weeks on signs of moderating inflation and hopes that the Fed would ease off from its aggressive campaign of rate rises. The S&P 500 is up roughly 17% from its mid-June low. Home sales data showed a further cooling of the U.S. housing market. Sales of existing homes fell for a sixth consecutive month in July, the National Association of Realtors reported Thursday. Higher mortgage rates have weighed on sales, another example of how the Fed's rate hikes are affecting all corners of the economy. On the earnings front, shares of Kohl's Corp. retreated $2.62, or 7.7%, to $31.33 after the retailer's earnings shrank by nearly two-thirds in its second quarter. Cisco Systems Inc. shares jumped $2.71, or 5.8%, to $49.37 after the maker of networking and security equipment posted flat quarterly revenue, avoiding a decline it previously forecast. Elsewhere, Bed Bath & Beyond shares sank $4.53, or 20%, to $18.55 after investor Ryan Cohen filed to sell his stake in the company. The selloff comes after the stock's recent, frenzied gains driven by individual investors, who jolted the stock in ways reminiscent of last year's meme-stock craze.

At the end of the week, the East Asian stock markets followed in the footsteps of the US stock markets the day before and barely moved. The most action was in Hong Kong, where the HSI rose by half a percent. Tokyo is almost unchanged at 28,929 points and the other regional stock exchanges as well as Sydney are hardly changed. In Shanghai, the unusual drought threatening to affect energy generation and thus production continues to cause caution.

The yield on the benchmark 10-year U.S. Treasury note dipped to 2.879% from 2.894% on Wednesday. Bond yields and prices move in opposite directions.

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