Credit Suisse Group named Deutsche Bank's group treasurer as its new financial chief, part of a broad reshuffle at the Swiss bank that is trying to find its footing after a series of scandals and financial losses. The new financial chief, Dixit Joshi, is replacing David Mathers, who decided to step down after more than 11 years in his role, Credit Suisse said Monday. Mr. Joshi played a key part in Deutsche Bank's restructuring, the bank added. Francesca McDonagh, who was previously appointed to head Europe, the Middle East and Africa after serving as chief executive officer of an Irish lender, will become Credit Suisse's chief operating officer. In July, Credit Suisse named Ulrich Körner, head of its asset management business, as its new CEO and launched a new strategic review to pare back the investment bank further and cut costs. Credit Suisse has been rocked by a series of problems, including the 2021 implosions of clients Greensill Capital and Archegos Capital Management. The bank has been recording quarterly losses, and its shares are down more than 40% this year.

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On Monday, the SMI lost 0.6 per cent to 11,086 points. Among the 20 SMI stocks, there were 16 price losers and four price winners. 29.34 (Friday: 30.79) million shares were traded. Cyclicals such as ABB (-3.5%) and Sika (-2.2%) were sold. Investors also disposed of bank and insurance stocks. Credit Suisse and UBS fell by 0.8 and 1.7 per cent respectively. Insurers Swiss Life and Swiss Re slipped by up to 0.9 per cent. Defensive stocks such as Nestle (+0.3 per cent), and Swisscom (+0.4 per cent) held up better, as did the shares of pharmaceutical manufacturers Novartis (-0.2 per cent) and Roche (+0.2 per cent). As a result, the SMI still fared significantly better than other indices in Europe. Concerns about the important sales market China pushed Richemont's share price down by 2.7 per cent. The shares of the Zur Rose pharmacy group benefited only temporarily from a media report that the company is examining strategic options, which could include a sale. The share price jumped by over 7 per cent at its peak. At the end of trading it was 5.4 per cent lower.

European stocks declined Monday, reflecting a broad-based selloff as traders worried about the prospect of further aggressive interest-rate increases by the Federal Reserve and the European Central Bank against a backdrop of slowing economic growth. At the close, the Stoxx Europe 600 index fell 1% to 433.2 points. In Paris, the CAC 40 and SBF 120 were down 1.9% each. The DAX 40 in Frankfurt lost 2.3%, while the FTSE 100 in London fell 0.2%. Gas prices continue to rise. The September contract for the Dutch TTF, Europe's natural gas benchmark, jumped more than 14% to around 280 euros per megawatt hour (MWh). Energy producer TotalEnergies (+0.7%) announced on Monday that it had made a "significant" gas discovery with its partner Eni (+1.6% in Milan) offshore Cyprus, on the Cronos-1 well on Block 6, operated by the Italian group. The engineering and technology group for the energy industry Technip Energies (+1.9%) has been selected in a consortium by TotalEnergies to carry out a front-end engineering design (FEED) study for the upstream production infrastructure of the Papua LNG project in Papua New Guinea. German healthcare services and products group Fresenius (+3.6% in Frankfurt) announced the departure next month of its CEO Stephan Sturm, who will be replaced by Michael Sen, currently CEO of subsidiary Fresenius Kabi. Adidas (-5.2%) announced on Monday that its CEO, Kasper Rorsted, will leave the company during 2023. In London, Cineworld Group slipped by 21.4% after the movie theater chain that owns Regal Cinemas said it was considering a possible voluntary Chapter 11 filing in the U.S. as part of its restructuring objectives. Filing for U.S. bankruptcy to allow a financial restructuring probably gives Cineworld more flexibility than if the business went into administration under U.K. rules," AJ Bell investment director Russ Mould explained. British telecoms operator Vodafone (-1.5% in London) has reached an agreement to sell the entirety of Vodafone Magyarorszag Tavkozlesi Zrt, or Vodafone Hungary, at a valuation of 715 billion Hungarian forints (€1.76 billion).

Fears of additional sharp interest-rate increases by the Federal Reserve sent the Dow Jones Industrial Average down 643 points on Monday, taking some of the wind out of this summer’s stock-market rally. The Dow fell 643.13 points, or 1.9%, to close at 33063.61 Monday. The S&P 500 dropped 90.49, or 2.1%, to 4137.99. The technology-focused Nasdaq Composite slid 323.64, or 2.5%, to 12381.57. Even with the recent pullback, all three major indexes are up at least 5.8% over the past three months. Futures markets show traders are split as to whether the central bank will raise interest rates by half a percentage point or three-quarters of a point at its next meeting in September. All 11 sectors of the S&P 500 fell on Monday. Tech stocks that were flying high earlier this summer were among the worst performers. Apple, Tesla and Microsoft all retreated more than 2%. Netflix, a big beneficiary of the market’s midsummer rally, slid $14.62, or 6.1%, to $226.54 after analysts at CFRA Research recommended that investors sell the stock. Bed Bath & Beyond, an individual-investor favorite whose shares have been on a wild ride in recent days, tumbled $1.79, or 16%, to $9.24 after S&P downgraded the retailer’s credit rating. Shares of Ford Motor fell 80 cents, or 5%, to $15.08 after a $1.7 billion jury verdict from Friday that calls into question the roof strength of some trucks. The auto maker has said it plans to appeal. Bitcoin, the world’s largest cryptocurrency by market value, shed 1.9% from Sunday to trade at $21,107.25. The digital currency briefly broke below $21,000 earlier Monday. Crypto prices are heavily influenced by sentiment, causing selling in times of broad market selloffs.

Stocks in Asia closed mostly lower on Tuesday, with the exception of China’s Shanghai Composite. The index gained 0.2% after banks in China cut benchmark interest rates on loans to households and businesses. The HSI in Hong Kong slipped by 0.5 per cent. In Tokyo, the Nikkei-225 fell more sharply by 1.2 per cent, weighed down by technology and automotive stocks. The Kospi in South Korea also lost ground. The price of the aerospace supplier Hanwha Aerospace however rises by 3.6 per cent - boosted by a large order.

Long-dated U.S. government debt yields climbed on Monday to their highest levels since July as investors awaited an update from Federal Reserve Chairman Jerome Powell later in the week. The 10-year Treasury note rose 5 basis points to 3.035%. The 2-year Treasury note added 8 basis points to 3.293%.

Jefferies cuts Zur Rose target to CHF 95 (290) - Buy

Berenberg lifts Swiss Life target to CHF 650 (635) - Buy

Deutsche Bank reduces Prudential target to 1,400 (1,475) p - Buy

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