Société Générale SA named investment-banking head Slawomir Krupa as its next chief executive, replacing Frédéric Oudéa who will leave next year after managing the bank through multiple crises. Mr. Krupa was appointed to head the investment-bank business in 2021. He previously led the bank’s Americas’ business and worked on key market functions for Société Générale, including securitization and leveraged finance. The French lender combines a large domestic retail bank with an international investment bank. In 2020, Société Générale shrank the investment bank following trading losses during the pandemic, but has been on a more stable course recently. Mr. Krupa will have plenty to worry about: inflation and an energy crisis that is hitting customers, volatile markets and a global economic slowdown. The European Systemic Risk Board, a top European financial regulator, warned this week that the continent is facing severe risks to its financial stability and that banks should be on their toes. Mr. Krupa was one of the front-runners for the CEO job. His main competitor was Sébastien Proto, who heads group strategy at the bank, according to people familiar with the matter. But unlike Mr. Krupa, who spent most of his career at Société Générale, Mr. Proto is relatively new to the bank, joining in 2018.

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The Switzerland market ended on a strong note on Friday, as data showing an acceleration in Swiss retail sales, and bargain hunting lifted stock prices. The positive trend in markets across Europe helped as well. The benchmark SMI ended with a gain of 140.56 points or 1.39% at 10,267.55, slightly off the day's high of 10,275.86. Alcon rallied nearly 5%. Sika, Geberit, Credit Suisse, Sonova, Lonza Group and Partners Group gained 3.7 to 4%. Givaudan surged 2.84%. Holcim, Logitech, Swiss Life Holding, ABB and Richemont advanced 1.4 to 2.5%. In the Mid Price Index, Clariant surged 7.07% and Bachem Holding climbed nearly 7%. Straumann Holding, Tecan Group, Belimo Holding, Zur Rose, Temenos Group and AMS gained 4.75 to 6.8%. Ems Chemie Holding, SIG Combibloc, Adecco, Swiss Prime Site, Julius Baer and Lindt & Spruengli also moved up sharply. Data from the Federal Statistical Office showed that annual retail sales growth accelerated to 5.4% in August from 4.9% in July. This was the third successive monthly rise. On a monthly basis, retail sales rose 1.5% in August versus 0.2% in July.

European markets closed on a firm note on Friday, as stocks saw some spirited buying, tracking a recovery in the U.S. market on hopes the Fed is monitoring the volatile swings witnessed by the global markets due to aggressive monetary policy tightening. A drop in government bond yields and data showing the U.K. economy has not fallen into a recession helped lift sentiment. Currency markets calmed, with the euro and sterling hitting new one-week highs after the British government agreed to meet with the country's independent budget experts. Despite posting strong gains for the session, most of the major markets in the region recorded sharp losses for the month and the third quarter. The pan European Stoxx 600 climbed 1.3%. Germany's DAX gained 1.16%, France's CAC 40 surged 1.51%, and the U.K.'s FTSE 100 advanced 0.18%, while Switzerland's SMI closed higher by 1.37%. Among other markets in Europe, Austria, Belgium, Czech Republic, Denmark, Finland, Greece, Iceland, Ireland, Netherlands, Norway, Spain, Sweden and Turkiye closed with sharp to moderate gains. Portugal and Russia edged up marginally, while Poland ended weak. In the UK market, Barratt Developments, Unite Group, Persimmon and Segro gained 5 to 6%. Burberry Group, Berkeley Group Holdings, St. Jame's Place, M&G, Auto Trader Group, Hargreaves Lansdown, Dechra Pharmaceuticals, Taylor Wimpey, Prudential, Tesco, Melrose Industries and B&M European Value Retail gained 3 to 4.5%.

Stocks fluctuated in morning trading on Friday before once again coming under pressure over the course of the afternoon. The major averages extended the sharp pullback seen on Thursday, ending the session at their lowest closing levels since late 2020. The major averages saw further downside going into the close, ending the session just off their worst levels of the day. The Dow plunged 500.10 points or 1.7 percent to 28,725.51, the Nasdaq tumbled 161.89 points or 1.5 percent to 10,575.62 and the S&P 500 slumped 54.85 points or 1.5 percent to 3,585.62. For the week, the Nasdaq dove by 2.7 percent, while the Dow and the S&P 500 both plunged by 2.9 percent. The major averages also posted steep losses for the month and the quarter. The extended sell-off on Wall Street reflected lingering concerns about the global economic outlook amid aggressive interest rate hikes by central banks around the world. steep drop by shares of Nike (NKE) weighed on the Dow, with the athletic footwear and apparel giant plunging by 12.8 percent. Nike fell sharply after reporting better than expected fiscal first quarter earnings and revenues but warning it will need to cut prices amid a surge in inventories. Transportation stocks saw considerable weakness on the day, with the Dow Jones Transportation Average falling by 1.6 percent. Healthcare, retail and pharmaceutical stocks also moved notably lower, while gold stocks bucked the downtrend amid a modest increase by the price of the precious metal.

The stock markets in East Asia are showing a mixed trend at the beginning of the new trading week. Trading in Asia is also volatile. While the Nikkei-225 managed to jump into positive territory after initial losses and gained 0.6 per cent, the Hang Seng Index in Hong Kong was down 1.2 per cent despite an interim recovery. In Shanghai, there is no trading up to and including Friday due to the "Golden Week". In Seoul, trading is suspended due to a public holiday at the beginning of the week.

U.S. Government bond yields continued their march higher. The yield on the benchmark 10-year U.S. Treasury note has risen this year to 3.802%, from 1.496% on Dec. 31. It ticked up Friday from 3.747% on Thursday.

CS lowers BASF target to EUR 61 (67) – Outperform

Citi lowers Evonik target to EUR 18 (22) – Neutral

JP Morgan raises Richemont target to CHF 155 (150) – Overweight

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