Elon Musk has offered to close his acquisition of Twitter Inc. on the terms he originally agreed to, according to a person familiar with the matter, a sudden and unexpected comedown for the billionaire entrepreneur that could end a monthslong battle he has waged to get out of the $44 billion deal. Mr. Musk’s lawyers communicated the proposal to Twitter’s lawyers overnight Monday and filed a letter confidentially with the Delaware Chancery Court ahead of an emergency hearing on the matter Tuesday, the person said. The two sides are discussing how to ensure the deal can be closed. The judge overseeing the case requested they come back to her by the end of the day with a potential plan that would allow the litigation to be dropped, the person said. Should the parties agree, the proposal would enable them to avert a high-stakes trial set to begin soon and potentially finalize the deal within days. It would represent a major victory for the social-media company.

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The Switzerland stock market closed on a buoyant note on Tuesday, in line with markets across the globe, as fears about aggressive policy tightening by central banks faded a bit after weaker than expected U.S. manufacturing activity data. The benchmark SMI ended with a big gain of 300.21 points or 2.92% at 10,590.92, the day's high. Credit Suisse rallied nearly 9%, rebounding after recent fall. ABB and Sika both gained more than 6%. Partners Group, Richemont, Logitech, UBS Group, Lonza Group, Holcim, Swiss Life Holding, Geberit, Roche Holding, Sonova, Swiss Re and Alcon gained 2.8 to 5.6%. Tecan Group, Zur Rose, Straumann Holding, AMS and Georg Fischer gained 5.1 to 7.5%. Julius Baer, Adecco, Schindler Holding, Ems Chemie Holding, Temenos Group, Schindler Ps, Swatch Group, Clariant and Lindt & Spruengli advanced 4 to 5%. Galenica Sante drifted down nearly 2%. Swiss Prime Site ended 1.1% down, while PSP Swiss Property and SIG Combiblock posted modest losses.

European markets closed on an upbeat note on Tuesday as stocks kept surging higher and higher after opening on a firm note, amid rising hopes the Fed and other major central banks will be less aggressive with regard to rate hikes in the coming months. The pan European Stoxx 600 climbed 3.12%. The U.K.'s FTSE 100 surged 2.57%, Germany's DAX rallied 3.78% and France's CAC 40 gained 4.24%. Switzerland's SMI advanced nearly 3%. Among other markets in Europe, Austria, Belgium, Czech Republic, Denmark, Finland, Greece, Iceland, Ireland, Netherlands, Norway, Poland, Portugal, Spain, Sweden and Turkiye all ended with strong gains. Russia edged up marginally. In the UK market, Flutter Entertainment soared 9.25%. Ocado Group, ICP, IAG, Hargreaves Lansdown, Prudential, Whitbread, Rolls-Royce Holdings and Melrose Industries surged 6.5 to 9%. Entain, Legal & General, St. James's Place, Admiral Group, Ashtead Group, CRH, 3I Group and HSBC Holdings also rose sharply. In Paris, Atos moved up over 8%. AXA, Essilor, LVMH, Schneider Electric, Airbus Group, Hermes International, Kering, CapGemini, STMicroElectronics, Safran, Publicis Groupe, Sodexo and Faurecia rallied 5 to 7.2%. In the German market, Zalando climbed 8.25%. HelloFresh, Infineon Technologies, Sartorius, Adidas, Puma, Deutsche Bank, Siemens, Porsche Automobil, Covestro, MTU Aero Engines, SAP, HeidelbergCement, Volkswagen, Munich RE, Continental, Daimler and Brenntag surged 3.5 to 7.25%.

U.S. stocks jumped again on Tuesday, extending a strong start to the fourth quarter and giving relief to investors after weeks of punishing losses. The Dow Jones Industrial Average advanced 2.8%, or more than 800 points, in afternoon trading. The S&P 500 surged 3.1%, and the technology-heavy Nasdaq Composite climbed 3.3%. The gains built on Monday's rally, when the Dow posted its biggest one-day increase since June. Optimists hope that stocks might be poised for a broader recovery. Major stock indexes fell in August and September as investors came to terms with stubbornly high inflation and the Federal Reserve's commitment to curb it by ratcheting up interest rates, even at the risk of tipping the economy into recession. Last week, the Dow joined the S&P 500 in entering a bear market, defined as a drop of 20% or more from a recent high. Stocks got a boost Tuesday from a surprise decision by the Reserve Bank of Australia to raise interest rates less than expected. The move fueled hopes that other central banks worldwide might curb their plans to tighten monetary policy in response to signs of financial stress. Tuesday's rally was broad-based, with fewer than 20 stocks in the S&P 500 in negative territory. Shares of cruise companies, airlines and casino operators were among the index's best performers. Juul Labs Inc. is expected as soon as this week to start discussions with lenders for financing that would carry the company through a potential chapter 11 bankruptcy filing, according to people familiar with the matter. The vaping company has received inquiries from lenders and will soon formally request debtor-in-possession financing options, one of the people said. Micron Technology Inc. has agreed to invest as much as $100 billion to build a semiconductor-manufacturing campus in upstate New York, adding to a wave of chip-making plans in the U.S. as Washington tries to boost domestic manufacturing of those critical components.

After yesterday's strong gains, stock markets in East Asia and Australia continued to rise on Wednesday. In Hong Kong, the market barometer climbed 5.5%. There is a need to catch up here, as there was no trading on Tuesday due to a public holiday. The sub-index for technical stocks, which are considered particularly interest rate sensitive, jumped more than 7 percent. On mainland exchanges, such as Shanghai, trading does not resume until next Monday due to "Golden Week". The Nikkei index in Tokyo rose by another 0.4 percent to 27,100 points, the Kospi in Seoul gained another 0.2 percent.

U.S. 10-year Treasury yields have retreated after touching 4% last week. The yield on the benchmark note slipped to 3.616% on Tuesday from 3.650% on Monday, which was its lowest level in almost two weeks.

UBS raises Fuchs target to EUR 28.50 (27) – Neutral

UBS lowers Auto1 target to EUR 23.80 (25.70) – Buy

CS lowers Siegfried target to CHF 830 (930) – Outperform

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