Microsoft Corp. shares tumbled after it said it expects a sharp decline in personal computer sales and the dollar’s strength to continue to weigh on growth. The Redmond, Wash., firm’s revenue rose 11% to $50.1 billion in the three months through September compared with a year earlier, while its net income fell 14% to $17.6 billion. Analysts surveyed by FactSet had predicted sales of $49.66 billion and a net income of $17.36 billion for the period. It was the worst quarterly net income decline Microsoft has reported in more than two years and the weakest revenue growth in over five years. Sales of Microsoft’s Windows operating system fell by 15% during the quarter, the company said. Sales of PCs, a large portion of which use Windows, have fallen this year after booming at the onset of the pandemic. The company’s Azure cloud-computing platform and other cloud services posted a 35% rise in revenue, although the pace of its growth has slowed in the past year. Microsoft shares fell more than 6% in after-hours trading after it announced its results. Fluctuations in the dollar’s value also have made Microsoft’s numbers look worse, and Ms. Hood said the currency would continue to be a factor in its current quarter.

On Tuesday, the SMI gained 1.7 per cent to 10,773 points. Among the 20 SMI stocks, 18 posted price gains, the only loser was Novartis. Holcim closed unchanged. 43.94 (previously: 35.14) million shares were traded. The SMI was driven by Logitech, whose shares jumped 12.5 per cent. The company's figures had turned out better than expected, as UBS analysts noted. UBS (+7.7%) itself also impressed with its quarterly report. The bank had profited from rising interest rates. The figures of Novartis (-0.2%) were described as disappointing. However, the pharmaceutical group reaffirmed its annual targets preventing larger markdowns of the share. In the second row, Kuehne + Nagel reported significant growth in turnover and profit. In response to the figures, the share added 4.3 per cent. Partners Group (+5.2%) and Givaudan (+3.8%) were sought after without news. Credit Suisse advanced 2.0 per cent. The bank will publish its figures on Thursday.

The European stock markets were up again on Tuesday, with the Stoxx Europe 600 index edging up 1.4% to 407.6 points. In Paris, the CAC 40 and the SBF 120 rose by 1.9%. The DAX 40 in Frankfurt gained 0.9%, while the FTSE 100 in London remained stable. Industrial gases specialist Air Liquide (+6.7%) was the biggest winner of the CAC 40. The group confirmed its outlook for 2022 after registering its sales increase significantly in the third quarter. Ipsen (-5.4%) announced on Tuesday that the US Food and Drug Administration (FDA) had decided to postpone the meeting of the advisory committee on treatments for endocrine and metabolic diseases concerning the French pharmaceutical company's experimental drug Palovarotene. Licensed perfume maker Interparfums (+11.4%) intoxicated the market after raising its annual targets in the wake of a record third quarter. Rémy Cointreau (-4.7%) on Tuesday reported strong sales growth in the second quarter of its 2022-2023 financial year and confirmed its annual earnings guidance. HSBC slipped 6.8% in London after revealing a 46% drop in third-quarter net profit. The British bank booked impairment charges in the period related to the sale of its retail banking business in France and increased its provisions for credit defaults.

U.S. stock indexes rose on Tuesday, continuing a market rally that propelled the Dow Jones Industrial Average to a six-week high. The S&P 500 rose 61.77 points, or 1.6%, to 3859.11 on Tuesday while the tech-heavy Nasdaq Composite added 246.50 points, or 2.3%, to 11199.12. The blue-chip Dow industrials advanced 337.12 points, or 1.1%, to 31836.74. Investors cheered earnings from large financial firms, sending stocks higher in recent days after months of falling on fears of rising interest rates and soaring inflation. Falling long-term U.S. Treasury yields propelled segments of the stock market most sensitive to interest rates. Shares of utilities and real estate firms—which offer high dividends and sometimes compete with bond yields—gained 2% and 3.9% as of early Tuesday afternoon, respectively. Investors scrutinized disappointing results from Google parent Alphabet and Microsoft, which both reported earnings after the market closed. Alphabet posted net income of $13.9 billion, a decrease of 26.5% from the previous year and far from estimates of $16.6 billion. Microsoft’s profit fell 14% to $17.6 billion compared with a year earlier and its sales growth slowed, joining shares of Google’s parent in falling after hours. Weak results from the tech-giants sets a grim tone for the rest of the week, with Apple, Facebook owner Meta Platforms and Amazon.com due to report in the coming days. General Motors offered a positive glimpse into the industrial segment of the economy. Shares of the auto manufacturer rose $1.29, or 3.6%, to $37.01 after reporting earnings that were ahead of forecasts. U.S. listed Chinese stocks indexes are recovering some of Monday’s record losses after President Xi Jinping’s political shakeup to kick off his third term. The Nasdaq Golden Dragon China Index rose 4.6% in Tuesday trading following a 14% drop on Monday.

In Asia, major indexes broadly closed with gains. Hong Kong’s Hang Seng added 2.2 per cent. The Shanghai Composite gained 1.4 per cent. The Nikkei-225 (+1.1%) and the Kospi (+0.8%) edged up, too. Among individual stocks, Obic increases by 5.5 per cent in Tokyo after the technology company's first-half net profit rose 17 per cent from a year earlier. Alibaba Health Information Technology adds 8.5 per cent in Hong Kong.

U.S. Treasury yields pulled back on Tuesday — with 10- and 30-year rates coming off their highest levels since 2008 and 2011, respectively — as traders continued to readjust their expectations for an aggressive 75-basis-point rate increase by the Federal Reserve in December. The 10-year Treasury note fell 15 basis points to 4.100%. The 2-year Treasury note moved away from its lows of the session, falling by 4 basis points to 4.454%.

Baader cuts Dufry target to CHF 33 (36) - Add
CS lowers Zur Rose target to CHF 19 (49) - Underperform
Baader reduces Temenos target to CHF 52 (98) - Reduce

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