Airbnb Inc. posted its most profitable quarter to date, with record revenue bolstering the case that travel demand remains strong despite continuing challenges from rampant inflation. The home-sharing company said its results were driven by higher bookings in cities, stronger cross-border travel and longer stays. Airbnb said third-quarter nights and experiences - activities reserved through the platform - booked were its highest ever, with a 25% increase. The San Francisco company posted $2.88 billion in revenue for the quarter ended Sept. 30. Analysts expected $2.85 billion in revenue. July through September is typically Airbnb’s busiest period, because of summer vacations. Airbnb said it expects revenue growth to continue in the current quarter, citing a backlog of future bookings and coming bookings being canceled with less frequency - among other factors - four weeks into the period. The company forecast fourth-quarter revenue between $1.8 billion and $1.88 billion. Analysts polled by FactSet expected $1.87 billion before the issued outlook.

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The Switzerland stock market ended on a weak note on Tuesday, hurt by disappointing consumer confidence data. Survey results from the State Secretariat for Economic Affairs, or SECO, showed Swiss consumer confidence weakened to the lowest level since the survey began in 1972. The benchmark SMI ended the session with a loss of 44.28 points or 0.41% at 10,783.65. In addition to the stronger franc against the euro, which makes exports from Switzerland more expensive, the significant drop of Lonza (-5.1 per cent) weighed on the leading index. The second biggest loser in the SMI was Givaudan with a minus of 1.6 per cent. Leading the SMI was Richemont (+3.2 per cent) and in the second tier Swatch was also up 3.2 per cent. In both cases, the news that China may be easing its zero-covid strategy is likely to have prompted buying. Companies that are heavily dependent on demand in China, such as Richemont and Swatch, are likely to benefit. Sika lost 0.9 per cent after the placement of a CHF 600 million three-tranche bond at yields between 1.6 and 2.3 per cent.

European stocks pushed higher on Tuesday with sentiment lifted by unverified social media reports that China planned to reopen from its strict Covid-zero policy. The DAX rose by 0.6 per cent to 13,339 points, the Euro-Stoxx-50 gained 0.9 per cent to 3,650 points. The losers of the stock market year to date were able to recover particularly strongly, with Vonovia adding 2.5 per cent, Puma 3.6 per cent and Zalando 4.2 per cent. On the other hand, stocks that had been stable so far this year came under pressure. Beiersdorf fell by 1.8 per cent and Deutsche Börse by 1.6 per cent. The biggest DAX loser, however, was Sartorius with a drop of 3.7 per cent. Ocado shares increased by almost 39 per cent in London. The stock market took a positive view of the fact that the online grocer and retail technology specialist was able to conclude another contract for its warehouse technology services. Thus, a partnership was agreed with the second-largest retailer in South Korea, Lotte Shopping, to build up its online business with six distribution centres nationwide by 2028. Prosus stood out among the Euro Stoxx 50 stocks with a gain of a good 9 per cent. This was due to a strong increase of Tencent shares, the company's largest holding. DSM reported revenue growth in the first nine months of 2022 but lowered its full-year adjusted EBITDA guidance. The share price edged 4 per cent lower. BP shares were up 1.4 per cent. The oil and gas group earned significantly more than expected on an adjusted basis in the third quarter compared to the previous year. However, profits fell compared to the second quarter due to lower oil prices and weaker refining margins.

U.S. stocks slipped Tuesday as investors considered the trajectory of interest-rate increases ahead of the Federal Reserve’s policy decision on Wednesday. The S&P 500 eased 15.88 points, or 0.4%, to 3856.10 after opening the session higher. The Dow Jones Industrial Average lost 79.75 points, or 0.2%, to 32653.20. The Nasdaq Composite shed 97.30 points, or 0.9%, at 10890.85. Investors parsed the latest corporate earnings updates. Uber shares rose $3.18, or 12%, to $29.75 after the ride-sharing company reported that revenue climbed last quarter. Shares of Abiomed jumped $125.74, or 50%, to $377.82 after Johnson & Johnson said it would buy the company. Arista Networks gained 5.7 per cent. The manufacturer of network technology also presented unexpectedly favourable quarterly figures and raised its outlook. Avis Budget dropped almost 7% despite a strong increase in sales and higher profits than expected. Analysts pointed out that Avis had benefited greatly from one-off savings. Moreover, the currently higher car prices are likely to fall again in the future - with negative consequences for profits. For the first time since April 2020, Amazon (-5.5% to $96.79) fell below the $1 trillion market capitalisation mark on Tuesday, corresponding to a price of $98.023. Amazon Prime members will enjoy an increase from 2 million to 100 million songs in shuffle mode, ad-free, and at no additional cost to their membership.

Asian stock markets are trading mixed on Wednesday. In Tokyo, the Nikkei 225 index is just about holding its ground. In Seoul, the Kospi is slightly up. The Chinese stock exchanges rose more significantly. In Shanghai, the Composite Index gained 1.5 per cent. In Hong Kong, the Hang Seng Index advanced by 2.5 per cent. Here, hopes of an early end to the pandemic-related restrictions should continue to support. In Seoul, investors take profits on Kepco Engineering & Construction after Tuesday's 30 per cent jump, with the stock down 8.4 per cent. Doosan Enerbility falls 5.3 per cent. Both stocks had benefited the previous day from a memorandum of understanding between South Korea and Poland to build a nuclear power plant.

U.S. government debt yields were mixed on Tuesday, with the policy-sensitive 2-year rate climbing to a more than one-week high and longer-term rates falling, as traders prepared for Wednesday’s Federal Reserve policy announcement. The 10-year Treasury note was yielding 4.051% after a brief easing in the session. The 2-year Treasury note gained 7 basis points to 4.561%.

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