Shares in pharmaceutical companies GSK PLC and Sanofi SA traded higher after a U.S. judge dismissed a series of lawsuits around a heartburn treatment that the companies had marketed. The lawsuits, which numbered in the tens of thousands, alleged that the drug, called Zantac, could cause cancer. The judge concluded on Tuesday that there was no scientific evidence to support the claim that Zantac’s active substance, called ranitidine, was carcinogenic. Shares in GSK were trading 7.5% higher on Wednesday, while Sanofi stock was up 6.1%. GSK and Sanofi said they welcomed the ruling and its finding there isn’t sufficient evidence to indicate Zantac raises the risk of cancer. The companies said they will keep defending lawsuits in state courts. Sanofi and GSK, as well as Pfizer Inc. and Haleon, GSK’s former consumer-health division, could all have faced liabilities from the litigation. Sanofi and GSK recalled Zantac in 2019 after the U.S. Food and Drug Administration said it had found a contaminant in the drug.

The Switzerland market opened on a negative note on Wednesday and stayed weak right through the day's session with stocks moving in a tight range. Fears over a global recession and policy tightening by central banks rendered the mood cautious. The benchmark SMI ended with a loss of 99.38 points or 0.89% at 11,009.95. The index moved between 11,000.64 and 11,077.77 in the session. Credit Suisse drifted down more than 3.5%. Lonza Group ended 2.75% down, while Logitech and Nestle ended lower by 2.2% and 2.1%, respectively. UBS Group, Roche Holding, Richemont, Swiss Life Holding, Sika and Swisscom lost 1 to 1.4%. Sonova gained nearly 1% and Novartis climbed about 0.6%, while Alcon and Givaudan gained 0.4% and 0.2%, respectively. In the Swiss Mid Price Index, AMS ended 5.6% down. Temenos Group, Georg Fischer, Adecco, Kuehne & Nagel, Swatch Group, Lindt & Spruengli and Bachem Holding lost 1.4 to 2.3%. SIG Combibloc surged 2.75% and Straumann Holding advanced 1.8%, while Galenica Sante, Tecan Group, Belimo Holding and Helvetia gained 0.8 to 1%. On the economic front, Switzerland's unemployment rate increased slightly in November, in line with expectations, the State Secretariat for Economic Affairs, or SECO, said on Wednesday.

European stocks closed lower on Wednesday, extending recent losses, as concerns that the Federal Reserve will continue with its aggressive rate hikes hurt sentiment. Data showing China's exports and imports both shrank their weakest level since mid-2020 in November weighed as well. Investors also digested the latest batch of economic data from the region. The pan European Stoxx 600 ended 0.62% down. The U.K.'s FTSE 100 drifted down 0.43%, Germany's DAX ended lower by 0.57% and France's CAC 40 lost 0.41%, while Switzerland's SMI shed 0.89%. Among other markets in Europe, Austria, Belgium, Czech Republic, Denmark, Finland, Iceland, Netherlands, Norway, Portugal, Sweden and Turkiye closed with sharp to moderate losses. Ireland and Russia ended marginally down. Greece and Poland closed higher, while Spain settled flat. In the UK market, Ashtead Group, Rolls-Royce Holdings, Harbour Energy, Glencore, BT Group, RS Group, BP and Prudential lost 2 to 3.5%. Shell, WPP, Halma, Anglo American Plc, Antofagasta and Pershing Square Holdings also ended sharply lower. GSK rallied more than 7.5% after a favourable U.S. court ruling involving the heartburn drug Zantac. Ocado Group, Haleon, Smith (DS), Dechra Pharmaceuticals, Smith & Nephew, Smurfit Kappa Group, Sage Group, Frasers Group and ICP gained 1 to 3.6%. In the German market, Infineon Technologies, Volkswagen, Adidas, Deutsche Wohnen, Porsche Automobil and Continental lost more than 1%. Puma climbed 2.5% and Zalando surged 2.3%. HelloFresh, Qiagen, Fresenius Medical Care and Fresenius gained 1 to 1.8%.

U.S. stocks inched down Wednesday, with investors continuing to worry that stronger-than-expected economic data will prompt officials to hold interest rates higher for longer, potentially weighing on the economy next year. The S&P 500 was down 0.2% in 4 p.m. ET trading, suffering its fifth consecutive day of losses. The tech-focused Nasdaq Composite fell 0.5%. The Dow Jones Industrial Average was flat. Stronger-than-anticipated U.S. economic data on Friday and Monday boosted fears that the Federal Reserve will keep interest rates elevated to ensure that inflation ebbs. Investors had hoped that central bankers might slow the pace of interest-rate increases after inflation data showed tentative signs of easing in recent months. In stocks at 4 p.m., Campbell Soup rose 5.9% after the company boosted its outlook and said fiscal first-quarter sales rose 15%. Shares of Carvana fell 43%. The Wall Street Journal reported that the used-car dealer hired Moelis & Co. as a financial adviser, tapping an investment bank known for helping companies facing financial headwinds. Analysts at Wedbush Securities downgraded the stock to "underperform" and argued that the risk of bankruptcy is rising. Shares of State Street jumped 8.2% after the financial-services company boosted its buyback plan.

According to stockbrokers, the East Asian stock markets are nervous on Thursday. The majority of them are on the decline. Investors are preoccupied with the consequences of the further easing of China's still strict Corona measures. On the previous day, this had initially boosted the Chinese stock markets, but then disillusionment set in and the indices turned sharply negative in some cases. While the Shanghai Composite hardly changed on the following day, the HSI in Hong Kong recovered strongly by 2.5 per cent, but was unable to completely make up for the previous day's losses.

According to stockbrokers, the East Asian stock markets are nervous on Thursday. The majority of them are on the decline. Investors are preoccupied with the consequences of the further easing of China's still strict Corona measures. On the previous day, this had initially boosted the Chinese stock markets, but then disillusionment set in and the indices turned sharply negative in some cases. While the Shanghai Composite hardly changed on the following day, the HSI in Hong Kong recovered strongly by 2.5 per cent, but was unable to completely make up for the previous day's losses.

UBS lowers the BT Group target to 130 (174) p – Neutral
UBS lowers Kering to Neutral (Buy) – Target EUR 572 (575)
CS raises the DWS target to EUR 32 (29) – Neutral

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