BMW sales of electric vehicles in 2022 more than doubled compared with the previous year, although total yearly sales declined slightly on year. The German car maker sold 215,755 fully electric BMW and MINI vehicles in 2022, up 107.7% from 2021, though total sales declined 4.8% on year to 2.4 million units, it said. The first half was particularly affected by supply bottlenecks, lockdowns in China and the war in Ukraine, but sales picked up in the second half, BMW said. Sales in China declined 6.4% on year, though they picked up in the fourth quarter and increased 12.7%, BMW said. Similar trends took place in Europe and the U.S., according to the company. Looking ahead, the company said it expects to maintain profitable growth in 2023 and will focus on continuing to ramp up electromobility. BMW set a goal for the year ahead for 15% of total sales to come from electric vehicles, it said.

The Switzerland stock market ended on a weak note on Tuesday after languishing in the red right through the day's session. The mood was cautious amid concerns about interest rate hikes after some Fed officials said the central bank needs to raise interest rates beyond 5% and hold the rates around that level in order to fight inflation. The benchmark SMI ended with a loss of 50.42 points or 0.45% at 11,162.15. The index moved in a tight band between 11,108.18 and 11,180.51. Novartis dropped 2.1%. Sika drifted down 1.72%, Sonova ended 1.42% down, and Swiss Re ended lower by 1.25%. Logitech, Holcim, ABB, Partners Group and Givaudan lost 0.5 to 1%. Lonza Group climbed 1.86% and Swiss Life Holding advanced 1.03%. Roche Holding gained about 0.4%. In the Mid Price Index, Adecco ended 6.1% down. VAT Group lost about 3%, while Zur Rose, Ems Chemie Holding, Schindler Holding, Schindler Ps and Lindt & Spruengli lost 1.7 to 2.2%. Temenos Group, Lindt & Spruengli N, Kuehne & Nagel, Clariant and PSP Swiss Property ended lower by 1 to 1.6%. SIG Combibloc gained 1.1%. Straumann Holding, Dufry, Bachem Holding and Flughafen Zurich posted modest gains.

European stocks closed lower on Tuesday as concerns about interest rate hikes resurfaced after some Fed officials said the U.S. central bank needs to raise interest rate beyond 5% and hold it at higher levels for a longer duration in order to rein in inflation. San Francisco Fed president Mary Daly said she expects interest rates to rise beyond 5 percent this year. Atlanta Fed president Raphael Bostic also said interest rates need to be raised above 5 percent. Meanwhile, Fed Chair Powell emphasized the need for the central bank to be free of political influence while it tackles high inflation. Powell noted in a speech delivered to Sweden's Riksbank that stabilizing prices requires making tough decisions that can be unpopular politically. The pan European Stoxx 600 fell 0.59%. The U.K.'s FTSE 100 dropped 0.39%, Germany's DAX ended 0.12% down, and France's CAC 40 drifted down 0.55%. Switzerland's SMI ended 0.45% down. Among other markets in Europe, Austria, Belgium, Denmark, Finland, Ireland, Netherlands, Norway, Russia, Sweden and Turkiye closed weak. Iceland, Poland, Portugal and Spain ended higher, while Czech Republic and Greece settled flat. In the UK market, RS Group ended nearly 5% down. British American Tobacco, Airtel Africa, Ocado Group, Next, Haleon, Rolls-Royce Holdings, Anglo American Plc, Frasers Group and BT Group lost 2 to 4%. Admiral Group climbed nearly 3%. Convatec Group, Antofagasta, RightMove, ABRDN, Smith & Nephew, M&G, Burberry Group, Whitbread, Fresnillo and Pearson gained 1 to 2%. In Paris, Eurofins Scientific ended more than 3% down. Unibail Rodamco, Saint Gobain, Airbus Group, Essilor, Legrand, Michelin, Societe Generale, Capgemini, Dassault Systemes, Veolia and BNP Paribas lost 1 to 3%.

U.S. stocks rose Tuesday, even as investors parsed remarks from Federal Reserve officials indicating a higher-for-longer outlook for interest rates. The S&P 500 rose 0.7% as of 4 p.m. ET, while the Dow Jones Industrial Average edged up 0.6%, about 187 points. The technology-heavy Nasdaq Composite advanced 1%. Investors have been cheered in recent weeks by signs that inflation is moderating and hints that central-bank officials are mulling when to stop raising interest rates. Still, Fed policy makers have sounded a cautious note that even when rate increases end, monetary policy will have to remain tight. Fed Chair Jerome Powell said Tuesday that the central bank is strongly committed to lowering inflation, even though interest-rate increases to restrain economic growth could fuel political blowback. Retailer Bed Bath & Beyond shares jumped 28% after the company said it plans to accelerate cost cuts as it struggles to remain solvent. Several top executives at Rivian Automotive Inc., including the vice president overseeing body engineering and its head of supply chain, have departed the electric-vehicle maker in recent months. The exits, confirmed by a Rivian spokeswoman, are the latest developments in what has been a challenging period for Rivian, which has been rolling out its first all-electric models but last year missed a critical production target of completing 25,000 vehicles. The company said it fell short of the goal by about 700 vehicles in part because of difficulty getting parts.

The Asian stock exchanges are up in late trading on Wednesday. In China, the Shanghai Composite is slightly firmer, with the HSI rising more sharply by 1.4 per cent. Great Wall Motor's auto stocks are down 2.2 per cent, with the group's 2022 sales down about 17 per cent. Meanwhile, property stocks are leading the way after recent losses.

Yields on U.S. government bonds edged higher Tuesday. The yield on the benchmark 10-year Treasury note climbed to 3.618% from 3.516% on Monday. Bond yields and prices move in opposite directions.

CS lowers Oerlikon to CHF 7.70 (8.70) – Outperform
CS lowers Relx target to 2,800 (2,828) p – Outperform
UBS raises Julius Baer target to CHF 73 (64) – Buy

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