Faurecia SE said Monday that sales rose in the first quarter of 2023 on growth in all business groups and regions, and that it confirmed its 2023 guidance. The French auto supplier said that sales for Forvia Group, the entity comprising Faurecia and recently-acquired peer Hella GmbH, rose to 6.6 billion euros ($7.26 billion) from EUR5.32 billion reported in last year’s first quarter, which has been restated to EUR5.15 billion. Sales grew in all business units, and across its regions, the company said This beat the estimate of EUR5.67 billion from a poll of analysts by FactSet. Looking ahead, the company said it backs its 2023 guidance of sales between EUR25.2 billion and EUR26.2 billion and an operating margin between 5% and 6% of sales.

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After a flat start, the Switzerland stock market edged down on Monday morning, and despite very nearly making it to positive territory around mid-morning, turned weak again and eventually ended the day's session modestly lower. The mood was cautious amid a lack of economic data from the European region. Investors looked ahead to earnings and economic updates from the U.S. for direction. The benchmark SMI ended with a loss of 31.10 points or 0.27% at 11,311.76. Credit Suisse tumbled 4.44%. Swiss Re, UBS Group and Partners Group lost 3.88%, 3.8% and 3.39%, respectively. Richemont drifted down by about 2.25%, while Swiss Life Holding and Alcon lost 1.67% and 1.46%, respectively. Zurich Insurance Group ended lower by 1.23%. Logitech climbed 1.53% and Holcim surged 1%. Geberit and Novartis both gained about 0.75%, while Lonza Group, Sonova, Nestle, ABB and Swisscom gained 0.5 to 0.6%. In the Mid Price Index, Julius Baer lost more than 5.5%. Helvetia drifted down 3.1%, while Baloise Holding and VAT Group closed lower by 1.82% and 1.35%, respectively. Kuehne & Nagel and Belimo Holding both gained more than 3%. Georg Fischer, Galenica Sante, Swiss Prime Site, Clariant, Barry Callebaut, Adecco and Schindler Holding advanced 1 to 2%.

European stocks started off on a firm note on Monday, but after several key indices rose to multi-month and multi-year highs, pared gains and ended mixed as investors turned cautious and looked ahead to more earnings and economic data from the U.S. for more clarity on the state of the world's largest economy. Dovish comments from Bank of Japan's Governor and the People's Bank of China, and optimism about Chinese economy lifted sentiment early on in the session. The pan European Stoxx 600 edged down 0.01%. The U.K.'s FTSE 100 ended 0.1% up, Germany's DAX ended lower by 0.11%, and France's CAC 40 ended with a loss of 0.28% after scaling a new peak. Switzerland's SMI drifted down 0.27%. Among other markets in Europe, Belgium, Denmark, Greece, Ireland, Norway, Poland, Portugal, Russia and Spain ended higher. Czech Republic, Iceland, Netherlands and Turkiye closed weak, while Austria, Finland Sweden ended flat. In the UK market, IAG, RS Group, Weir Group, Ashtead Group and Ocado Group gained 2 to 3%. Smurfit Kappa Group, Airtel Africa, Rio Tinto, Flutter Entertainment, Tesco, Informa, Mondi, IHG, Anglo American Plc, Taylor Wimpey, Reckitt Benckiser, BT Group, Auto Trader Group and Smith DS gained 1 to 2%. ABRDN, Barclays, Prudential, M&G, Beazley, Melrose Industries, Fresnillo, Natwest Group and HSBC Holdings ended lower by 1 to 2.3%. In the German market, MTU Aero Engines rallied 2.5%. Daimler, HeidelbergCement, Continental, Covestro and Henkel gained 1 to 1.6%. Commerzbank ended more than 3% down. Munich RE, Hannover Rueck, Puma and Deutsche Bank lost 2 to 2.6%. Adidas, Fresenius Medical Care, Mercedes-Benz, Porsche and Allianz also ended notably lower.

Stocks and bond yields rose ahead of a busy week of earnings, with some of the biggest U.S. corporations due to report. After a jolt of volatility in the first quarter, April has brought a calm across a range of markets – including stocks, bonds and currencies. The muted moves continued Monday. Stocks hugged the flatline for much of the trading session and turned higher in the final hour of the trading day. In 4 p.m. ET trading, the S&P 500, the Dow Jones Industrial Average and the Nasdaq Composite were each up 0.3%. Swings for individual shares have been larger, particularly for some of the companies reporting results. While big banks last week kicked off earnings on a strong note, analysts expect overall S&P 500 earnings to decline for a second straight quarter, notching the steepest quarterly decline since 2020. Tesla, Johnson & Johnson and Netflix are among the companies reporting results this week. The quarter is set to be the most important one for regional banks in decades, with investors on the lookout for what executives say about the banking crisis and their lending standards moving forward. On Monday, Charles Schwab and State Street both reported a decline in customer deposits, a sign that interest rates are weighing on banks' balance sheets. In 4 p.m. trading, shares in State Street were down roughly 9% after it reported lower-than-expected first-quarter earnings. Charles Schwab said its profit rose in the most recent quarter but deposits continued to fall. Shares of the brokerage rose 3.9%. In corporate news, Alphabet shares slid about 2.7% after the New York Times reported that Google was devising radical search changes to beat back AI rivals.

Stock markets in East Asia and Australia are mixed on Tuesday. The Chinese economy grew 4.5 per cent year-on-year in the first quarter after pandemic restrictions were lifted, while economists had estimated gross domestic product (GDP) growth of 4.0 per cent on average.

The U.S. 10-year Treasury yield rose for the third consecutive session to 3.590%, from 3.521% Friday. The 10-year yield has risen for seven of the past eight trading days.

UBS raises the Givaudan target to CHF 2,820 (2,800) – Sell

UBS raises the Hermes target to EUR 2,246 (2,140) – Buy

Dt. Bank raises the Dankse Bank target to DKK 190 (188) – Buy

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