Uber Technologies said continued demand for its ride-share and delivery services boosted its revenue in the first quarter, offsetting weak results from its smaller freight division. The San Francisco-based company said Tuesday that revenue for the three months through March rose 29% from a year earlier to $8.82 billion. It also increased the number of consumers and trips, and the value of transactions, on its platform. The sales expansion was in line with Wall Street’s expectations. While Uber posted a loss during the quarter, one of its most closely watched financial metrics—adjusted earnings before interest, taxes, depreciation and amortization—hit $761 million, beating Wall Street’s expectations. That figure strips out some expenses that executives consider outside a company’s core operations. Uber has long pointed to it to signal a path to profit. Uber shares had climbed more than 9% in early afternoon trading. Its stock has risen 17% over the past 12 months. Uber projected continuing growth and said it expects adjusted earnings of between $800 million and $850 million in the current June quarter, above what analysts surveyed by FactSet had been expecting. Shares of Uber jumped 11.5 percent.

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The Switzerland stock market bucked the weak trend seen across Europe for much of the day's trading session on Tuesday, but fell in the closing minutes to settle marginally down. The benchmark SMI, which climbed to 11,514.17, ended the session at 11,423.33, posting a loss of 13.81 points or 0.12%. Credit Suisse fell about 2.5%. Partners Group, Swiss Life Holding and UBS Group lost 2 to 2.2%. Zurich Insurance Group, Geberit, Swiss Re, Sonova and Sika ended lower by 1 to 1.6%. Alcon drifted down 0.89%. Logitech surged more than 7%. Novartis ended higher by 1.2%. In the Mid Price index, AMS plunged 8.4%. Zur Rose ended lower by 3.2%, while Ems Chemie Holding, Helvetia, Baloise Holding, Swiss Prime Site, Julius Baer and PSP Swiss Property lost 1.7 to 2.2%. Temenos Group gained 1.7%. Kuehne & Nagel, SGS, Barry Callebaut and Lindt & Spruengli posted modest gains. In economic news, data from the State Secretariat for Economic Affairs showed the consumer confidence indicator in Switzerland came in at -29.7 in the second quarter of 2023, little changed from the -30.1 reading in the previous quarter and far below its long-term average. A report from procure.ch & Credit Suisse said the Swiss procure.ch and Credit Suisse Manufacturing PMI fell for a fourth consecutive month to 45.3 in April of 2023 from 47 in March.

European stocks closed notably lower on Tuesday as investors digested the latest batch of economic data and earnings announcements, and looked ahead to the policy moves by the Federal Reserve and the European Central Bank. Concerns about potential interest rate hikes and the likely impact on economic growth weighed on stocks. The ECB is widely expected to raise rates for a seventh straight meeting on Thursday and the big question is whether it will be a 25 or 50 bps rate hike. The pan European Stoxx 600 lost 1.24%. Germany's DAX ended 1.23% down, France's CAC 40 dropped 1.45% and the U.K.'s FTSE 100 shed 1.24%, while Switzerland's SMI edged down 0.12%. Among other markets in Europe, Austria, Belgium, Denmark, Finland, Iceland, Ireland, Netherlands, Norway, Russia, Spain, Sweden and Turkiye ended with sharp to moderate losses. Poland ended marginally up, while Czech Republic and Greece closed slightly weak. In the UK market, Pearson plunged 15% after US-listed firm Chegg warned that students were using ChatGPT instead of its services. BP tumbled 8.6% after slowing the pace of share buybacks. Relx fell 5.1% and Shell lost 4.47%. Barclays, Anglo American Plc, Standard Chartered, Rio Tinto, Scottish Mortgage, Vodafone Group, Informa, Next and Segro lost 2 to 4%. HSBC Holdings climbed 3.5% after tripling its quarterly profit. Persimmon rallied more than 5.5%. Sainsbury (J) surged 2.53%. Ashtead Group climbed about 2% up on share buyback news.

In the run-up to the US interest rate decision in midweek, prices on Wall Street fell more sharply on Tuesday. Market participants spoke of increased restraint and increased nervousness. With the results of Apple on Thursday and the U.S. labor market report for April on Friday, there were also other important dates on the agenda, market observers said. The Dow Jones index fell 1.1 percent to 33,685 points. For the S&P-500 it went down by 1.2 percent. The Nasdaq composite was down 1.1 percent. There were 618 (Monday: 1,212) gainers and 2,384 (1,776) losers. Unchanged closed 76 (108) stocks. Pharmaceutical company Pfizer closed the first quarter of 2023 much better than expected. Although net income fell in the same period last year, but adjusted the group earned much better than forecast. The share price fell 0.4 percent after initial gains. Chemical group Dupont de Nemours earned and sold less in the first quarter. However, the company exceeded analysts' expectations. However, investors are spooked by a lowered outlook, the share price lost 6.3 percent. Blackberry's stock rose 9.3 percent. The software provider plans to review the company's businesses to weigh strategic alternatives, including separating divisions.

The stock markets in East Asia and Australia are showing significant discounts on Wednesday. Some trading venues in the region are not trading due to holidays. For example, stock exchanges in China are closed again for Labour Day celebrations. And in Tokyo, there is also no trading due to a three-day trading pause. Investors in Japan will therefore not be able to react to the US Federal Reserve's interest rate decision until next week.

Following the previous day's sharp rise in U.S. yields, they fell back significantly. The yield on ten-year paper lost 14.2 basis points to 3.43 percent.

UBS raises Erste Group target to EUR 42 (41) – Buy

Credit Suisse lowers Remy Cointreau target to EUR 160 (165) – Underperform

UBS lowers Sartorius target to 500 (508) EUR – Buy

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