International Business Machines Corp. plans to acquire Apptio Inc. in a deal that values the maker of financial and operational-management software at $4.6 billion, the technology giant confirmed. IBM IBM is purchasing Apptio from Vista Equity Partners, which took the company private back in early 2019. The Wall Street Journal reported Friday that IBM’s deal for Apptio was near. Shares of IBM were off 0.4% in Monday’s premarket action. The company noted in its release that Apptio has seen growing usage as companies expand their information-technology work across different private and public clouds with multiple service providers, adding complexity that Apptio’s software can help manage. “Apptio’s offerings combined with IBM’s IT automation software and watsonx AI platform, gives clients the most comprehensive approach to optimize and manage all of their technology investments,” IBM Chief Executive Arvind Krishna said in a release. Further, Apptio “will bring to IBM $450 billion of anonymized IT spend data, unlocking new insights for clients and partners,” IBM noted in that release.

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The Swiss stock market ended moderately lower on Monday after staying weak right through the day's session, amid lingering concerns about inflation, rising interest rates and their impact on economic growth. The benchmark SMI ended with a loss of 79.32 points or 0.71% at 11,141.90, slightly off the session's low. The index touched a high of 11,205.20. Novartis ended nearly 2% down. Lonza Group closed lower by 1.51% and Roche Holding drifted down 1.27%. UBS Group lost nearly 1%. Nestle and Swiss Re ended lower by 0.72% and 0.52%, respectively. Alcon ended 0.42% down. Sika climbed 1.16% and Richemont gained 0.75%. In the Mid Price Index, Bachem Holding shed 5.5%. SGS, Tecan Group, SIG Combibloc, DocMorris and Barry Callebaut lost 1 to 1.6%. Adecco ended nearly 1% down. VAT Group gained nearly 1%. Julius Baer, Flughafen Zurich and Straumann Holding advanced 0.4 to 0.5%.

European stocks closed slightly lower on Monday as worries about growth amid rising interest rates, and political uncertainty in Russia rendered the mood cautious. The headline German IFO Business Climate Index fell to 88.5 in June from 91.5 in May (revised from 91.7) reflecting weakness in the manufacturing sector, according to data from the Ifo Institute. Analysts expected a score of 90.7. The pan European Stoxx 600 edged down 0.1%. The U.K.'s FTSE and Germany's DAX both ended down 0.11%, and France's CAC 40 climbed 0.29%. Switzerland's SMI ended 0.71% down. Among other markets in Europe, Belgium, Denmark, Greece, Iceland, Ireland and Russia ended weak. Austria, Poland, Portugal and Turkiye closed higher. Czech Republic, Finland, Netherlands, Spain and Sweden ended flat. Banks ended broadly lower on concerns fueled by the latest political turmoil in Russia. In the UK market, Vodafone Group drifted down 3.62%. BAE Systems lost 2.07%, while Haleon, Melrose Industries, Ocado Group, IAG, AstraZeneca, Ashtead Group and Flutter Entertainment lost 1 to 1.77%. Sainsbury (J) rallied 2.6%. Berkeley Group Holdings, JD Sports Fashion, Taylor Wimpey, Admiral Group, Whitbread, NEXT, Antofagasta, Barratt Developments, B&M European Value Retail, Tesco, Anglo American Plc and Glencore gained 1 to 2%. In the German market, Siemens Energy, Fresenius, Fresenius Medical Care, Siemens Healthineers and Vonovia lost 1 to 2.05%. Siemens, MTU Aero Engines, Bayer and SAP also ended lower.

Traders were unfazed by events in Russia over the weekend. Stock indexes ended lower, bond yields declined slightly and commodity markets were quiet despite the abortive military mutiny in Russia. The tech-heavy Nasdaq Composite shed 1.2% and the S&P 500 declined 0.4%, continuing last week's trend. The Dow Jones Industrial Average lost about 13 points, or less than 0.1%. Gains in energy, real-estate and materials stocks were outweighed by declines in shares of technology and communications firms and companies that rely on discretionary consumer spending. Cruise operator Carnival led the way lower, dropping 7.7% after reporting a second-quarter loss and higher costs. The selloff spilled over into shares of rival Norwegian Cruise Line Holdings, which fell 4.5%. The daily losses notwithstanding, Carnival and Norwegian remain the index's top-performing stocks in June. Stocks started Monday mostly higher but gave up the gains after the Federal Reserve Bank of Dallas said its monthly survey of Texas business activity showed a contraction in June. Manufacturing output and selling prices declined, employment growth weakened and its broad gauge of business conditions in the state was less negative than in May but had improved by less than analysts predicted. Economists expect the Conference Board's Consumer Confidence Survey on Tuesday to show a slight uptick in the public's confidence in the health of the U.S. economy. Investors also will get fresh data this week on home sales and durable-goods orders.

Trading on the stock exchanges in East Asia and Australia is mixed on Tuesday. While Tokyo in particular is following the weaker trend of the US stock exchanges, the indices on the Chinese stock exchanges are moving upwards. After a steady start, the Japanese Nikkei index is now down 1.0 per cent at 32,380 points, and the Kospi in South Korea is also down, but only slightly by 0.3 per cent. In Hong Kong, the HSI recovered by 1.6 per cent after some recent significant downward outliers, while in Shanghai it rose by 0.9 per cent. Sydney also recovered with an increase of 0.5 per cent.

The yield on the 10-year U.S. Treasury note ended Monday at 3.719%, down from 3.737% Friday

JP Morgan cuts Lloyds Banking to Underweight (Neutral) – Target 42 (56) p

Deutsche Bank lowers BE Semiconductor to Hold (Buy) – Target 100 (88) EUR

Citi lowers Siemens Energy to Neutral (Buy) – Target EUR 18 (29)

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