The Biden administration is considering new restrictions on exports of artificial intelligence chips to China, as concerns rise over the power of the technology in the hands of U.S. rivals, according to people familiar with the situation. The Commerce Department could move as soon as early next month to stop the shipments of chips made by Nvidia and other chip-makers to customers in China and other countries of concern without first obtaining a license, the people said. The action would be part of final rules codifying and expanding the export control measures announced last October, some of the people said. The Commerce Department didn't immediately respond to a request for comment. The move could further crimp China's ability to build its AI capabilities after restrictions last year that cut off the most advanced AI chips made by Nvidia and Advanced Micro Devices. Nvidia responded to that move by making a version of its AI chips for the Chinese market called the A800 that fell below performance thresholds outlined by the Commerce Department. That chip replaced the A100, which is widely used in datacenters to do AI computations.

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The Switzerland stock market ended on a positive note on Wednesday, in line with markets across Europe, as Wednesday's strong data from the U.S. helped ease concerns about a recession in the world's largest economy. The benchmark SMI, which climbed to 11,242.53 at the start, came of higher levels subsequently, but still ended with a modest gain of 40.90 points or 0.37% at 11,183.55. Partners Group surged 2.88%, Lonza Group gained about 2.65% and Logitech climbed 2.25%. Sonova, Geberit, Roche Holding, Sika, Alcon and UBS Group ended higher by 1 to 2%. Swiss Life Holding drifted down 4.4%. Nestle and Zurich Insurance Group both ended lower by about 0.8%, while Swiss Re and Novartis posted modest losses. In the Mid Price Index, Straumann Holding climbed about 4.3%. VAT Group, Tecan Group and Bachem Holding gained 3.1 to 3.3%. Temenos Group, Meyer Burger Tech, Belimo Holding, SIG Combibloc, Schindler Holding, DocMorris and Lindt & Spruengli gained 1.4 to 2.5%. Helvetia ended 1.7% down. Baloise Holding lost nearly 1%, and Swatch Group ended lower by 0.82%. On the economic front, a report from Credit Suisse & CFA Society said the Swiss investors' sentiment rose by 1.4 points from the previous month to -30.8 in June of 2023, marking the 16th consecutive negative reading.

European stocks closed higher on Wednesday, recovering from recent losses, as Wednesday's strong economic data from the U.S. outweighed concerns about interest rates and a batch of somewhat weak economic data from the euro area. Investors closely followed the speeches of central bank officials at the European Central Bank forum in Sintra, Portugal. The pan European Stoxx 600 climbed 0.7%. The U.K.'s FTSE 100 gained 0.52%, Germany's DAX ended 0.64% up, and France's CAC 40 surged 0.98%, while Switzerland's SMI gained 0.37%. Among other markets in Europe, Austria, Belgium, Czech Republic, Denmark, Finland, Greece, Ireland, Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden and Turkiye all closed higher. Iceland ended flat. In the UK market, Sage Group rallied 5.1% thanks to a rating upgrade. Scottish Mortgage surged nearly 4%. Pershing Square Holdings, Ashtead Group, CRH, Sainsbury (J), ABRDN, Experian, Segro, Frasers Group, Melrose Industries and Croda International gained 2 to 3%. Ocado Group ended more than 5% down. Admiral Group lost 3.3%. Anglo American Plc, Reckitt Benckiser, Antofagasta and Glencore ended lower by 1.4 to 2%. In the German market, Siemens Energy surged nearly 7%. Sartorius and Fresenius Medical Care gained about 3.8% and 3.6%, respectively. Merck, Fresenius, BASF, SAP, Daimler Truck Holding, Vonovia, Deutsche Post, BMW, Infineon, Porsche, Siemens Healthineers and Symrise gained 1 to 2.5%. Zalando lost more than 5.5%. Covestro and Siemens ended lower by about 3.3% and 3%, respectively. In Paris, Carrefour rallied 3% after Morgan Stanley initiated coverage with an 'overweight' rating.

A jump in shares of Apple and Tesla pushed the Nasdaq Composite higher, helping it eke out a slim gain even as other major indexes slipped. U.S. stocks have been hovering near some of their highest levels of the past year, boosted by a stretch of strong economic data and optimism about artificial intelligence, which has driven tech shares higher. The gains for the Nasdaq continue a recent stretch of outperformance for the tech-heavy gauge, which is on track for its best start to a year through June on record, according to Dow Jones Market Data. On Wednesday, the Nasdaq added 0.3%, while the S&P 500 slid less than 0.1%. The Dow Jones Industrial Average lost 74 points, or 0.2%. They're all sitting around 1% off their 2023 highs, set earlier in June. Apple shares added 0.6% to $189.25, a record. Tesla shares jumped 2.4%, ahead of the company's second-quarter deliveries numbers expected this weekend. Federal Reserve Chair Jerome Powell, speaking Wednesday in Sintra, Portugal, said that monetary policy hasn't been restrictive for very long, and there is likely "more restriction coming." The Nasdaq has soared almost 30% this year. The S&P 500 has added 14%, boosted by the tech and communication-services groups.

With the exception of Hong Kong, little is happening on the stock markets in East Asia and Australia on Thursday. The indices ranged between plus 0.4 per cent to 33,314 points in Tokyo and minus 0.2 per cent in Shanghai, following the little changed trend on Wall Street from the previous day. Some support in Tokyo is provided by the yen, which remains at a multi-month low. In Hong Kong, the HSI, which has often been volatile of late, moves sharply south by 1.6 per cent. Market participants there are unsettled because the US government is considering a possible ban on chip exports to China, explains CMC analyst Tina Teng. The sub-index of technology stocks lost 1.9 per cent.

The yield on the 10-year U.S. Treasury fell Wednesday, settling at 3.711% from 3.767% late Tuesday. Bond yields fall when prices rise.

JP Morgan lowers Prosus target to EUR 98 (101)/Overweight – Trader

CS raises Gerresheimer target to EUR 110 (100)/Outperform – Trader

UBS lowers Symrise target to EUR 121 (125)/Buy – Trader

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