Dufry will retain a presence at Spain's two largest airports in Madrid and Barcelona. The travel retailer was the only company to bid for the concessions to operate the shops at the two locations. In the first year of the contract, Dufry is to transfer 185 million euros as a concession fee to the Spanish operating company Aena, according to reports by the Spanish business newspaper "Cinco Días". The Spanish airport operator Aena had put various contracts for retail space at other airports in Spain out to tender this year, awarding concessions to Dufry and the French company Lagardere, among others. However, the concessions for Madrid and Barcelona airports were newly auctioned. Dufry shares climbed almost 2.0 per cent.

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On Tuesday, the SMI fell slightly to 11,217 points. Among the 20 SMI stocks, there were 13 price gainers and 7 price losers. A total of 11.51 (Monday: 16.46) million shares were traded. In the absence of new news, Kühne & Nagel (+1.7%) was the day's top performer, followed by Givaudan (+1.6%). Logitech also posted a significant gain. After the share had dropped significantly the day before, it now recovered by 1.4 per cent - also without new news. Shares in the healthcare segment recovered as well. On the previous day, they had tended to be conspicuously weak throughout Europe. The reason for this was probably a drug study by Astrazeneca, which was received with disappointment and caused the Astrazeneca share to fall by 8 per cent. Novartis ended the day 0.3 per cent higher, Roche 0.5 per cent. Alcon rose 1.0 per cent and Sonova 1.4 per cent. Lonza (+0.2 per cent to 530.60 francs) ranked in the mid-range. Citi lowered its price target to 700 from 730 francs, but continues to recommend buying. In the short term, Citi added that there are headwinds such as restrictions on biotech financing and weaker demand. Dufry was up almost 2.0 per cent in the second tier on news that the travel retailer had won a new ten-year concession at Vitoria airport in Brazil.

Europe's main stock markets closed slightly lower on Tuesday amid thin trading due to a slim agenda and the closure of US markets for the National Day holiday in the United States. The Stoxx Europe 600 index gained 0.1% to 461.3 points. In Paris, the CAC 40 and SBF 120 were each down 0.2%. The DAX 40 in Frankfurt shed 0.3%, while the FTSE 100 in London gave up 0.1%. Trading in Casino shares was suspended on Tuesday at the company's request, pending publication of a press release and until further notice, according to Euronext. Prior to the suspension, Casino shares were up 16.2% at €4.57. On Tuesday morning, Casino announced that it had received two offers to strengthen its capital base. Virbac shares lost 9%. The veterinary laboratory has lowered its targets for 2023. Shares in rail equipment supplier Alstom dropped 3%, the biggest fall in the CAC 40 index, hit by the prospect of weak orders for the first quarter of 2023-2024, which ended at the end of June. Media and entertainment group Vivendi (+1.2%) announced on Tuesday that its subsidiary Prisma Media had entered into exclusive negotiations with the Figaro group concerning the sale of Gala magazine. In addition, Moody's on Tuesday raised its outlook for French group Vivendi from "negative" to "stable". On Tuesday, Deutsche Bank resumed its coverage of glass packaging manufacturer Verallia (up 0.9%) with a "buy" recommendation and a target price of €48, compared to a closing share price of €35.02 on Monday.

U.S. markets were closed for Independence Day on Tuesday.

Stocks in Asia mostly fell midweek. The Caixin Purchasing Managers' Index for the Chinese service sector, which came in below expectations, weighed on sentiment, raising doubts about the recovery of the world's second-largest economy. In Shanghai, the composite index falls 0.5 per cent. The Hang Seng Index drops 1.4 per cent in Hong Kong. Shares in the chip sector, which were sought after on Tuesday, are now dropping in price. Among others, Naura Technology Group tumbles 3.1 per cent and Semiconductor Manufacturing International plunges 1 per cent. On the Tokyo Stock Exchange, the Nikkei 225 index is down 0.4 per cent, recovering from initially heavier losses. Among the individual stocks, Fast Retailing declined by almost 3 per cent. The company's fashion retailer Uniqlo posted a 3.4 per cent drop in sales in Japan in June on an adjusted basis. South Korea's benchmark Kospi index slips 0.4 per cent. Among the individual stocks in Seoul, Samsung Biologics climbs 1.7 per cent after receiving an order from US pharmaceutical manufacturer Pfizer.

Yields on the Swiss bond market rose on Tuesday in the face of falling prices. However, the market primarily reflected a lack of impetus in view of the closed Wall Street. The markets there remained shut due to "Independence Day". Price gains and losses were balanced among the traded Swiss Confederation Bonds. The average yield of two-year Swiss Confederations was 1.197% and that of the ten-year Swiss Confederations 0.954%.

Price target Kühne+Nagel: Goldman Sachs lifts to 200 (187) CHF - Sell

Rating Georg Fischer: Baader Helvea downgrades to Add (Buy) - Target 70 CHF

ABB target price: Vontobel raises to 40 (36) CHF - Buy

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