Shares in ThyssenKrupp Nucera opened positively Friday on the hydrogen firm's long-awaited first day of trading on the Frankfurt Stock Exchange. Nucera, along with shareholders Thyssenkrupp and Industrie De Nora, set its initial public offering price at 20 euros ($21.79) a share, implying a valuation of around EUR2.53 billion. A total of over 30 million shares were placed. Gross proceeds of around EUR526 million from the IPO will be invested in the further growth of the hydrogen business, Thyssenkrupp said. Nucera, which makes electrolyzers generating hydrogen from renewable sources, has an order backlog worth around EUR1.4 billion and contracted projects with a combined installed electrolysis capacity of more than 3 gigawatts.

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The Swiss stock market ended notably lower on Friday, despite most of the markets across Europe closing on a firm note. The benchmark SMI, which briefly emerged into positive territory around mid afternoon, tumbled thereafter to eventually close with a loss of 111.88 points or 1.02% at 10,874.90. Novartis shed more than 3% and Roche Holding ended lower by 2.03%. Nestle ended 1.34% down, while Zurich Insurance Group, Alcon, Swisscom and Lonza Group lost 0.6 to 0.8%. Swiss Re, Logitech and UBS Group gained 2 to 2.35%, and Partners Group climbed 1.83%. Sonova, Geberit, Swiss Life Holding and Kuehne & Nagel posted moderate gains. In the Mid Price Index, Meyer Burger Tech ended nearly 3% down. SGS and Lindt & Spruengli ended lower by 1.35% and 1.2%, respectively. DocMorris soared 10.5%. Clariant AG shares rallied 5% despite the specialty chemicals firm reporting weak preliminary sales in its second quarter and lowering its 2023 guidance. AMS, Dufry, VAT Group, Adecco, Temenos Group, Julius Baer and Tecan Group gained 1.5 to 3%. In economic news, Switzerland's unemployment rate held steady in June after falling slightly in the previous month, the State Secretariat for Economic Affairs, or SECO, said.

European stocks closed broadly higher on Friday with investors digesting the latest batch of economic data from Europe and the U.S., and looking ahead to quarterly earnings announcements. The pan European Stoxx 600 edged up 0.1%. Germany's DAX climbed 0.48%, France's CAC 40 gained 0.42%, while the U.K.'s FTSE 100 ended 0.32% down. Switzerland's SMI declined 1.02%. Among other markets in Europe, Austria, Belgium, Finland, Iceland, Ireland, Poland, Portugal, Russia, Sweden and Turkiye closed higher. Czech Republic, Denmark and Spain ended weak, while Greece, Netherlands and Norway settled flat. In the UK market, Ocado Group rallied 7%. Coca-Cola HBC surged 5.1% after upgrading its 2023 earnings guidance. Johnson Matthey, Kingfisher, Rolls-Royce Holdings, JD Sports Fashion, Melrose Industries, Croda International, Antofagasta, Smurfit Kappa Group, IAG and Anglo American Plc gained 1.5 to 3%. Relx, Intertek Group, Severn Trent, Astrazeneca, National Grid, United Utilities and GSK ended sharply lower. In the German market, BASF surged more than 5%. Covestro, Commerzbank, Zalando and Deutsche Bank gained 2 to 3%. Continental, Infineon, Vonovia and Adidas advanced 1 to 1.8%. HeidelbergCement shed about 3%. Beiersdorf, Qiagen, E.ON, Deutsche Boerse, RWE and BMW also ended notably lower. In Paris, Unibail Rodamco rallied more than 4.5%. Stellantis, ArcelorMittal, Alstom, STMicroElectronics, Capgemini, Saint Gobain, Airbus Group, Hermes International and LVMH gained 1.1 to 2.2%.

A stretch of strong economic data hardened investors' expectations of further interest-rate increases, fueling a lockstep weekly decline for U.S. stocks and government bonds. The narrow weekly losses put a dent in a period of extraordinary market calm, during which major stock indexes have jumped to some of the highest levels of the past year. For much of the summer, volatility has ebbed and stocks have continued a steady climb. The Dow slipped 673 points, or 2%, for the week. The S&P 500 fell 1.2%, while the technology-focused Nasdaq Composite dropped 0.9%. Some of the recent data kindled a familiar fear -- that signs of a hot economy would lead the Federal Reserve to raise interest rates higher than expected. Data on Thursday showed that the private sector added 497,000 jobs in June, well above the gain of 220,000 forecast by economists polled by The Wall Street Journal. All three major indexes slipped Friday. The S&P 500 lost 0.3%, while the Dow fell around 0.6%. The tech-heavy Nasdaq shed 0.1%. Although the headline number on Friday's jobs report missed expectations -- and snapped a historic stretch of beats -- the data revealed a job market that remains historically tight. The U.S. has been adding jobs at a pace rarely seen in recent decades. Schlumberger and Halliburton, which frack wells in Texas and orchestrate deep ocean-drilling projects, rose more than 8% and 7%, respectively. U.S. producers Diamondback, APA, Marathon Oil and EOG were each up roughly 4%. In corporate news, shares of Meta Platforms added 1.2% for the week after the company launched its microblogging platform Threads, a competitor to Twitter. Shares of Rivian jumped 48% over the past eight sessions after the company said its quarterly deliveries rose. Competitor Tesla added almost 5% for the week after it also said that its deliveries rose in the latest quarter.

Asian equities initially posted slight gains. Investors remained cautious amid further inflation fears in the US and the latest economic data from China. Chinese factory prices fell in June at the fastest pace in over seven and a half years and fell short of expectations, while consumer prices were unchanged. That raised concerns about a possible deflationary spiral in China. The Shanghai Composite is trading up 0.4 per cent. The index of major companies in Shanghai and Shenzhen gains 0.8 per cent. The Nikkei is down 0.6 per cent at 32,182 points. The broader Topix index is down 0.5 per cent at 2244 points. Gains in China help the broad MSCI index of Asia-Pacific shares outside Japan rise 0.6 per cent.

The strong economic data has driven up U.S. Treasury yields, which have jumped to some of the highest levels of the year. The yield on the 10-year Treasury note rose to 4.047%, notching its largest one-week yield gain since May.

Citi lowers the Shell target to GBP 24 (25) – Neutral

JP Morgan raises the Stadler Rail target to CHF 35.50 (34) – Neutral

UBS lowers the Holcim target to CHF 60.50 (63) – Neutral

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