As expected, DocMorris posted lower sales in the first half of 2023 and remained in the red. After the sale of the Swiss business under the name Zur Rose, the online pharmacist is in a state of upheaval. However, the previous turn-around targets were confirmed. The figures are described by traders as decent. The most important expectations had been met, especially with the confirmed outlook for the year. Revenues were a tick above the forecast, the desired focus on increasing profitability continues. Gross margin increased by 5.5 percentage points to 21.6 percent compared to the same period last year. In addition, sales growth is expected for the remainder of the year. The shares are expected to react positively to the business figures, according to traders.

The Swiss stock market ended slightly down on Wednesday, failing to hold early gains. The market started off on a weak note, but swiftly moved higher thanks to some brisk buying at several frontline counters. However, stocks pared gains subsequently and the market moved in a tight range around the flat line till the end of the session. The benchmark SMI ended up 7.09 points or 0.06% at 10,992.31. The index, which dropped to 10,971.14 at the start, climbed to 11,028.54. Nestle gained about 1.2% and UBS Group advanced 1.1%. Alcon ended nearly 1% up, while Sonova, Givaudan and Kuehne & Nagel posted modest gains. Lonza Group ended 1.66% down. Geberit, Logitech, Roche Holding, Partners Group and Swiss Re lost 0.5 to 0.65%. In the Mid Price Index, Helvetia gained nearly 1%. Dufry advanced 0.6%, while PSP Swiss Property, Adecco, VAT Group and Clariant gained 0.3 to 0.5%. Tecan Group ended lower by 5.3%. DocMorris drifted down 2.2%, while Swatch Group, Bachem Holding and Temenos Group lost 1.4 to 1.7%

European stocks turned in a mixed performance on Wednesday with investors assessing UK inflation data, and the outlook for interest rates. The pan European Stoxx 600 edged down 0.06%. The U.K.'s FTSE 100 ended 0.44% down, and France's CAC 40 shed 0.1%, while Germany's DAX crept up 0.14% and Switzerland's SMI edged up 0.06%. Among other markets in Europe, Belgium, Czech Republic, Finland, Ireland, Netherlands, Poland, Russia and Turkiye closed weak. Austria, Denmark, Iceland, Norway and Portugal ended higher, while Greece, Spain and Sweden settled flat. In the UK market, Admiral Group rallied 7.2%. JD Sports Fashion gained about 2.85%. B&M European Value Retail, Ocado Group, 3I Group, Associated British Foods, Spirax-Sarco Engineering, Barclays and Unite Group gained 1 to 1.7%. Natwest Group shed more than 3%. RightMove, Fresnillo, Antofagasta, Endeavour Mining Plc, ABRDN, Land Securities, Legal & General Group, HSBC Group, Airtel Africa, Standard Chartered, Persimmon and BAE Systems lost 1 to 2.6%. In the German market, Adidas rallied 3%. Munich RE, Henkel, HeidelbergCement, Brenntag, Siemens Energy, SAP and BMW posted moderate gains. Bayer ended down 1.7%. Qiagen, MTU Aero Engines, Fresenius, Deutsche Boerse, Zalando, Beiersdorf and Volkswagen lost 0.5 to 1.2%.

Stocks dipped and government-bond yields reached a 15-year high after minutes from the most recent Federal Reserve policy meeting showed central bankers are worried about a possible resurgence in inflation. The S&P 500 fell 0.8%. The Dow Jones Industrial Average dropped about 181 points, or 0.5%. The Nasdaq Composite fell 1.1%. All three indexes are down 2.2% or more, so far in August. The S&P 500 trades at 18.1 times forward earnings estimates, according to FactSet data. Over the past year, the average valuation for the index is 17.8 times. The broad index is still up 15% this year, despite the August selloff. Some investors say it would be premature to think the rally in stocks is finished altogether. Target shares rose 3% after the retail giant reported earnings that were ahead of Wall Street expectations. TJX stock rose 4.1% to a record high after the retailer reported results. Walmart is slated to report its quarterly earnings on Thursday.

On Thursday, the stock markets in East Asia and Australia continue to follow the weaker trend on Wall Street from the previous day. Overall, however, the losses in East Asia are at least more moderate than on the previous day. In addition, the indices have come back from significantly lower levels in early trading. In Tokyo, the Nikkei index fell by a further 0.3 per cent to 31,662 points, while in Seoul and Sydney the drop was one notch higher.

The 10-year Treasury yield settled Wednesday at 4.258%, its highest close since June 2008, from 4.220% a day earlier.

UBS raises Österr. Post to EUR 32.60 (31.50) – Neutral
UBS lowers DSM-Firmenich to EUR 108 (118) – Buy
Citi lowers the Carlsberg target to DKK 1,250 (1,275) – Buy

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