Microsoft agreed to forfeit cloud-streaming rights for Activision Blizzard games in much of the world as part of a renewed proposal to win over British regulators, who have so far rejected the tech giant’s planned $75 billion purchase of the game company. In a new deal proposed to the U.K.’s Competitions and Markets Authority, Microsoft offered to cede most cloud-streaming rights for Activision games - including its hit franchise “Call of Duty” - over the next 15 years to rival games giant Ubisoft Entertainment. The deal would allow Microsoft rights to those games only in the European Economic Area, a group of mostly Western European countries that doesn’t include the U.K. Ubisoft shares rose sharply early Tuesday.

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The Swiss stock market ended modestly higher on Tuesday on bargain hunting and optimism about U.S. technology firm Nvidia's earnings. Investors awaited the upcoming Jackson Hole Symposium in Wyoming where global central bankers are scheduled to meet this week. The benchmark SMI, which climbed to 10,942.69, ended with a gain of 27.34 points or 0.25% at 10,875.68. UBS Group rallied 2.14%. Logitech climbed 1.71% and Alcon gained 1.12%. Holcim, ABB and Novartis ended higher by 0.7 to 1%. Swisscom, Kuehne & Nagel, Swiss Re, Roche Holding and Zurich Insurance Group ended lower by 0.5 to 0.75%. In the Mid Price Index, Adecco ended stronger by about 3.6%. AMS, VAT Group and Tecan Group gained 2.37%, 2.22% and 2.15%, respectively. Bachem Holding gained 1.65%, while Meyer Burger Tech, Clariant, Georg Fischer, PSP Swiss Property, Straumann Holding and Swiss Prime Site also closed on firm note. Swatch Group fell 1.89%. DocMorris, Lindt & Spruengli and SGS lost 1 to 1.1%. On the economic front, data from Federal Customs Administration showed the trade surplus in Switzerland decreased to CHF 2.6 billion in July from a marginally revised CHF 3.2 billion in the previous month.

European stocks closed on a positive note on Tuesday despite paring most of their gains, as the mood turned a bit cautious past mid afternoon with investors looking for fresh signals. The uptick came as investors bet on hopes U.S. technology major Nvidia will come out with an encouraging earnings update on Wednesday. Investors also looked ahead to reports on manufacturing activity in major economies, and awaited the Jackson Hole Symposium in Wyoming where global central bankers are scheduled to meet on Thursday. Federal Reserve Chair Jerome Powell will speak at the symposium on Friday. The pan European Stoxx 600 climbed 0.68%. The U.K.'s FTSE 100 gained 0.18%, Germany's DAX ended 0.66% up, and France's CAC 40 surged 0.59%, while Switzerland's SMI advanced 0.26%. Among other markets in Europe, Austria, Belgium, Czech Republic, Denmark, Finland, Greece, Iceland, Netherlands, Portugal, Russia, Spain and Sweden closed higher. Norway, Poland and Turkiye ended weak. In the UK market, Fresnillo climbed 5.5%. RS Group surged nearly 4%. Unite Group, Glencore, Antofagasta, Land Securities and Flutter Entertainment gained 2 to 2.5%. Scottish Mortgage, Endeavour Mining, Anglo American Plc, Centrica, CRH, Kingfisher, Segro, Berkeley Group Holdings and Barratt Developments ended higher by 1.4 to 1.9%. JD Sports Fashion ended nearly 7% down. Ocado Group drifted down 1.9%. Beazley, Melrose Industries and Sainsbury (J) lost 1 to 1.6%. In the German market, Vonovia, Infineon, Qiagen, Siemens Energy and SAP gained 2 to 2.8%. Siemens, Symrise, Siemens Healthineers, HeidelbergCement and RWE advanced 1 to 1.5%.

Stocks edged lower Tuesday after disappointing earnings reports from retailers cast doubt on the strength of the U.S. consumer. The cautionary signals landed on a market focused on two events later this week: Wednesday's quarterly report from Nvidia, which could test investors' faith in the artificial-intelligence trade, and Friday's speech from Federal Reserve Chairman Jerome Powell, which could hold clues to the path of interest rates. The S&P 500 declined 0.3%, while the Dow Jones Industrial Average retreated 0.5%, or 175 points. The Nasdaq Composite added 0.1% as tech heavyweights including Apple and Microsoft defied the downdraft. Tuesday's earnings reports from Dick's Sporting Goods and Macy's sent those shares tumbling and raised questions about consumer spending more broadly. Dick's shares plunged 24% after the sporting-goods chain slashed its profit targets and said thefts of merchandise had been higher than expected. Macy's shares fell 14% after the department-store chain reported that consumers bought fewer goods at its stores and delinquencies rose among its credit-card holders. Investors said the pullback by consumers could have repercussions far beyond the retailers' results. "As consumers' dollars don't go as far and they buy lower volumes of things, the whole economy slows down," said Lauren Hill, co-portfolio manager of the Westwood Quality Value Fund. The declines for stocks were broad-based, with seven of the S&P 500's 11 sectors and 20 of the 30 stocks in the Dow industrials retreating. Concerns about consumer spending helped pull Nike shares lower for a ninth consecutive day, their longest losing streak ever, according to Dow Jones Market Data.

The East Asian stock market presents itself without a clear direction in late trading on Wednesday. While the Shanghai Composite is down 0.6 percent, the HSI is up 0.3 percent. On the previous day, there had been a somewhat stronger recovery after the latest monetary easing measures against the backdrop of the looming real estate and financial crisis.

The climb in the benchmark U.S. government bond yield paused Tuesday. The yield on the 10-year U.S. Treasury note fell to 4.327%, from 4.339% on Monday. That was its highest settle since 2007.

JP Morgan lowers Pernod-Ricard target to EUR 200 (220) – Neutral

JP Morgan raises Munich Re target to EUR 430 (350) – Overweight

DZ Bank raises Puma target to EUR 73 (66) – Buy

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