Credit Suisse, now part of UBS Group, said it has dropped its plan for initial public offering of real-estate fund citing low trading volumes for listed Swiss real-estate funds. Credit Suisse 1a Immo PK real estate fund will remain unlisted. The IPO was planned for the fourth quarter of 2023. Credit Suisse said, 'Due to the renewed fall in trading volumes on the market for listed Swiss real estate funds compared with the previous year; (an IPO) would likely have led to significantly higher volatility in the event of a stock exchange listing.' With the move, the newly formed real-estate unit within UBS Asset Management would be allowed to coordinate and offer real-estate investment services. Last year, the bank had postponed the fund's IPO citing market conditions and the high volatility.

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The Switzerland stock market started off on a firm note on Thursday, and despite staying firm till more than an hour past noon, gradually pared gains and eventually ended the day's session just marginally up. The benchmark SMI, which climbed to 11,054.89 in early trades, ended the day with a small gain of 3.19 points or 0.03% at 10,976.83. Sika drifted down 2.15%. Logitech shed 1.37%, while Roche Holding ended nearly 1% down. Kuehne & Nagel, Holcim, Novartis and Lonza Group lost 0.5 to 0.75%. UBS Group shares surged nearly 3%. Credit Suisse, now part of UBS Group, said it has dropped its plan for initial public offering of real-estate fund citing low trading volumes for listed Swiss real-estate funds. Givaudan climbed 1.43%. Nestle advanced nearly 1%. Sonova, Richemont, Swiss Life Holding and Swiss Re posted modest gains. In the Mid Price Index, AMS ended 2.1% down, and VAT Group lost nearly 2%. Dufry and Temenos Group ended lower by 1.47% and 1.31%, respectively. Adecco, Georg Fischer, SGS, Schindler Holding and Schindler Ps lost 0.67 to 1%. DocMorris surged 3.1%. Baloise Holding, Lindt & Spruengli, Clariant, PSP Swiss Property and Helvetia gained 0.9 to 1.6%.

European stocks failed to hold early gains and settled lower on Thursday, facing stiff resistance at higher levels as investors turned a bit cautious ahead of the Jackson Hole Symposium. The pan European Stoxx 600 fell 0.41%. Germany's DAX dropped 0.68% and France's CAC 40 declined 0.44%, while the U.K.'s FTSE 100 gained 0.18%. Switzerland's SMI edged up 0.03%. Among other markets in Europe, Austria, Czech Republic, Denmark, Finland, Iceland, Netherlands, Poland, Russia, Sweden and Turkiye closed weak. Belgium, Greece, Ireland, Portugal and Spain ended higher, while Norway settled flat. In the UK market, Aviva and Legal & General both shed more than 2.5%. Mondi, St. James's Place, Whitbread, Land Securities, CRH, BT Group, Antofagasta, IHG and Glencore lost 1 to 2%. JD Sports Fashion rallied more than 5%. Ocado Group, Convatec, Croda International, Fresnillo, Halma, B&M European Value Retail, Severn Trent, Compass Group, British American Tobacco, Barclays and Beazley gained 1 to 1.8%. In the German market, Daimler Truck Holding ended down 3.3%. Infineon lost about 2.5% and SAP ended lower by 2.2%. Zalando, BMW, Volkswagen, Deutsche Post and Siemens lost 1 to 1.7%. Covestro climbed more than 3.5%. Symrise and Hannover Rueck gained about 1.9% and 1.3%, respectively. Deutsche Bank and Munich RE advanced 1% and 0.8%, respectively. In Paris, STMicroElectronics, Renault, Kering, WorldLine, Hermes International, Capgemini, Saint Gobain and Stellantis lost 1 to 2.5%.

Nvidia's record quarter wasn't enough to lift the stock market on Thursday. The S&P 500 initially looked set to build on its best day since June, but finished 1.3% lower. Each of the benchmark's 11 sectors closed in the red. Air came out of big tech stocks: Shares of Tesla and Amazon.com, which comprise hefty portions of the market, dragged down the Nasdaq Composite to a 1.9% loss. Disney shares extended this year's rout, falling 3.9% to their lowest close in nearly nine years. Those losses weighed on the Dow industrials, which slid 1.1%. Nvidia gained just 0.1% after its 3.2% rise the prior day. The graphics-chip maker at the heart of the artificial-intelligence boom reported record sales that doubled from a year ago. Nvidia looked set for a big bounce, reaching its highest level on record during trading, but those gains fizzled as investors took profits on their positions. The company's shares – which have more than tripled this year – might have reached a valuation on par with its rosy earnings picture, leaving less room to further appreciate and lift broader indexes. "Nvidia's results weren't good enough to justify its valuation," said David Trainer, chief executive of investment-research firm New Constructs. The stock opened Thursday at more than $500 a share. That means the company would need to increase revenue by an average of 20% a year for the next 25 years, according to Trainer. "That is an extremely high bar, even with its AI prowess," he added.

Negative conditions on Wall Street and increased caution ahead of the speech by U.S. Federal Reserve Chairman Jerome Powell in Jackson Hole led to some sharp declines on the East Asian stock exchanges at the end of the week. The most significant drop was in Tokyo. For the Nikkei-225 it goes down by 1.8 percent. Particularly technology stocks show with losses, after these had already fallen significantly in the U.S. despite the strong Nvidia figures. Also, the significantly weaker yen does not support. The dollar costs 146.14 yen, after 145.18 at the same time the previous day.

U.S. bonds mostly pared some of Wednesday's gains, as long-term yields retraced what was the biggest one-day slide since May. The 10-year Treasury yield climbed to 4.234% from 4.197% on Wednesday. Traders say they are waiting for Powell's speech to jump into action.

UBS raises Rolls-Royce target to 350 (200) GBp – Buy

JP Morgan raises Inditex target to EUR 40 (38) – Overweight

Bank of America lowers Mercedes-Benz target to EUR 81 (82) – Buy

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