Disney (+1.1%) and Charter Communications (+3.2%) have reached an agreement that will restore popular channels including ESPN and ABC to the cable operator’s nearly 15 million subscribers, ending a blackout that lasted for more than a week. The agreement comes just hours before ESPN’s coverage of the first “Monday Night Football” game of the season—a highly anticipated matchup between the New York Jets and Buffalo Bills. Under the terms of the agreement, Charter has agreed to higher rates for Disney’s channels in return for being able to provide the Disney+ and ESPN+ streaming services to its pay-TV subscribers. Specifically, the ad-supported version of Disney+ will be included in Spectrum’s TV Select video packages, which are among the cable operator’s most popular. The ad-supported ESPN+ will be available to Charter customers who subscribe to a tier that includes other sports channels such as regional sports networks. In addition, when Disney releases its much-anticipated direct-to-consumer version of its ESPN cable channel—which is separate from ESPN+—Charter pay-TV customers will be able to get it as well. The fight between Disney and Charter was being closely watched by the rest of the industry, because the dispute wasn’t primarily about money.

On Monday, the SMI gained 0.2 per cent to 10,972 points. Among the 20 SMI stocks, there were 14 price gainers and three price losers, while three shares closed unchanged. 16.17 (previously: 16.97) million shares were traded. SIX, the operator of the indices for the Swiss market, is currently reviewing possible changes to the methodology of the Swiss Market Index (SMI), Swiss Market Index Mid (SMIM) and Swiss Leader Index (SLI) indices. According to the report, Six is consulting the Swiss market on whether the number of components of the SMI should be increased to 30 from 20 and whether free-float market capitalisation over twelve months should be used as the sole selection criterion for the SMI, SMIM and SLI. The SMI was led by Swiss Re, which rose 1.6 per cent. The reinsurer anticipates continued growth momentum among non-life reinsurers. In Swiss Re's slipstream, Swiss Life (+0.9 per cent) and Zurich (0.9 per cent) also experienced upward price movements. Novartis added 0.2 per cent. The subsidiary Sandoz has signed an agreement with Samsung Bicepis to commercialise an antibody therapy for various autoimmune diseases. Roche, on the other hand, lost 1.1 per cent. Among the second-line stocks, Meyer Burger improved by 5.2 per cent. The photovoltaic manufacturer announced a strategic partnership with Helion Energy.

European stocks traded higher on Monday on improved investor sentiment after strong CPI data from China. The Stoxx Europe 600 index gained 0.3% to 456.2 points. In Paris, the CAC 40 and SBF 120 rose by 0.5% each. The DAX 40 in Frankfurt climbed 0.4% and the FTSE 100 in London added 0.3%. Billboard specialist JCDecaux (+5.8%) was the biggest riser on the SBF 120 index on Monday, boosted by Oddo BHF raising its recommendation from "neutral" to "outperform". Mining and steel groups Eramet (+3%) and Aperam (+2%) benefited from surging metal prices, including copper and aluminium, against a backdrop of a falling dollar and macroeconomic uncertainty. The manufacturer of pens, lighters, shavers and promotional items Bic (+3.2%) announced, on the occasion of an update of its "Horizon" strategic plan launched in 2020, that it expected an adjusted operating margin of around 15.5% in 2025. Société Générale (+1.7%) and Brookfield Asset Management unveiled a partnership to launch a €10 billion private debt fund. In Milan, Juventus Football Club shares gained 2.2% after the investment fund Exor, controlled by the Agnelli family, denied considering a sale of the Turin football club in which it holds a 63.8% stake. This information had been reported by the Milan daily Il Giornale.

Shares in Tesla pulled stock markets higher Monday, thanks in large part to hype around a supercomputer dubbed “Dojo.” All three indexes opened in the green and stayed there through the closing bell, clawing back some of last week’s losses. The S&P 500 climbed 0.7%, while the tech-heavy Nasdaq Composite rose 1.1%. The Dow Jones Industrial Average gained 0.3%, or roughly 87 points. Tesla was Monday’s major winner, leading the S&P 500 with a 10% gain after Morgan Stanley upgraded its stock. The bank said a supercomputer that the automaker is developing to parse the vast amounts of visual data needed for autonomous driving could add $500 billion to the company’s enterprise value. In the stock markets, J.M. Smucker was among the session’s biggest losers. The Folgers and Jif producer’s stock fell 7% after it said it had agreed to buy Twinkies owner Hostess Brands for $4.6 billion. Hostess shares, meanwhile, leapt 19%. Tech stocks finished mixed. A 3.5% gain by Amazon.com shares pushed them to their highest closing price since August 2022, according to Dow Jones Market Data. Chip maker Nvidia retreated 0.9%, extending a rocky September, while Advanced Micro Devices fell 0.7%. Shares of Qualcomm rose 3.9% after it struck a three-year deal to supply Apple with 5G chips, the latest sign that the iPhone maker’s effort to make them in-house hasn’t yet borne fruit. Apple eked out a 0.7% gain, reversing some of last week’s losses, a day before an event in which the company is expected to unveil its latest iteration of the iPhone.

Asian stocks were mixed on Tuesday. The Chinese stock exchanges in Shanghai and Hong Kong are stagnating. Property values in Hong Kong varied. Country Garden rose 4.8 per cent, Country Garden Services 1.1 per cent and China Evergrande jumped 14 per cent. Longfor and China Vanke, on the other hand, shed up to 1.4 per cent. The Nikkei 225 records a gain of 0.8 per cent in Japan. In South Korea, the Kospi drops 0.6 per cent. Hyosung Advanced Materials climbs 6 per cent. The company's intention to expand its carbon fibre business fuels investors' enthusiasm.

Two- through 30-year U.S. government debt yields end slightly higher on Monday after Bank of Japan Gov. Kazuo Ueda hinted at a possible conclusion to negative interest-rate policy. The 10-year Treasury note yield gained 4 basis points to 4.294%. The 2-year Treasury note closed virtually unchanged at 4.988%.

Rating Helvetia: Julius Baer lowers to Hold (Buy) - Target CHF 144 (145).
Target price BKW: UBS increases to CHF 153 (150) - Sell
Target price Holcim: UBS raises to CHF 61 (60.50) - Neutral

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