Societe Generale is targeting slower average annual revenue growth between 2022 and 2026 than for the 2021-25 period, and aims to streamline its portfolio and reduce oil-and-gas exposure as part of a new strategy. The French bank on Monday outlined its new strategic plan to 2026 that Chief Executive Slawomir Krupa said will strengthen the group with a simplified business portfolio. The bank intends to focus on its core franchises going forward, it said. SocGen said it is targeting average annual revenue growth between 0% and 2% over the 2022-26 period. Under its previous targets between 2021 and 2025, the bank aimed to deliver average annual revenue growth of at least 3%. The bank said its businesses will grow differently, mainly through increased advisory and growth in self-financed risk-weighted assets, as a result of strict capital discipline.

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Swiss stocks fell on Monday amid concerns about slowing growth and possibility of further monetary tightening by central banks. The benchmark SMI ended with a loss of 107.11 points or 0.96% at 11,090.61. Lonza Group plunged 14.7% on concerns about the group's medium-term earnings prospects after the company announced that its chief executive, Pierre-Alain Ruffieux, will leave by mutual agreement at the end of the month. Sonova ended 2.4% down. Alcon, Swiss Life Holding, Sika, Richemont, Roche Holding, Partners Group and Geberit lost 1 to 1.75%. Givaudan ended nearly 1% down. ABB and Kuehne & Nagel both ended lower by 0.75%. Nestle, Logitech and Swisscom posted marginal gains. In the Mid Price Index, Meyer Burger Tech and Bachem Holding lost 4.6% and 4.2%, respectively. AMS ended 2.7% down, and Temenos Group closed lower by 2.3%. Dufry, Julius Baer, Straumann Holding, Swatch Group, Baloise Holding and Flughafen Zurich also ended notably lower.

European stocks closed notably lower on Monday as investors stayed wary of indulging any significant buying ahead of monetary policy decisions of the Federal Reserve, the Bank of England (BoE), and the Bank of Japan (BoJ). The BoE is all set to end its tightening cycle with a final rate hike this week as any further increase will push the UK economy into a deep recession. The record high wage growth as well as persistently high inflation strengthened the call for additional policy tightening. However, the past rate hikes have started to damp the economic activity. Recent economic indicators suggest that the economy has entered a mild recession. Markets widely anticipate a quarter-point increase on September 21, a day after the release of the consumer price inflation data. The Fed is widely expected to leave interest rates unchanged, but traders will pay close attention to the accompanying statement and the central bank's projections for clues about the outlook for rates. While CME Group's FedWatch Tool is currently indicating a 99% chance the Fed will leave rates unchanged this week, the outlook for the November meeting is somewhat more mixed. The FedWatch Tool is indicating a 68.4% chance rates will remain unchanged in November but a 31.3% chance of another quarter point rate hike. The German economy is set to contract slightly in the third quarter as private consumption is unlikely to contribute positively, Bundesbank said in its monthly report released Monday. The pan European Stoxx 600 dropped 1.13%. The U.K.'s FTSE 100 drifted down 0.76%, Germany's DAX declined 1.05% and France's CAC 40 ended 1.39% down, while Switzerland's SMI closed lower by 0.96%. Among other markets in Europe, Austria, Belgium, Denmark, Finland, Greece, Netherlands, Poland, Portugal, Russia, Spain, Sweden and Turkiye closed with sharp to moderate losses. Iceland and Norway edged down marginally, while Ireland closed slightly higher. In the UK market, Persimmon and British Land Company both ended lower by about 4.6%. Entain, St. James's Place, ICP, TUI, Land Securities and Auto Trader Group ended lower by 3 to 4%.

Following the volatility seen to close out the previous week, stocks turned in a relatively lackluster performance during trading on Monday. The major averages spent the day bouncing back and forth across the unchanged line. The major averages eventually ended the session slightly higher. While the S&P 500 edged up 3.21 points or 0.1 percent to 4,453.53, the Dow inched up 6.06 points or less than a tenth of a percent to 34,624.30 and the Nasdaq crept up 1.90 points or less than a tenth of a percent to 13,710.24. The choppy trading on Wall Street came as traders seemed reluctant to make significant moves ahead of the Federal Reserve's monetary policy announcement on Wednesday. The Fed is widely expected to leave interest rates unchanged, but traders will pay close attention to the accompanying statement and the central bank's projections for clues about the outlook for rates. While CME Group's FedWatch Tool is currently indicating a 99.0 percent chance the Fed will leave rates unchanged this week, the outlook for the November meeting is somewhat more mixed. The FedWatch Tool is indicating a 69.0 percent chance rates will remain unchanged in November but a 30.7 percent chance of another quarter point rate hike. Reflecting the lackluster close by the broader markets, most of the major sectors ended the day showing only modest moves. Airline stocks showed a significant move to the downside, however, with the NYSE Arca Airline Index falling by 1.8 percent to its lowest closing level in well over four months. Considerable weakness was also visible among biotechnology stocks, as reflected by the 1.4 percent drop by the NYSE Arca Biotechnology Index.

The stock markets in East Asia and Australia are mainly showing slight reductions on Tuesday. The stock market in Japan is down more sharply, with the Nikkei index falling by 1.0 per cent to 33,208 points. After a public holiday at the beginning of the week, the Tokyo stock exchange is making up ground after a weak start to the week on the stock markets in the region. Softbank is down 3.6 per cent after shares in its chip subsidiary Arm, which got off to a flying start in the US the previous week, lost 4.5 per cent on Monday.

In the U.S. bond market, treasuries climbed back near the unchanged line after seeing early weakness. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, edged down by less than a basis point to 4.319 percent after reaching a nearly one-month intraday high of 4.359 percent.

JPM Downgrades AP Moeller-Maersk to Neutral (Overw.) – Target DKK 13,000 (18,500)

Dt. Bank lowers the H&M target to SEK 195 (200) – Buy

JPM lowers the Lufthansa target to 13.50 (14.10) EUR/Overw. – Trader

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