Air Canada s (-1.1%) revealed on Monday that it has placed a “firm order” with Boeing Co. (+0.5%) for 18 Boeing 787-10 Dreamliner aircraft, with deliveries scheduled to begin in the fourth quarter of 2025. The Montreal-based air carrier ACDVF CA:AC confirmed the agreement also includes options for an additional 12 Boeing 787-10. Air Canada said the order will be used to replace older wide-body aircraft in its fleet. The company currently operates 30 787-9 and eight 787-8 version of the Dreamliner. Financial terms of the order were not disclosed. Boeing’s stock has shed 3.8% over the past three months through Friday and the U.S.-listed shares of Air Canada have dropped 18.0%, while the Dow has gained 0.7%.

On Monday, the SMI closed virtually unchanged at 11,014 points. Among the 20 SMI stocks, there were eleven price losers and nine price gainers. A total of 18.09 (previously: 17.24) million shares were traded. Holcim led the SMI with a gain of 1.5 per cent, followed by Lonza with a plus of 1.4 per cent. Nestle, the index heavyweight, advanced 0.2 per cent. Among pharmaceutical giants, Novartis closed 0.6 per cent firmer. Morgan Stanley (MS) upgraded the stock to "Equalweight" (previously: "Underweight"). The shares of competitor Roche lagged markedly behind with a slight increase of 0.1 per cent. MS lowered its price target, while confirming its "Equalweight" rating. Richemont lost 2.4 per cent. The analysts at Bank of America (BoA) downgraded the shares to "neutral" ("buy") in a sector report and lowered the price target markedly. The shares of competitor Swatch shed 3.2 per cent. In addition to BoA, analysts at Stifel also cut their price target for Swatch shares. The reason being that the recovery of the Chinese economy is weaker than expected. In addition, there are negative impacts due to exchange rate effects. However, the momentum of the Swatch brand remains strong. Logitech fell by a mere 2.4 per cent. The share was traded ex dividend of 1.06 francs.

The European stock markets began the week lower, against a backdrop of pressure on bond yields and investor concerns about the global economy and central bank interest rates remaining at persistently high levels. The Stoxx Europe 600 index closed down 0.6% on Monday, at 450.4 points. In Paris, the CAC 40 and SBF 120 lost 0.9% each. The DAX 40 in Frankfurt gave up 1%, while the FTSE 100 in London fell by 0.8%. The Clariane share, formerly known as Korian, fell by 8.2% to €5.69. Digital assistance services provider Solutions 30 (-6.5%) continued to decline after reporting disappointing first-half profitability at the end of last week. Bank of America Global Research lowered its recommendation for Kering (-4.5%) from "neutral" to "underweight". Aperam (-3.5%) issued a warning regarding its third-quarter results on Friday. The steel producer now expects adjusted EBITDA of between €15 million and €20 million for the period. Exane BNP Paribas upgraded its recommendation for Ubisoft (+2.6%) from "neutral" to "outperform" and raised its target price from €27 to €37. The pharmaceutical group Sanofi (+0.5%) announced that the Japanese Ministry of Health, Labour and Welfare had authorized the marketing of its haemorrhage treatment Altuviiio for people suffering from haemophilia A.

The New York Stock Exchange managed to stabilise on Monday, despite a further rise in market rates in the wake of last week's tough message on inflation from the Federal Reserve (Fed). The Dow Jones Industrial Average (DJIA) closed up 0.1% at 34,006.88 points, while the broader S&P 500 index gained 0.4% to 4,337.44 points. The Nasdaq Composite added 0.5% to 13,271.32 points. Amazon (+1.7%) announced that it had reached an agreement to invest up to $4 billion in the artificial intelligence start-up Anthropic. Amazon has agreed to make an initial investment of $1.25 billion in Anthropic, sources close to the matter told Wall Street Journal. Businessman Warren Buffett's investment company, Berkshire Hathaway, again sold shares in computer manufacturer HP Inc (-1.8%). Ford (+1.3%) confirmed on Sunday that the group had made progress in its negotiations with the UAW automobile union in the United States, but that there were still "many gaps to be filled on economic issues". The powerful American union extended its strikes at General Motors (+1.5%) and Stellantis (-0.6%) this weekend, but its president, Shawn Fain, had indicated on Friday that Ford would not be affected by this extension of industrial action because of the progress made in negotiations with the group. The insurer AIG (+0.9%) has sold its subsidiary AIG Life UK to the British group Aviva for £460 million ($561 million).

Stocks in Asia mostly fell, concerns about interest rates remaining higher for longer and their negative consequences for the economy once again being the dominant theme on the stock markets on Tuesday. Losses ranged from 0.3 per cent in Shanghai to 1.2 per cent in Seoul. The Nikkei-225 in Tokyo declined by 1.0 per cent to 32,362 points. In Hong Kong, property stocks are again on the sell list. Evergrande drops another 7 per cent, Country Garden 3.1 and Longfor 2.4 per cent. Among individual stocks, Japan Exchange Group climbs 2.8 per cent in Tokyo after the exchange operator raised its outlook.

Long-dated U.S. government debt yields established fresh multiyear highs on Monday, as traders continued to absorb the higher-for-longer theme for interest rates in the U.S. and abroad. The 10-year Treasury note yield gained 11 basis points on Monday to 4.545%. The 2-year Treasury note yield rose by 3 basis points to 5.123%.

Target price Temenos: Jefferies downgrades to CHF 70 (75) - Hold
Rating Novartis: MS upgrades to Equal Weight (Underweight) - Target CHF 98 (93).
Price target Sonova: Barclays cuts to CHF 285 (300) - Overweight

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