Tesla’s sales momentum slowed during the third quarter as the automaker took production offline for factory upgrades and prepared to release its long-awaited Cybertruck pickup. For the first time in more than a year, global deliveries to customers fell quarter-over-quarter by 6.7% to 435,059, the electric-car maker reported. The automaker said the decline was due to planned factory downtime, and it kept a 2023 target of 1.8 million vehicles unchanged. The slowdown will renew concerns among investors that Chief Executive Elon Musk will turn to further price cuts to stoke demand as he chases a sales crown that would make the automaker by far the world’s top seller by 2030.

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Swiss stocks drifted lower on Monday amid rising concerns about global economic slowdown and outlook for interest rates. Weak Swiss retail sales data weighed as well. The benchmark SMI, which dropped to a low of 10,818.80 around late afternoon, ended the session with a loss of 99.85 points or 0.91T at 10,863.65 Alcon, Givaudan, Sonova and Zurich Insurance Group lost 1.7 to 1.9%. Swiss Re, Geberit, Sika, Swiss Life Holding, Lonza Group and UBS Group ended lower by 1.2 to 1.5%. Roche Holding, Nestle, Partners Group, Holcim, Richemont and Novartis also ended weak. ABB and Logitech posted modest gains. In the Mid Price Index, Meyer Burger Tech tanked nearly 10%. Barry Callebaut, BKW, Clariant, Tecan Group, Dufry and Adecco lost 1.7 to 2.4%. AMS rallied 3.75%. Schindler Ps and Schindler Holding gained 2.4% and 1.9%, respectively. Data from the Federal Statistical Office showed Switzerland's retail sales declined for the second successive month in August as sales of both food and non-food items contracted. Retail sales adjusted for sales days and holidays fell a working-day adjusted 1.8% year-on-year in August, following a 2.5% drop in July. On a monthly basis, retail sales rebounded a seasonally adjusted 0.4% in August versus a 2.4% decline a month ago. In nominal terms, retail sales fell 0.2% annually, while they rose 0.4% monthly in August.

European stocks closed notably lower on Monday as data showing a sharp contraction in Eurozone manufacturing activity in the month of September, and hawkish outlook for Federal Reserve interest rates weighed on sentiment, prompting investors to exit counters. The pan European Stoxx 600 ended down 1.03%. The U.K.'s FTSE 100 declined 1.28%, Germany's DAX shed 0.91% and France's CAC 40 finished 0.94% down, while Switzerland's SMI fell 0.91%. Among other markets in Europe, Austria, Belgium, Denmark, Finland, Greece, Netherlands, Norway, Poland, Portugal, Spain and Sweden ended with sharp to moderate losses. Russia edge down marginally, while Iceland and Turkiye closed higher. In the UK market, ICP, Persimmon, Prudential, SSE, Just Eat Takeaway.cm, Centrica, Fresnillo and Natwest Group ended lower by 3 to 4%. Barratt Developments, Hiscox, Kingfisher, National Grid, Rentokil Initial, Croda International, Informa, Lloys Banking, Barclays, British American Tobacco and Rolls-Royce Holdings lost 1.7 to 3%. Pennon climbed about 3%. Intercontinental Hotels, BAE Systems, EasyJet, Entain and United Utilities also closed higher. In the German market, Fresenius, Deutsche Bank, RWE, E.ON, Sartorius, Commerzbank, BASF and Merck lost 2.3 to 4%. Siemens Energy, Deutsche Post, MTU Aero Engines and HeidelbergCement also ended weak. Zalando gained about 2.3%. Puma climbed 1.1%, while Continental and Porsche posted moderate gains. In Paris, Edenred plunged nearly 11%. Saint Gobain, WorldLine and Veolia declined 3 to 4%. Survey Results from S&P Global showed the euro area manufacturing activity remained in the deep contraction zone in September on account of considerable weakness in new orders and accelerated fall in jobs.

Tumbling utilities stocks weighed on the S&P 500 on Monday as investors dumped dividend-paying shares in favor of less-risky and higher-yielding U.S. Treasurys. Shares in the S&P 500’s utilities segment dropped 4.7%, marking their worst session since the early days of 2020’s Covid-19 lockdown. AES Corp., PG&E and Dominion Energy were among the 17 utilities in the index that fell more than 4%. NextEra Energy dropped 9%. The broader S&P 500 ended Monday less than 0.1% higher despite the sell-off in utilities. Meanwhile, the Dow Jones Industrial Average fell 0.2%, or about 74 points. The tech-heavy Nasdaq Composite added 0.7%. Technology and telecommunications stocks were the only S&P 500 segments to end Monday higher. Large companies in those categories, such as chip maker Nvidia and Facebook owner Meta Platforms, have accounted for much of the broader index’s 12% gain this year. Lately, however, those trades have lost steam and failed to offset declines elsewhere. Real-estate and energy shares also slumped Monday. Oil-and-gas producers Marathon Oil, Occidental Petroleum and Devon Energy each lost roughly 4%. Energy prices turned lower after the ISM Manufacturing Index for September registered a 10th consecutive month of contraction in the manufacturing sector. Other big losers Monday included both stocks that came from the snacks-cereal split at Kellogg. Kellanova, the Rice Krispies Treats maker, and WK Kellogg, the Rice Krispies cereal company, both dropped in their debut, falling 6% and 9%, respectively.

On Tuesday, negative signs dominate the stock markets in East Asia and Australia. In Hong Kong, the rise in market interest rates depresses property values. Among others, Country Garden Holdings falls by 5.5 per cent and New World Developments by 6.6 per cent. Against the negative trend in the sector, the shares of the financially stricken real estate group Evergrande jumped temporarily by more than 30 per cent after the resumption of trading; the stock is currently trading a good 15 per cent higher.

The yield on U.S. 10-year Treasury notes continued their sharp climb Monday, exceeding 4.7% intraday for the first time since October 2007. The benchmark yield ended at 4.682%, up from 4.572% on Friday. That exceeds the collective 3.94% dividend yield paid by utility shares in the S&P 500, according to FactSet.

UBS raises Ryanair target to 24.40 (24.30) EUR – Buy

UBS lowers Easyjet target to 750 (760) GBp – Buy

Citi lowers Sartorius to 375 (385) EUR – Buy

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