BlackBerry said it plans to separate the internet of things or IoT and Cybersecurity business units into two independently operated entities. The company noted that the main objective of the separation is to pursue a subsidiary initial public offering for the IoT business, with a launch targeted in the first half of the next fiscal year. BlackBerry believes that a separately traded IoT subsidiary will enable shareholders to evaluate the performance and future potential of BlackBerry’s principal businesses more clearly on a standalone basis, while allowing each business to pursue its own distinct strategy and capital allocation policy.

After swinging between gains and losses till noon, Swiss stocks gained in strength as the session progressed on Thursday and eventually ended modestly higher. The benchmark SMI ended with a gain of 26.96 points or 0.25% at 10,783.15, after touching a low of 10,744.84 and a high of 10,834.55. Kuehne & Nagel, Roche Holding and Richemont gained 1 to 1.4%. Lonza Group ended nearly 1% up. Zurich Insurance Group, Partners Group, Sonova, Swiss Life Holding and Swiss Re posted modest gains. Holcim ended down 1.3%, and Novartis closed lower by about 0.4%. UBS Group edged down marginally. Among the stocks in the Mid Price Index, Meyer Burger Tech climbed nearly 4.5%. Sandoz, which made a weak debut on Wednesday, posted a gain of about 3.1% today. BKW, SGS, Julius Baer, Swiss Prime Site, Helvetia, PSP Swiss Property, Tecan Group and Lindt & Spruengli gained 0.6 to 1.5%. Clariant ended 1.86% down. Dufry, SIG Combibloc, Adecco, VAT Group and Swatch Group lost 0.6 to 1.3%.

European stocks closed higher on Thursday as bond yields dropped after data showed an uptick in U.S. jobless claims in the week ended September 30th. However, gains were just modest in most of the markets in the region as disappointing data from the region weighed on sentiment. German exports fell in August, and the construction sector contracted in September. In France, industrial production fell, and in the U.K., the construction industry experienced the biggest slide in activity in more than three years last month. The pan European Stoxx 600 gained 0.28%. The U.K.'s FTSE 100 climbed 0.53%. France's CAC 40 edged up 0.02% and Germany's DAX ended 0.2% down, while Switzeland's SMI advanced 0.25%. Among other markets in Europe, Austria, Belgium, Denmark, Netherlands, Norway, Portugal, Spain, Sweden and Turkiye closed higher. Greece, Iceland and Poland ended weak, while Finland and Russia ended flat. In the UK market, Royal Mail rallied 7%. Imperial Brands gained 4% after the maker of John Player Special cigarettes reaffirmed its forecast and announced a $1.3 bln share buyback. EasyJet and Tesco both gained more than 3.5%. IAG, Hiscox, Pennon, Centrica, Barratt Developments, Hikma Pharmaceuticals, British American Tobacco, Persimmon, Auto Trader Group, Compass, Severn Trent, RightMove and United Utilities gained 1.3 to 2.6%. JD Sports Fashion ended lower by about 3%. Anglo American ended down 1.6%, while Just Eat Takeaway.com, Barclays, Glencore, Smith & Nephew, Natwest Group and Lloyds Banking lost 0.6 to 1%. In the French market, Alstom plunged 37% after the train manufacturer slashed its free cash flow target due to a ramp-up in production and delays in some orders.

U.S. stocks edged lower Thursday and Treasury yields stabilized as investors looked ahead to Friday’s jobs report. Major indexes spent most of the day lower before turning positive in the afternoon and then dipping again. Some investors said the market seemed to be in a holding pattern ahead of the morning release of the September employment report. That could hold clues to the Federal Reserve’s progress in its fight against inflation and what could happen at its November meeting and beyond. The S&P 500 fell 0.1%, while the Dow Jones Industrial Average edged down less than 0.1%, or about 10 points. The tech-heavy Nasdaq Composite dropped 0.1%. Stocks were lower in morning trading after data showed weekly initial jobless claims edged up to 207,000, below the 210,000 economists had forecast. Among individual stocks, shares of Lamb Weston rallied 8%, making it the best performer in the S&P 500, after the potato-products company reported that raising prices had helped its results. Rivian Automotive shares tumbled 23% after the electric-vehicle maker announced a $1.5 billion debt offering. Clorox shares fell 5.2%. The cleaning-products company warned late Wednesday that it would post an unexpected loss for the quarter that ended Sept. 30 after a cyberattack brought business to a near halt in August. General Motors shares declined 2.4% after news that the automaker has at least 20 million vehicles built with a potentially dangerous airbag part that the government says should be recalled.

The stock markets in East Asia and Australia are mainly on the rise on Friday. The oil price, which fell again the day before, provides some relief, which dampens inflation concerns somewhat. In Japan, the Nikkei bucked the regional trend, falling 0.1 per cent to 31,060 points, weighed down by weakness in energy, auto and financial stocks. The fact that household spending in August did not decline as much as expected is not supportive.

The yield on the benchmark 10-year U.S. Treasury note declined for a second consecutive day. The 10-year’s yield ended Thursday at 4.715%, down from 4.735% on Wednesday. On Tuesday, it rose to 4.801%, its highest 3 p.m. yield since August 2007.

JP Morgan lowers Auto1 target to EUR9.70 (9.90) – Overweight
Barclays lowers Zalando target to EUR28 (30) – Equalweight
Deutsche Bank lowers Alstom target to EUR23 (30) – Buy

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