Docmorris narrowed its operating loss last year. At the bottom line, the company made a profit thanks to the sale of its Swiss business. In the current year, Docmorris wants to grow, also thanks to the e-prescription in Germany, and is forecasting an operating break-even. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) from continuing operations amounted to minus CHF 35 million in 2023, as most recently expected by the company, following a loss of CHF 85.5 million in the previous year. Consolidated profit amounted to CHF 82.3 million, although this was only due to discontinued operations. A loss of 118 million euros was recorded from continuing operations. In the current year, the company expects an increase in sales of more than 10 percent and an adjusted EBITDA of minus CHF 35 million to break even.

Swiss stocks opened on a slightly weak note on Wednesday, but recovered soon and then stayed firm right till the end of the day's session to close modestly higher. The mood was a bit cautious with investors awaiting the Federal Reserve's policy announcement later in the day, and the Swiss National Bank's policy meeting on Thursday. The benchmark SMI ended with a gain of 40.83 points or 0.35% at 11,618.63. The index, which edged down to 11,558.50 in early trades, touched a high of 11,635.44 in the session. Lonza Group climbed about 5.7%. Lonza said it would buy one of the world's largest manufacturing sites for biologic drugs in California from drugmaker Roche for $1.2 billion. Geberit gained nearly 2%. Holcim, Sika and Swiss Life Holding ended higher by 1.31%, 1.25% and 1.2%, respectively. Kuehne & Nagel, Roche Holding, Nestle and ABB ended with moderate gains. Richemont drifted down by about 2.2%. UBS Group ended nearly 1% down. Sonova and Novartis closed lower by 0.7% and 0.48%, respectively. In the Mid Price Index, Meyer Burger Tech surged 8.5%. BKW and Ems Chemie Holding ended lower by 2.65% and 2.29%, respectively.

European stocks closed on mixed note on Wednesday, with investors reacting to data showing a sharp drop in UK inflation, and awaiting the Federal Reserve's monetary policy decision later today, and the Bank of England's policy announcement due on Thursday. Data showed U.K. consumer price inflation weakened in February to the lowest since 2021. The consumer price index registered an annual growth of 3.4%, slower than the 4% rise in January. The rate was the lowest since September 2021. Germany's producer prices declined for the eighth straight month in February, and at a faster-than-expected pace, data published by Destatis showed. Producer prices registered an annual decrease of 4.1% after declining 4.4% in January. Prices have been falling since July 2023. Preliminary survey data from the European Commission said pessimism among consumers in the euro area lessened for a second straight month to its highest level in over two years in March and the improvement was better than expected. The flash consumer confidence index climbed to -14.9 from -15.5 in February. Economists had expected a score of -15.0. The pan European Stoxx 600 settled flat. The UK's FTSE 100 edged down 0.01%, and France's CAC 40 ended down 0.48%, while Germany's DAX gained 0.15%. Switzerland's SMI climbed 0.35%. Among other markets in Europe, Denmark, Greece, Poland, Portugal, Russia, Spain and Turkiye closed higher. Finland, Iceland and Sweden ended weak, while Austria, Belgium, Netherlands closed Norway flat. In the UK market, St. James's Place gained nearly 5%. Ashtead Group, Halma, Melrose Industries, Croda International, Airtel Africa, Kingfisher, JD Sports Fashion, Segro, Natwest Group and United Utilities gained 2 to 4.3%.

Stocks showed a lack of direction throughout much of the trading session on Wednesday before rallying following the Federal Reserve's monetary policy announcement. The major averages all showed strong moves to the upside, reaching new record closing highs. The major averages reached new highs for the session in the final hour of trading, ending the day sharply higher. The Dow jumped 401.37 points or 1.0 percent to 39,512.13, the Nasdaq surged 202.62 points or 1.3 percent to 16,369.41 and the S&P 500 advanced 46.11 points or 0.9 percent at 5,224.62. The rally on Wall Street came after the Fed announced its widely expected decision to leave interest rates unchanged but also maintained its forecast for three rate cuts this year. In support of its dual goals of maximum employment and inflation at a rate of 2 percent over the longer run, the Fed said it once again decided to maintain the target range for the federal funds rate at 5.25 to 5.50 percent. The target range for the federal funds rate has remained unchanged since the Fed raised rates by a quarter point last July. While the accompanying statement said Fed officials still need 'greater confidence' inflation is moving sustainably toward 2 percent before cutting rates, the projections still point to three rate cuts this year. Airline stocks moved sharply higher over the course of the session, with the NYSE Arca Airline Index soaring by 3.8 percent after ending Tuesday's trading at its lowest closing level in well over a month. Substantial strength also emerged among gold stocks, as reflected by the 3.8 percent spike by the NYSE Arca Gold Bugs Index.

Stock markets in East Asia rose sharply in some cases on Thursday, building on the positive trend in the US following new statements from the US Federal Reserve on the interest rate path. In Tokyo, the Nikkei-225 closed up 2.0 per cent at 40,816 points, a new record high. The index was supported by a strong rise in Toyota Motor, whose shares rose by 2.9 per cent.

In the U.S. bond market, treasuries saw considerable volatility following the Fed announcement before closing modestly higher. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, dipped 2.4 basis points to 4.273 percent.

UBS raises the Santander target to EUR 5.75 (5.40) – Buy
Barclays lowers the Kering target to EUR 390 (413) – Equalweight
HSBC lowers the Engie target to EUR 17 (16.50) – Hold

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