AstraZeneca has set out a target to grow revenue to $80 billion by 2030 as it aims to bolster its investment in technologies and platforms. In a statement ahead of its investor day the Anglo-Swedish pharmaceutical giant said it will develop 20 new medicines throughout the next six years and expects significant growth across all its therapy areas. To deliver its revenue target, the company aims for a mid-30s percentage core operating margin by 2026. AstraZeneca expects sustained growth post 2030. The company generated revenue of $45.81 billion last year and core earnings per share of $7.26. Last month the company reported an increased performance for its key metrics and reiterated its full-year guidance. Revenue for the quarter rose 19% to $12.68 billion while its core EPS increased 13% to $2.06.

The Swiss market ended weak on Tuesday, snapping a long winning streak, as investors made cautious moves ahead of a slew of economic data from Europe and the U.S. The benchmark SMI, which spent almost the entire day's session in negative territory, ended with a loss of 36.49 points or 0.3% at 12,001.50. Lonza Group, Sonova and Straumann Holding lost 4%, 3.4% and 2.4%, respectively. Swatch Group ended down by 1.75%. Nestle ended down by about 1.4%. According to reports, Nestle will market a new, $5 line of frozen pizzas and protein-enriched pastas in the United States. The product is said to be designed specifically for people taking drugs such as Wegovy or Ozempic for weight loss. Kuehne & Nagel, Roche Holdings, SIG Group, Richemont and Julius Baer lost 0.7 to 1.4%. Swisscom ended lower by 0.76%. The company announced that it has secured an initial go-ahead from Italy's government for its planned acquisition of Vodafone Italia. ABB climbed 2.21%. Logitech International ended nearly 2% up. VAT Group, SGS, Lindt & Spruengli, UBS Group, Novartis, Partners Group, Swiss Life Holding and Alcon gained 0.4 to 0.8%.

European stocks closed lower on Tuesday with investors largely staying cautious, looking ahead to the release of minutes from the Federal Reserve's most recent policy meeting, and a report on U.K. inflation for the month of April. The pan European Stoxx 600 ended down by 0.18%. The U.K.'s FTSE 100 edged down 0.09%, Germany's DAX closed lower by 0.22% and France's CAC 40 dropped 0.67%, while Switzerland's SMI ended 0.3% down, snapping a long winning streak. Among other markets in Europe, Belgium, Finland, Greece, Netherlands, Poland and Russia ended weak. Austria, Denmark, Ireland, Norway and Turkiye closed higher. Iceland, Portugal, Spain and Sweden ended flat. In the UK market, AstraZeneca gained about 2.25% after the drug maker said it is aiming for $80 billion in total revenue by 2030. Schrodders climbed nearly 4%. Centrica, Admiral Group and BAE Systems gained 1 to 1.3%. BT Group dropped about 3.2%. RS Group, JD Sports Fashion, Vodafone Group, Smith (DS), EasyJet, Hikma Pharmaceuticals and Scottish Mortgage lost 2 to 2.7%. In the German market, Rheinmetall rallied nearly 3%. Hannover Rueck gained about 1.4% and Covestro gained 1.1%. Siemens Healthineers, Symrise, Beiersdorf and Munich posted moderate gains. Infineon, Vonovia, Fresenius Medical Care, Deutsche Post, Porsche and Siemens Energy lost 1.4 to 3%. In the French market, Dassault Systemes gained about 1.7%. Sanofi, Michelin and Capgemini gained 0.7 to 1%. Teleperformance, Pernod Ricard, Accor, STMicroElectronics, Societe Generale, LVMH, Vivendi, Stellantis and Renault ended notably lower. In economic releases, the euro area current account surplus increased in March on improving primary income, the European Central Bank reported. The current account balance posted a surplus of EUR 36 billion in March compared to a EUR 29 billion surplus in February. In the same period last year, the balance was in EUR 13 billion surplus.

Following the mixed performance seen in the previous session, stocks showed a lack of direction throughout much of the trading day on Tuesday. Despite the choppy trading on the day, the S&P 500 and the Nasdaq reached new record closing highs. The major averages spent the day bouncing back and forth across the unchanged but moved to the upside going into the close. The S&P 500 climbed 13.28 points or 0.3 percent to 5,321.41, the Nasdaq rose 37.75 points or 0.2 percent to 16,832.62 and the Dow edged up 66.22 points or 0.2 percent to 39,872.99. The lackluster performance on Wall Street came as traders took a step back to assess the recent strength in the markets. Renewed confidence the Federal Reserve will lower interest rates in the coming months has contributed to the advance, but recent comments from Fed officials have once again created some uncertainty. Among individual stocks, shares of Peloton Interactive moved sharply lower after the exercise equipment and media company announced a global refinancing that includes an offering of $275.0 million worth of convertible senior notes due 2029. Auto parts retailer AutoZone has showed a notable move to the downside after report better than expected fiscal third quarter earnings but weaker than expected revenues. On the other hand, shares of XPeng surged after the Chinese electric vehicle maker reported fiscal first quarter results that beat analyst estimates on both the top and bottom lines

Stock markets in East Asia and Australia are more or less treading water on Wednesday. The Tokyo stock exchange is under somewhat greater pressure following disappointing trade balance data. The Nikkei falls by 0.6 per cent. Japanese exports rose less strongly than expected in April. Imports were also disappointing, which was due to Japanese consumer restraint.

In the U.S. bond market, treasuries regained ground following the pullback seen over the past few sessions. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, slipped 2.3 basis points to 4.414 percent.

UBS raises Bilfinger target to EUR 59 (48) – Buy
Barclays raises Commerzbank target to EUR 12 (10.70) GBp – Underweight
Deutsche Bank lowers BAT target to 3,450 (4,000) p – Buy

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