Airbnb shares advanced a14% after the company swung to a profit in the fourth quarter and said it plans to invest in new businesses later this year. Despite the after-hours gains, the stock is down about 11% over the past year. The online marketplace for short-term rentals posted a profit of $461 million, or 73 cents a share, compared with a loss of $349 million, or 55 cents a share, a year earlier.
Revenue rose 12% to $2.48 billion, beating the $2.42 billion analysts polled by FactSet expected. Growth in nights stayed and a small increase in average daily rate drove revenue in the fourth quarter, Airbnb said. Gross booking value was up 13% to $17.6 billion. Analysts were expecting $17.2 billion. Airbnb expects $2.23 billion to $2.27 billion of revenue during the first quarter, below analysts expectations of $2.29 billion, according to FactSet. That represents a 4% to 6% increase from the previous year, which Airbnb said is low because the timing of the Easter holiday and Leap Day made last year especially strong. The company is also expecting its average daily rate to decline slightly in the next quarter, largely because of changes in foreign exchange rates.

The SMI rose by 1.8 per cent to 12,949 points on Thursday and climbed to its high for the year - the all-time high also came within striking distance again. Among the 20 SMI stocks, there were 14 price gainers and six price losers. A total of 23.97 (previously: 19.98) million shares were traded. A rally at Nestlé played a decisive role leading to the upward movement - the share price jumped by 6.2 per cent. According to Vontobel analysts, the annual results showed that the Group is on its way back to growth. ABB climbed 1.5 per cent following positive business figures from Germany's Siemens. Roche (+2.4%) was also in demand following an upgrade to ‘buy’. Analysts took a less positive view of Novartis, with the share price closing slightly down following a downgrade by UBS. Swiss Life (-0.2%) acquired asset manager Zwei Wealth in order to boost its business with wealthy clients, with the transaction already having been a topic of discussion in the media. Swisscom's business figures (-3%) were received negatively. Following a positive analyst commentary from Berenberg, Geberit climbed by 4.2 per cent. Among the small caps, Santhera shot up by 9.4 per cent. A reimbursement agreement for the drug Agamree was reached with health insurance companies in Germany.

The European stock markets closed substantially higher on Thursday, after the United States and Russia announced their intention to launch ‘immediate’ negotiations on the future of Ukraine and an end to the war. The Stoxx Europe 600 index gained 1.1% to 553.8 points. In Paris, the CAC 40 and the SBF 120 each advanced by 1.5%. The DAX 40 appreciated by 2.1% in Frankfurt, while the FTSE 100 shed 0.5% in London, hit by the fall in oil stocks and the 5.4% fall in Unilever, announcing the demerger of its ice cream business. The fall in gas prices benefited European industrial stocks, particularly in the automotive sector. On the Paris Bourse, Forvia jumped by 10.8%, Valeo by 9.1% and Stellantis by 4.5%. Michelin gained 4.9% as the tyre manufacturer published 2024 results marked by solid cash generation. By contrast, the oil sector suffered. Technip Energies shed 5.8%, Vallourec lost 5.2%, Maurel & Prom 1.9% and TotalEnergies 0.5%. Electrical infrastructure specialist Legrand (+9%) predicted on Thursday that its business will grow in 2025, after posting an increase in its results last year despite a depressed construction market in most European countries. Broadcasting group TF1 (+4%) revealed on Thursday its forecast for its recurring operating margin from business activities to remain relatively stable over one year in 2025, after publishing results in line with analysts' expectations for 2024.

U.S. stocks rose on Thursday after President Trump raised hopes of a resolution to the Ukraine war and then later put off a decision on additional tariffs on foreign goods. All three U.S. indexes gained. The S&P 500 gained more than 1%, while the Dow added 0.8%, or about 343 points. The tech-heavy Nasdaq rose 1.5%. Trump’s comments on the Ukraine war and tariffs appeared to offset investors’ reaction to another sign that the prices of many goods and services are creeping higher. Another U.S. inflation reading came in stronger than expected. Wholesale prices rose by 0.4% in January, and the December reading was revised up. Although producer-price inflation stayed hot last month, the categories that matter for the Fed’s preferred inflation gauge, the personal-consumption expenditures price index, were much more muted. Economists now think the PCE, which draws on data from both the consumer-price index and producer-price index, probably came a bit closer to target last month. Still, some investors are worried that stubborn price pressures and the Trump administration’s aggressive use of tariffs could lead to a meaningful increase in inflation. Traders have pared back their Federal Reserve rate-cut expectations since Wednesday’s surprisingly hot consumer-price index. Shares of AppLovin jumped 24% after the mobile-advertising tech company reported a surge in quarterly trading and said it signed a deal to sell its mobile-gaming division. Bitcoin prices slipped to around $96,000. Cisco benefited from surprisingly strong business figures and the network equipment provider's optimistic outlook. The share price rose by 2.1 per cent. The financial results of GE Healthcare (+8.8 per cent) and the construction company Molson Coors (+9.5 per cent) were also well received. Shares in Deere dropped by 2.2 per cent. The manufacturer of construction, forestry and agricultural machinery reported a significant decline in sales and profits in its first quarter, although this was not as drastic as analysts had feared.

Asian stocks were mixed at the end of the week. In Tokyo, the Nikkei 225 index lost 0.8 per cent to 39,164 points. Nissan rose by 3.3 per cent. According to a Bloomberg report, KKR is considering an investment in Nissan. The Hang Seng Index in Hong Kong climbs 2.3 per cent after several companies introduced Deepseek's AI model into their services. Meanwhile, the mood in Shanghai is slightly dampened by new tariff threats from US President Donald Trump. The composite index is up 0.2 per cent. In Seoul, the Kospi gained 0.6 per cent.

Long-dated U.S. government debt yields eased on Thursday after soaring the previous day on the back of inflation figures. The 10-year Treasury note yield dropped by 10 basis points (0.1 percentage point) to 4.54%. The 2-year Treasury note yield declined by 4 basis points to 4.32%.

UBS downgrades Novartis to Neutral (Buy)/target CHF 104 (111) - Traders
Berenberg raises Geberit to Buy (Hold) - Target CHF 604 (511)
Price target Richemont: HSBC upgrades to CHF 220 (200) - Buy

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