Puma is getting a new CEO. As the sporting goods manufacturer announced, the Supervisory Board has appointed Arthur Hoeld as Chairman of the Executive Board of the MDAX group from July 1, 2025. The 55-year-old Hoeld was responsible for global sales as a member of the Adidas Executive Board until October last year. According to further information, Arne Freundt and the Supervisory Board have mutually agreed that the current CEO will step down as CEO on April 11 due to differences of opinion regarding the implementation of the strategy and will leave the company after 14 years in various management positions.

Swiss stocks fell sharply on Thursday, in line with equities across the globe, as U.S. President Donald Trump's sweeping tariff announcement fueled inflation and growth concerns, prompting investors to exit counters. The benchmark SMI, which stayed well below the flat line right through the day's session, settled with a loss of 308.83 points or 2.45% at 12,279.48, not far off the day's low of 12,252.70. Logitech International, the biggest loser in the index, plunged 16.5%. The computer peripherals and software company makes most of its sales in the US, and mostly sources its products from countries like China, Vietnam, Thailand and Mexico, according to a Bloomberg report. VAT Group tanked nearly 11%, while Kuehne + Nagel and UBS Group lost 8.5% and 8.3%, respectively. Julius Baer, Adecco, Partners Group, Richemont, ABB, Swatch Group and Straumann Holding closed down 6 to 7%. Holcim ended 5.1% down, while Sika, Alcon, Sonova, SGS and Roche Holding ended lower by 2.8 to 4.6%. Zurich Insurance Group, Sandoz Group and Swiss Re also declined sharply. Swisscom climbed up 3.7%. Nestle, Lonza Group, Givaudan and Novartis posted moderate gains.

Europe
European stocks tumbled on Thursday with several markets falling to multi-month lows as U.S. President Donald Trump's sweeping 'reciprocal tariffs' announcement triggered widespread selling. President of the European Commission, Ursula von der Leyen posted on X that the universal tariffs announced by the U.S. are a major blow to businesses and consumers worldwide. 'Europe is prepared to respond. We'll always protect our interests and values. We're also ready to engage,' she wrote. The British market's loss was somewhat less pronounced compared to other major European markets, as UK imports face a 10% tariff, half the 20% levy imposed on the European Union. British Prime Minister Starmer has stated that the UK will respond with 'cool and calm heads'. The pan European Stoxx 600 tumbled 2.57%, the U.K.'s FTSE 100 closed down 1.55%, Germany's DAX fell 3.01% and France's CAC 40 lost 3.31%. Switzerland's SMI dropped 2.45%. Among other markets in Europe, Austria, Belgium, Denmark, Finland, Greece, Iceland, Ireland, Netherlands, Norway, Poland, Russia, Spain and Sweden lost 1 to 4%. Turkiye ended modestly lower, while Portugal bucked the trend and edged up marginally. As selling was broadbased, stocks from across various sectors recorded steep losses. Banks, mining, energy, retailers and airlines stocks declined sharply. Pharmaceuticals stocks found some support as the U.S. President did not announce any specific reciprocal tariffs targeting the pharma sector. Standard Chartered plunged more than 12%. HSBC Holdings and Barclays Group both closed nearly 9% down. Lloyds Banking Group and Natwest also declined sharply. Deutsche Bank, Commerzbank, Societe Generale and BNP Paribas tumbled as well. Glencore, BP, Antofagasta, Anglo American Plc, Shell, Schroders, Weir Holdings, Adidas, Puma, Siemens, Infineon, Sartorius, Daimler Truck Holding, Mercedes-Benz, Volkswagen, Porsche, Airbus, SAP, BMW and MTU Aero Engines ended sharply lower.

United States
Stocks plummeted during trading on Thursday amid concerns about a global trade war following President Donald Trump's tariff announcement. The sell-off dragged the Nasdaq and the S&P 500 down to their lowest levels since last August, while the Dow slumped to a nearly seven-month closing low. The major averages saw further downside going into the close, ending the session near their worst levels of the day. The Nasdaq plummeted 1,050.44 points or 6.0 percent to 16,550.61, the S&P 500 plunged 274.45 points or 4.8 percent to 5,396.52 and the Dow tumbled 1,696.39 points or 4.0 percent to 40,545.93. The nosedive on Wall Street came after Trump delivered a highly anticipated speech on Wednesday outlining his plan to impose sweeping tariffs on U.S. trade partners. Trump's 'reciprocal tariff' plan calls for a baseline 10 percent tariff to be imposed on all U.S. imports except those compliant with the United States-Mexico-Canada Agreement. Certain countries deemed the 'worst offenders' will face much higher tariffs, with countries like Cambodia, Laos, Madagascar and Vietnam set to be charged nearly 50 percent. The ISM said its services PMI fell to 50.8 in March after inching up to 53.5 in February. While a reading above 50 still indicates growth, economists had expected the index to show a more modest decrease to 53.0. Computer hardware stocks turned in some of the market's worst performances on the day, with the NYSE Arca Computer Hardware Index plummeting by 13.6 percent to its lowest closing level in over a year. Substantial weakness was also visible among semiconductor stocks, as reflected by the 9.9 percent nosedive by the Philadelphia Semiconductor Index. The index also plunged to a one-year closing low. Banking stocks also showed a significant move to the downside, dragging the KBW Bank Index down by 9.9 percent to its lowest intraday level in almost seven months.

Asia
The slump following the tariff shock triggered by US President Donald Trump and the resulting growth fears entered its second round in East Asia on Friday. The stock market in Tokyo was once again hit particularly hard, with the Nikkei 225 index losing a further 3.4 per cent to 33,555 points.

Bonds
In the U.S. bond market, treasuries skyrocketed in reaction to Trump's tariff announcement. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, plunged 14.1 basis points to a five-month closing low of 4.055 percent.

Analysis
Deutsche Bank raises Novartis to CHF 115 (110) – Buy
Deutsche Bank lowers Dürr to EUR 24 (27) – Hold
Citi lowers Air Liquide to EUR 208 (210) – Buy

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