Roche (-1.4%) announced on Thursday that the phase II/III SKYSCRAPER-06 study, evaluating tiragolumab plus Tecentriq and chemotherapy versus pembrolizumab and chemotherapy as an initial treatment for people with previously untreated, locally advanced unresectable or metastatic non-squamous non-small cell lung cancer, did not meet its primary endpoints of progression-free survival at its primary analysis with a hazard ratio of 1.27 and overall survival at its first interim analysis with a hazard ratio of 1.33, which was immature. The company intends to halt the study due to reduced efficacy compared to the comparator arm. Based on the results, the company will evaluate any relevant changes needed to the ongoing tiragolumab programme. The pharmaceutical company Roche has received approval in the USA for a single-dose pre-filled syringe with its ophthalmic drug Vabysmo. This allows ophthalmologists to use one injection to treat three different eye diseases, as the company announced on Friday. Genentech, a member of the Roche Group announced on Friday the U.S. Food and Drug Administration (FDA) has approved the Vabysmo(R) (faricimab-svoa) 6.0 mg single-dose prefilled syringe (PFS) for use in the treatment of wet, or neovascular, age-related macular degeneration (AMD), diabetic macular edema (DME) and macular edema following retinal vein occlusion (RVO). Together, these three conditions affect close to three million people in the U.S. The Vabysmo PFS will become available to U.S. retina specialists and their patients in the coming months.

The Swiss stock market ended trading on Thursday with slight gains. The SMI improved by 0.4 per cent to 12,069 points. Among the 20 SMI stocks, there were 17 price gainers and 3 price losers. A total of 11.48 (previously: 14.77) million shares were traded. Consumer prices in Switzerland rose by 1.3 per cent in June compared to the previous year, while economists had expected an average increase of 1.4 per cent. The inflation figures are being followed with more attention than usual, according to analysts. The Swiss National Bank (SNB) has recently made it quite clear that it is likely to respond to a further weakening with further interest rate cuts, according to Michael Pfister, foreign exchange analyst at Commerzbank. However, the decisive factor for the SNB's approach is less likely to be Thursday's figure per se, but rather an indication of the general trend. Among the individual stocks, Swiss Re shares recovered slightly from the recent declines and rose by 0.5 per cent. The trigger was the early start of the hurricane season in the USA. UBS shares climbed 0.1 per cent. The Swiss supervisory authority has placed the bank under observation. Justification for the supervisory authority's move was the bank's dominant position in some markets following the takeover of former rival Credit Suisse.

Europe
European stocks extended their gains on Wednesday following fresh records on Wall Street as weaker-than-expected U.S. labor-market data reaffirmed investors' belief that the Federal Reserve can begin cutting interest rates during its September meeting. The session was not very lively due to the closure of the American markets for the National Holiday in the United States. The Stoxx Europe 600 index gained 0.6% to 517.5 points. In Paris, the CAC 40 and SBF 120 advanced by 0.8% each, three days ahead of the second round of parliamentary elections in France. The DAX 40 climbed 0.4% in Frankfurt and the FTSE 100 edged up 0.9% in London. Pluxee (-9.3%), the former Sodexo subsidiary specialising in meal and gift vouchers, was penalised by the publication of lower-than-expected third-quarter sales, marked by a slowdown in growth. "Pluxee is correctly valued at current levels, while catalysts are limited in the short term", believes UBS, which has relegated to second place the raising of the group's annual targets, which are now in line with the consensus. Mining group Eramet (+3.9%) announced on Wednesday evening the commissioning of a lithium extraction plant in Argentina, which should enable it to become a key player in the market for electric battery components. BioMérieux gained 3.7% to €93.60. TP ICAP Midcap raised its recommendation on the in vitro diagnostics specialist from "hold" to "buy", while increasing its target price from €104 to €106. The insurer Axa (+1.3%), studying options for its Axa Investment Managers division, has held discussions concerning a merger with the asset management business of the banking group BNP Paribas (+1.9%), Bloomberg reported on Thursday, citing sources close to the matter.

United States
On Thursday, the U.S. took the day off for the Fourth of July holiday.

Asia
Asian stocks were mixed. The Shanghai Composite fell by 0.9 per cent on Friday, weighed down by technology and automotive stocks. The HSI in Hong Kong dropped 1.1 per cent and semiconductor stocks were among the laggards. In Tokyo, the Nikkei-225 reached a record high on the heels of the Topix the previous day. However, profit-taking set in immediately afterwards. The leading index lost 0.1 per cent to 40,861 points having reached a record high of 41,100 points. In South Korea, Samsung Electronics creates a positive mood. The Kospi gained 1.2 per cent, fuelled by heavyweight Samsung Electronics (+2.1%). The electronics giant reported a jump in profits for the second quarter. The share price of chip competitor SK Hynix rises by 2.2 per cent.

Bonds
The Swiss bond market was little changed on Thursday. Business was largely calm. The decline in Swiss inflation in June only caused slight temporary fluctuations. Traders are pointing to the elections in the UK on Thursday and those in France next weekend as well as the US presidential elections. This is causing uncertainty and dampening activity. The primary market was not tapped on the day of the report. The pipeline is still thin due to seasonal factors. However, an issue by Wolffkran Holding with a volume of CHF 30 to 50 million and one by Q Energy Solutions are still in preparation. The latter intends to issue a "green" bond with a term of three years. In addition, a transaction by Pfandbriefbank Schweizerischer Hypothekarinstitute and the Swiss Confederation's monthly tender auction are expected next week. In all likelihood, this will also be the last Confederation auction before the summer break in August. "However, this does not mean that something unexpected could pop up from time to time," a trader points out. The Swiss Bond Index SBI fell to 133.08%. In the meantime, only three Swiss bonds were traded at higher prices. The two-year benchmark Swiss bond recently yielded 0.853% and the ten-year bond 0.647%. The ten-year SNB spot rate fell in the course of trading to 0.654% from 0.692% on the previous day.

Analysis
Target price Geberit: Barclays raises to CHF 450 (420) - Underweight
Price target Partners Group: JPMorgan upgrades to CHF 1313 (1308) - Neutral
Target price Sika: Barclays lowers to CHF 360 (365) - Overweight
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