Geneva (awp) – The Swiss stock market continued its descent into the red zone late Monday morning. Investors will listen carefully to statements from the American Federal Reserve (Fed) in the afternoon, before a busy weekly program including economic forecasts from the International Monetary Fund (IMF) on Tuesday and the October PMIs on Thursday.
Across the Atlantic, “investors are betting more and more on a victory for Donald Trump in almost two weeks, which has the effect of boosting risky assets and at the same time safe haven assets, which in ‘normal’ times can seem paradoxical”, underlined John Plassard of Mirabaud Banque in a comment.
Around 11:10 a.m., the Swiss Stock Exchange showed an SMI down 0.06% to 12,320.08 points, an SLI also down 0.14% to 2,008.85 points and an SPI doing the same by 0.05%. at 12,044.03 points.
The star stocks still preferred red to green, with a few rare exceptions such as Nestlé (+0.2%) or Sika (+0.1%).
In pole position, Roche took 0.4%. The Basel laboratory received the green light from the United States Medicines Agency (FDA) for the approval of the Ventana CLDN18 companion diagnostic for the detection of tumors in patients with stomach and esophageal cancer.
The red lantern went to Kühne+Nagel (-1.3%), preceded by Lonza (-0.8%).
UBS still fell by 0.7% after the announcement that American Express (AmEx) will acquire UBS’s 50% stake in the credit card provider Swisscard, which the two groups hold equally.
Excluding SMI, the dermatological laboratory Galderma (-0.1%) ensures at the end of a phase III study that it has observed a favorable safety profile for the repeated injection of its anti-wrinkle Relfydess (relabotulinumtoxina), as well as than persistent effectiveness.
The industrial baker Aryzta lost 5.1%, despite increasing revenues in the third quarter. The group partially missed market expectations, but management believes it will be able to achieve its financial objectives for the current year and longer term.
SGS (-0.7%) suffered from a sell recommendation from the Royal Bank of Canada (RBC).
Finally, Swiss Steel tumbled 18.5%, after a publication from the NZZ published on Sunday on financing problems.
ib/al/jh
