The Swiss stock market opened around balance on Monday morning, in a market lacking momentum. Investors were already looking towards the macroeconomic data expected this week in the United States and especially the first round of the legislative elections in France where a confrontation is emerging between the nationalist National Rally party and the left-wing alliance of the New Popular Front.
Friday evening, the New York Stock Exchange ended in scattered order in a lackluster market, investors being cautious at the end of a truncated week marked by new records.
“European indices should open slightly lower this morning, investors being concerned about a single event: the first round of the legislative elections in France which will take place next weekend,” recalled John Plassard of Mirabaud Banque in a comment.
But already on Thursday, speakers will closely scrutinize the first debate between Republican candidate Donald Trump and Democratic outgoing President Joe Biden in anticipation of the presidential election in November in the United States.
“Weak start to the week, after a gloomy session on Friday in Europe and the United States,” said Ipek Ozkardeskaya, Swissquote analyst. The United States will unveil data on Thursday on gross domestic product for the 1st quarter which should be revised slightly upwards from 1.3% to 1.4%, after 3.4% in the 4th quarter of 2023. On Friday, investors will will focus on inflation (PCE) in May, she listed.
On the Swiss Stock Exchange around 9:20 a.m., the flagship SMI index rose by 0.04% to 12,017.30 points, after closing on Friday down 0.95%. The SLI, on the other hand, lost 0.17% to 1939.96 points, while the SPI lost 0.07% to 15,958.04 points.
The majority of star stocks fell, with the exception of heavyweights Nestlé (+0.5%) and Novartis (+0.6%), as well as Holcim (+0.4%).
Roche (good and buoyant +0.1%) also supported the market. The laboratory has taken a step towards approval in the European Union of the treatment for Duchenne muscular dystrophy (MD) Elevidys from its Massachusetts partner Sarepta Therapeutics. The European Medicines Agency (EMA) agrees to look into the matter, notwithstanding the failure of a clinical study announced at the end of last October. The Rhine multinational also announced the launch of two new analysis devices for its Cobas test range, the c 703 and the ISE neo analytical, intended to improve the automation of procedures and increase the analysis capacity of terminals of the group.
The biggest losses were recorded by Schindler (-1.1%), Lindt (-1.0%) and VAT Group (-0.8%).
Alcon (-0.3%) reversed the positive pre-market trend. The ophthalmic giant has obtained a green light from the United States Medicines Agency (FDA) for the implantation in humans of two updated versions of surgical devices. These two products, the Vitreoretinal Cataract System and the Cataract System, should become next year the first representatives of the new Unity range from the Geneva-Texan group.
On the broader market, AMS-Osram (-1.9%) was penalized by a lowering of the price target by Barclays.
Flughafen Zürich (-0.2%) announced that construction work on its largest project abroad, in the greater Delhi area, has fallen behind schedule. The commissioning of Noida International Airport is now scheduled for the end of April 2025, compared to the end of 2024 previously.
Baloise (-0.6%) raised 55 million euros for an investment fund.
Swiss Steel (-2.9%) has appointed Thomas Löhr as its new financial director and member of the group’s general management. (AWP)
