The Swiss Stock Exchange opens in the green after a declining close

The Swiss Stock Exchange opens in the green after a declining close
The Swiss Stock Exchange opens in the green after a declining close

The Swiss stock market opened in positive territory on Wednesday after finishing in the red the day before. All eyes were focused on the employment rate in the euro zone in September as well as, for the same month, on the job creation figures in the private sector in the United States.

The Zurich market has thus ignored geopolitical tensions in the Middle East. On Tuesday, Israel threatened to retaliate for Iran’s launch of some 200 missiles towards its territory to avenge the deaths of the leaders of Lebanese Hezbollah and Palestinian Hamas, with Tehran responding that it will hit “all Israeli infrastructure” if it is attack.

“The question on everyone’s mind is obviously what Israel’s response will be to these latest attacks,” notes analyst John Plassard at Mirabaud.

Rise of the franc

This “unprecedented” escalation was reflected in a rise in the prices of oil and gold, as well as the dollar and the franc, refuge currencies. Defense sector stocks, such as Lockheed Martin and Northrop Grumman, also rose, notes the expert.

In the euro zone, the employment rate will be in the spotlight today, after inflation data on Tuesday which showed a clear slowdown in September, to 1.8% over one year, its lowest level since three and a half years thanks to the decline in energy prices. In Japan, it is the manufacturing index which is also eagerly awaited by investors.

The other important events between now and the end of the week are the announcement on Thursday of the inflation rate in Switzerland for the month of September and, on Friday, the employment figures across the Atlantic, followed closely by the American Federal Reserve (Fed).

Richemont in the lead

At 9:05 a.m., the flagship SMI index was up 0.24%, at 12,115.8 points. The SLI took 0.25% to 1984.91 points and the SPI 0.12% to 16,151.09 points.

The majority of star stocks started the session in the green. On the podium were Richemont (+1.1%), despite the reduction of its price target by Deutsche Bank, Logitech (+0.8%) as well as ABB (+0.6%), of which Citigroup raised the price target. In the heavyweight camp, Nestlé remained stable, Novartis gained 0.3% and Roche 0.08%. At the bottom of the ranking, we found Kuehne +Nagel (-0.2%), Sonova (-0.1%) and Holcim (-0.05%).

On the broader market, Adecco lost 0.1% after issuing a bond of 300 million euros. (AWP)

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