Geneva (awp) – The Swiss stock market was heading towards a positive opening on Friday, the day after the reduction in the key rate of the Swiss National Bank (SNB). In the absence of news from Swiss companies, investors will closely monitor inflation in France, Spain and the United States.
The New York Stock Exchange ended higher on Thursday, notably driven by the fiscal stimulus plan in China. “European indices are expected to open slightly higher this morning in the wake of a new stimulus measure from the Chinese government. The latter has reduced the amount of cash that banks must keep in reserve and lowered a key rate,” indicates John Plassard in his daily note. “Nervousness should, however, increase a notch this morning before the publication of American inflation.”
As a reminder, the SNB reduced its key rate by 25 basis points to 1% on Thursday morning. It now anticipates inflation at 1.2% on average in 2024 and 0.6% in 2025.
Around 8:10 a.m., the pre-SMI calculated by Julius Bär rose 0.23% to 12,237.89 points.
The star stocks were all moving in the green. In the lead were UBS and Richemont (both +0.3%) and Logitech (+0.2%). Novartis and Roche took 0.2%. Swisscom (+0.1%) brought up the rear.
Swatch, whose title soared on Thursday after delisting speculation, fell 3.3% after boss Nick Hayek’s denial in an article in the NZZ on Friday.
On the broader market, Dormakaba (+2.2%) placed itself in pole position after an analyst comment highlighting a potential increase of almost 30% of the stock compared to the current price. Bâloise (+1.7%) followed suit.
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