The FuW Morning Report from December 11, 2024: What you need to know about today’s trading day

Overnight

USA

Yesterday’s trading on the US stock market was characterized by restraint, so that the indices extended their losses from the previous day somewhat. Nobody wanted to get too excited about the US inflation figures for November, which will be published today. The data is relevant for the further design of the interest rate cutting cycle by the Fed and thus also for the stock market.

Against this background, the Dow Jones Industrial on Tuesday fell 0.4% to 44,247.8. The broad one S&P 500 went out of trading 0.3% reduced at 6034.9. The even more technology-heavy one Nasdaq Composite has lost the same amount to 19,687.2.

Leading in the Dow Jones Boeing (+4.5%) the winners list, followed by American Express and Honeywell (+1.8 each). Boeing has resumed production of its 737 Max model. A month ago, a strike paralyzed the company’s commercial aircraft production.

Make up the bottom of the rankings Caterpillar as well as Merck & Co. and Nvidia. They all fell by around 2.7%. There are more losers in yesterday’s trading Oracle (–6.7%) noticed. The software company’s quarterly report missed expectations.

Dressed hard for it Walgreens (+17.7%) thanks to a report about a possible delisting of the pharmacy chain. According to the Wall Street Journal, she is exploring a self-sale with financial investors followed by going private. There was also a double-digit percentage increase following a better-than-expected outlook Alaska Air (+13,2%).

Asia/Pacific

Despite Wall Street’s muted guidance, the Asia-Pacific stock markets are in mixed condition in today’s Wednesday trading. The trend is inconsistent.

In Tokyo he notes Nikkei 225 in afternoon trading, 0.2% below Tuesday’s closing price. The broader one Topix is 0.1% above. The Chinese mainland index remains unchanged Shanghai Composite, whereas the Hang Seng (–0.5%) in Hong Kong is unable to maintain the previous day’s level.

Also that one Straits Times in Singapore and the S&P/ASX 200 in Sydney show a minus of 0.5%. However, it is well above the zero line Kospi (+0,9%) in Seoul.

Futures

In futures contracts, the future points to the S&P 500 an increase of 0.06% and that on the Dow Jones a minus of 0.02%. The futures contract on the Euro Stoxx 50 yields 0.22%.

News pre-market Switzerland

Feintool: The Feintool industrial group has received an order to produce bipolar plates from a Chinese fuel cell manufacturer. Bipolar plates form the core of a fuel cell. The panels are produced at the Feintool location in Shanghai and are primarily used in commercial vehicles. Production is scheduled to start in 2025. No numbers are given.

UBS: The major bank UBS wants to reorganize its asset management business in the USA. According to an internal letter seen by Reuters on Tuesday, the authenticity of which was confirmed by the bank, the business will be divided into six divisions. In the future, the focus will be more on customers who are not among the super-rich, as the Wall Street Journal reported. The changes are scheduled to take effect on January 1st. (Read more about it here.)

Holcim: Through a joint venture in Australia operated with Heidelberg Materials, the construction products group Holcim is taking over a division of the family-owned Buckeridge Group of Companies, which includes a cement grinding plant with a transport fleet and an innovation center. There are no financial details. (Read more about it here.)

Sonova: The hearing aid manufacturer Sonova will have a new chief financial officer in the middle of the year. It is Elodie Carr-Cingari, who previously worked for Landis+Gyr in the same role. Sonova’s current CFO, Birgit Conix, will leave the company at the end of January 2025. (Read more about it here.)

Romande Energy: Romande Energie CEO Christian Petit resigns. He will be replaced on an interim basis by Patrick Bertschy. Contrary to his earlier intention, Chairman of the Board of Directors Guy Mustaki now wants to remain in office. (Read more about it here.)

Santhera: The pharmaceutical company Santhera has received approval for the drug Vamorolone in China. It is distributed by the license partner Sperogenix. (Read more about it here.)

DKSH: Market expansion service provider DKSH has signed a distribution agreement for China with Grace Specialty Chemicals Products and Solutions. DKSH will handle marketing, sales, logistics and distribution for silica products from the Grace product portfolio. No numbers were given.

Rieter: The Frenchwoman Emmanuelle Gmür will be head of human resources at the spinning machine manufacturer Rieter at the beginning of January 2025. She replaces Tom Ban, who is leaving the company. Gmür previously worked in the same position as Head of Communications and member of the Executive Board for the Swiss Triumph Group.

Hochdorf: The sale of the operational business of the milk processor Hochdorf to the Swiss-British AS Equity Partners has been completed. The sale was carried out with the approval of the banking consortium and the administrator. Hochdorf’s shareholders approved the sale in September. (Read more about it here.)

Basel KB and Glarner KB: Sonja Stirnimann and Felix Uhlmann were appointed by the government council as the new administrative board members for Basel KB on April 1st. Stirnimann will therefore relinquish her board of directors of Glarner Kantonalbank at the upcoming general meeting.

Julius Baer pre-market prices

Important events of December 11, 2024

Switzerland

International

economic situation

Outlook – New derivative products

Swissquote launches Callable Multi Barrier Reverse Convertibles on Sandoz, Straumann and VAT Group

Swissquote is issuing 10,000 Callable Multi Barrier Reverse Convertibles Sandoz, Straumann and VAT Group at a nominal value of 1000 Fr. The coupon is 10.62% pa and is paid out quarterly.

The products are callable and can be redeemed early by the issuer on the quarterly redemption dates. If this happens, the investor will receive a refund of the nominal plus the coupon for the corresponding period. The issuer has the right, but not the obligation, to redeem the product early.

If one of the underlyings touches or falls below the barrier of 59% of the price at issue by June 18, 2026 and at least one underlying is at or below the initial level at expiry, the repayment will be based on the underlying with the weakest price performance in percentage terms. Otherwise, the investor will receive a refund of the nominal amount.

The security number is 134 542 357. The ticker symbol is ACALSQ. Liberation takes place on December 30th. The bid and ask prices in the secondary market include the accrued interest (march interest, dirty pricing). According to the Swiss Derivative Map classification of the Swiss Association for Structured Products SSPA (see www.sspa.ch under the “Derivative Map” section), these are barrier reverse convertibles (1230).

… as well as Callable Multi Barrier Reverse Convertibles on Banque Cantonale Vaudoise, Cembra Money Bank, Partners Group and UBS

Swissquote issues 2,000 callable multi-barrier reverse convertibles on Banque Cantonale Vaudoise, Cembra Money Bank, Partners Group and UBS with a nominal value of 5,000 francs. The coupon is 10.46% pa and is paid out quarterly.

The products are callable and can be redeemed early by the issuer on the quarterly redemption dates. If this happens, the investor will receive a refund of the nominal plus the coupon for the corresponding period. The issuer has the right, but not the obligation, to redeem the product early.

If one of the underlyings touches or falls below the barrier of 65% of the price at issue by June 18, 2026 and at least one underlying is at or below the initial level at expiry, the repayment will be based on the underlying with the weakest price performance in percentage terms. Otherwise, the investor will receive a refund of the nominal amount.

The security number is 134 542 358. The ticker symbol is ACAMSQ. Liberation takes place on December 30th. The bid and ask prices in the secondary market include the accrued interest (march interest, dirty pricing). According to the Swiss Derivative Map classification of the Swiss Association for Structured Products SSPA (see www.sspa.ch under the “Derivative Map” section), these are barrier reverse convertibles (1230).

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