Zurich Stock Exchange: risk appetite persists ahead of US inflation

Zurich Stock Exchange: risk appetite persists ahead of US inflation
Zurich Stock Exchange: risk appetite persists ahead of US inflation

Zurich (awp) – The Swiss Stock Exchange began its Wednesday session in full swing, in line with Wall Street’s close the day before and awaiting an update on rising prices in the United States.

“Yesterday was already one of those days, during which investors persist in seeing the glass as full, even though it is only 10% full,” observes Ipek Ozkardeskaya, analyst at Swissquote.

“Producer prices in the United States turned out to be higher than expected (…) President Joe Biden announced tear-jerking customs duties on Chinese imports (…) and the president of the Reserve Jerome Powell has once again called for patience, indicating that he does not expect the fight against inflation to be a long, quiet river”, lists the expert from the Glandian online bank.

It now remains to be seen whether inflation across the Atlantic in April – which will be published early this afternoon – will be in the same vein as producer prices. “The worst scenario? A figure in line with the consensus which would make investors even more nervous,” warns John Plassard, at Mirabaud Banque.

“While we still see a strong trend for risky assets, we also see it as important for investors to insure their portfolios in these times of high uncertainty,” said Mark Haefele, head of investment in the global wealth management arm of UBS.

At 9:10 a.m., the Swiss Market Index (SMI) rose by 0.30% to 11,819.23 points and the Swiss Leader Index (SLI) by 0.32% to 1,928.85 points. Of the thirty main valuations, only seven took the path to the cellar, when Julius Bär was going around in circles. The other 22 were gaining height. Measured by the Swiss Performance Index (SPI), the broader market gained 0.24% to 15,777.36 points.

The pharmaceutical industry subcontractor Lonza (+2.0%) stood out from the first exchanges, despite the absence of any particular indication.

The Rhenish-Valais multinational was followed at some distance by Partners Group (+0.9%) and Logitech (+0.8%). The mouse giant will offer its shareholders a cash dividend increased by ten cents to 1.16 francs per share for its staggered 2023/24 financial year.

The Roche dividend certificate recovered 0.4%, following the approval in Uncle Sam’s country of a human papillomavirus screening test and the day after a bout of weakness induced by probable upcoming competition for its Hemlibra against hemophilia.

The ophthalmic consumables and implantables giant Alcon (-0.2%) returned part of its gains from the day before, following its performance report for the first three months of the year.

Novartis (+0.2%) moderated the trend, while the food liner Nestlé (-0.2%) presented water leaks.

The dunce cap of the moment fell to SIG Group (-0.8%), behind the carrier Swatch and SGS (-0.7% each)

On the broader market, software solutions provider Softwareone (+4.7%) benefited from the publication of encouraging quarterly figures, obscuring internal disputes over its future as an independent and listed company.

Meter manufacturer Landis+Gyr (+2.0%) benefited from JPMorgan’s raising of the recommendation to “neutral”, compared to “underweight”.

jh/vj

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