Keystone
The Swiss stock market closed a week to forget with another downward session: the SMI guideline index ended at 11,384.92 points, down 0.26% compared to yesterday.
The market has returned to last May's levels and has almost completely burned away the progress that had been made this year. Over the course of seven days, the SMI lost 3%, while the performance since the beginning of the year is now only +2%.
Investors have yet to fully digest the Federal Reserve's new direction, which has envisaged a slower pace of interest rate cuts than previously assumed. Before further reducing the cost of money, the American central bank wants to see greater progress in the fight against inflation: the latest data on inflation released today – PCE index – confirm that the phase of price growth is not yet over.
Another insecurity is generated by a possible shutdown, the feared blockage of government activities in the United States due to lack of funds. Today's nervousness was also linked to the fact that today is the so-called witches' day: on the third Friday of the third month of each quarter, numerous derivatives expire, such as futures and options on indices and shares, which often causes an increase in trading and sudden changes. not indifferent.
At the individual stock level, UBS was under special surveillance (-0.67% to 26.71 francs), on the day of the publication of the report of the parliamentary commission of inquiry into the Credit Suisse collapse. In the same financial sector, Partners Group did not shine (-0.49% to 1211.00 francs) and the insurance companies Swiss Life (-0.15% to 688.40 francs), Swiss Re (-0.15% to 688.40 francs) also closed with a negative sign. -0.46% to 128.50 francs) and Zurich (-0.97% to 533.00 francs).
Values particularly sensitive to the economic situation moved unevenly, such as ABB (+0.27% to 48.86 francs), Geberit (-0.46% to 514.20 francs), Holcim (-1.01% to 86.10 francs) Kühne+Nagel (+0.10% to 202.50 francs) and Sika (-2.47% to 213.20 francs). Roche tried to drive the price list (+0.28% to 247.40 francs), while little support came from the other two defensive heavyweights, Novartis (-0.37% to 86.72 francs) and Nestlé (-0 .30% to 73.98 francs).
In the broader market, Idorsia found itself under pressure (-50.35% to 0.63 francs), in the wake of delays in the exclusive negotiations initiated for the worldwide rights to its blood pressure drug Aprocitentan. Ypsomed also showed a sharp decline (-9.68% to 326.50 francs), after the disappointing results in the field of research released by the Danish Novo Nordisk, a large customer.
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