2023-07-25 06:46:07
Zurich (awp) – The Swiss Stock Exchange was heading towards an undecided opening on Tuesday. The results of companies in Switzerland will give food for thought to holders of capital, pending monetary policy decisions from the Federal Reserve (Fed) of the United States on Wednesday, then from the European Central Bank (ECB) on Thursday.
“The European indices should open without any real trend this morning pending the publication of the results of Alphabet, Microsoft or even Verizon one day before the Fed meeting,” lists John Plassard of Mirabaud Banque.
The economic diary of the day includes a German index on the business climate in July, as well as indications on the real estate market, consumer confidence and a regional activity index in the land of Uncle Sam.
At 08:10, the pre-SMI extrapolated by Julius Bär lost 0.01% to 11,177.09 points. Only two titles remained afloat.
Logistician Kühne+Nagel (+2.5%) is still facing a serious normalization of its activity. The magnitude of the decline in revenue in the second quarter calls out, as does the unsuspected resilience on the side of margins.
The Geneva luxury brand manager Richemont (+0.7%) completed the leading duo, without any particular indication.
The behemoth of the Logitech mouse (-0.6%, red lantern) opened the ball for results before dawn. While the normalization of activities at the end of the Covid-19 peak continued between April and the end of June, the speed of the fall proved to be much less severe than expected. Profitability also held up better than expected.
In SLI, the Zurich behemoth of Lindt & Sprüngli chocolate (good +3.9%) continued to gain weight in the first half, despite a slight decline in organic terms. The net profit of more than 200 million is the icing on the cake.
Cardboard packaging giant SIG Group (+0.9%) met revenue expectations at the midpoint, but profitability proved less compelling.
Heavyweights Nestlé, Novartis and the good Roche all lost 0.1%.
UBS also fell by 0.1%, the day following an agreement to 388 million dollars with the Fed to settle the setbacks of its new subsidiary Credit Suisse in Archegos.
On the broader market, the morning was peppered with profit warnings, positive in the case of Accelleron (+3.4%) and negative in that of Galenica (-1.4%).
Flow specialist Sulzer (+1.9%) revised its annual targets upwards, at the end of a buoyant first half.
The Idorsia laboratory (-2.1%) in full restructuring has purely and simply crossed out its roadmap to profitability, promising to establish a new one by next year.
The electronic components producer Cicor (not referenced) accelerated at all levels over the first six months of the year, filling up with confidence for the whole financial year.
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