2023-11-03 10:31:04
Zurich (awp) – The Swiss stock market strengthened its gains somewhat on Friday as midday approached, like other European financial centers. After the announcements from the American Central Bank (Fed), investors once once more seemed optimistic and ready to take risks, ignoring fears linked to the war between Israel and Hamas.
The New York Stock Exchange closed Thursday with a solid advance, galvanized by the status quo on interest rates from the Fed and announcements suggesting that the issuing institute will no longer raise rates this year.
“However, the trend might reverse during the session following the publication of American employment figures,” warns John Plassard of Mirabaud Banque.
The market will indeed look this followingnoon at the unemployment rate for the month of October from the United States, a very important indicator for understanding economic developments across the Atlantic.
“After weeks of decline, investor morale has improved. (…) Furthermore, the SPI has recovered from its annual low even if company results present a mixed picture,” point out the Raiffeisen analysts.
At 11:00 a.m., the SMI rose by 0.11% to 10,603.86 points, the SLI by 0.18% to 1,666.93 points and the SPI 0.16% to 13,907.86 points. Among the 30 main valuations, 16 rose and 14 contracted.
Swiss Re (-1.3%) suffered the largest decline following the publication of nine-month results. The reinsurer recorded a net profit of $2.5 billion (2.3 billion Swiss francs), compared to a loss of $285 million a year earlier. The performance is considered unsurprising by analysts.
Lindt (-1.2%) and Givaudan (-1.1%) completed the trio of big losers at midday without any specific information.
Kühne+Nagel (-1.1%) seemed to suffer from the poor performance of its Danish competitor Maersk, which observed a fall in quarterly profit.
On the other side of the table, Lonza (+2.1%), Geberit (+1.7%) and Richemont (+1.5%) were favored by investors.
The heavyweights of the coast had taken different paths. The good Roche took 0.8%, while Novartis (-0.3%) and Nestlé (-0.3%) weighed on the main index.
At the broader market level, Aevis (+1.7%) revealed a decline in turnover over the first nine months of the year.
The volatile AMS-Osram (+3.3%) also stood out.
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