2024-01-12 08:31:14
Zurich (awp) – The Swiss stock market opened in the positive zone on Friday, the day after a session weighed down by the latest figures for American inflation. Rising prices across the Atlantic have proven to be stronger than expected, which could thwart the monetary easing expected by the markets.
“The US inflation figures released (Thursday) were not really ideal,” notes Ipek Ozkardeskaya, senior analyst at Swissquote. The specialist puts things into perspective, however, arguing that basic inflation – excluding food and energy prices – has only increased moderately. “And if you start taking the cost of housing out of the calculation, the numbers are pretty good.”
From this point of view, the objective targeted by the American Federal Reserve (Fed) of 2% is not far away, according to Ms. Ozkardeskaya. “But it is clear that investors are not prepared to take risks at the moment.”
In China, deflation continued in December for the third consecutive month, in contrast to the main economies plagued by inflation.
Business data remains a rare commodity in Switzerland. The results season will take off this afternoon in the United States with the results of the big banks.
Around 9:10 a.m., the Swiss Market Index (SMI) gained 0.49% to 11,208.82 points, the Swiss Leader Index (SLI) gained 0.41% to 1770.0 points and the Swiss Performance Index (SPI) 0. .51% at 14,608.86 points. Among the thirty star stocks, only Partners Group (-3.1%), Richemont (-1.9%) and Swatch (-1.0%) lost weight.
Partners Group was drinking after the publication the previous evening of the state of its assets under management at the end of December. The private equity specialist suffered from a decline in customer demand, despite a 3.7% increase in its assets last year. In the wake of the publication of these figures, Goldman Sachs lowered its price target while Jefferies raised it.
Luxury stocks Swatch and Richemont were the subject of a price target reduction by Jefferies, which predicted a difficult year for the sector.
SGS (+1.8%) was in the lead. The inspection and certification giant saw its recommendation raised to “equal weight” from “underweight” by Morgan Stanley. Kühne+Nagel (+1.5%) and Straumann (+1.3%) completed the leading trio without any particular news.
UBS (+0.9%) proposes the candidacy of Gail Kelly to the board of directors, replacing Dieter Wemmer who is not standing for re-election.
Novartis (+0.3%) would have abandoned the takeover project of the American biotech Cytokinetics, specialized in the treatment of heart diseases, according to an article in the Wall Street Journal published Thursday. The Rhine multinational apparently withdrew officially one or two days ago, while rumors gave the operation as practically completed. The other heavyweights Nestlé (+0.9%) and Roche (carrier: +1.0%, good: +0.7%) did better.
On the broader market, AMS (+3.6%) benefited from an upward adjustment of the price target by Bernstein.
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