2023-05-15 16:16:06
Zurich (awp) – The Swiss stock market started the shortened week (Thursday holiday due to Ascension Day) on a slightly positive note. The SMI hovered around the symbolic 11,600 point mark until early followingnoon, before seeing its gains melt away and settling once more and ending below that level. The news front remained sluggish.
In New York, Wall Street gave ground in the morning following a just positive opening. Investors hoped for progress in the deadlock over the US debt ceiling. They had been disappointed by the publication of a sharply declining manufacturing activity index in New York.
The manufacturing industry in the New York region thus plunged in May, falling to -31.8 points once morest +10.8 in April, according to the monthly Empire State survey from the New York Fed. Analysts expected a much less pronounced decline, and saw the index fall to -1.8 only.
Time is running out to raise the debt ceiling and allow the United States to borrow more to meet their maturities.
Over the weekend, US Treasury Secretary Janet Yellen sounded a note of hope as she attended a G7 Finance meeting in Japan. “I’m hopeful. I think the negotiations are very active. I’m told they’ve found common ground,” she told the Wall Street Journal on Sunday.
“Speaker Joe Biden, House Republican Leader Kevin McCarthy and other congressional officials plan to meet on Tuesday to discuss spending as the threat of a default looms,” Art Hogan commented. of B. Riley Wealth Management.
In Switzerland, the number of hotel nights should have continued to increase in April in Switzerland, driven in particular by a marked influx of foreign travellers, according to the first estimates published by the Federal Statistical Office (FSO).
The SMI ended up 0.12% at 11,578.25 points, with a high of 11,616.37 at the start of the followingnoon and a low of 11,564.24 at the opening. on Wall Street. The SLI gained 0.21% to 1802.37 points and the SPI 0.14% to 15,269.31 points. Of the 30 star stocks, 16 rose, 12 fell, while Kühne+Nagel and UBS ended up stable.
The other two banks ended differently: Credit Suisse lost 0.2% and Julius Bär gained 0.1%.
The biggest losers of the day are AMS Osram (-0.7%), Partners Group and Straumann (each -0.5%).
In the heavyweight camp, Roche (-0.1%) and Nestlé (-0.2%) weighed on the index, Novartis (-0.04%) closing narrowly in the red.
The Veveysan giant has fulfilled the commitment made last December and started work on a new production site in Volyn, in western Ukraine. The plant should be operational within less than a year.
On the eve of the publication of the results of its staggered 2022/23 financial year, Sonova (-0.5%) also fell. Analysts forecast sales of 3.8 billion Swiss francs and net profit of 666 million. The potential for surprises is limited, with Sonova having already indicated that it will only reach the bottom of its target range, due to the weakening consumer sentiment, the temporary suspension and the unexpected extension of a major US contract. .
Today’s podium consists of Temenos (+1.8%), Lonza (+1.7%) and Swatch Group (+1.5%).
Richemont (+0.6%) also ended up in the winners’ camp. The Geneva luxury giant unveiled on Friday a sharp increase in turnover for the staggered 2022/2023 financial year, ending at the end of March, in an environment marked by solid demand for luxury products. Its net profit fell, as expected, due to an accounting effect.
Alcon (+0.6%) benefited from a recommendation upgrade to “buy” from “hold” by Julius Bär, who also increased the price target. According to the analyst, the world leader in the field of ophthalmology is well positioned to grow faster than the end markets of surgical products and contact lenses.
In the broader market, U-Blox (-1.1%) did not benefit from management statements to AWP that the company expects continued growth this year, despite the difficulties encountered by the semiconductor industry as a whole.
The operator of graphic content marketing platforms Talenthouse (+9.1% to 0.0096 francs), in critical lack of cash, claims to have received from an investor a promise of financing in the form of a participation in its capital increase project as well as a cash contribution.
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