2023-11-07 10:30:10
Zurich (awp) – The Swiss stock market ran out of steam on Tuesday as midday approached, following remaining in the green for a good part of the morning. Observers are calling for a consolidation movement, following the good performance achieved last week, while awaiting clarification on the intentions of the Federal Reserve (Fed) regarding interest rates.
The president of the institution Jerome Powell in particular is due to speak on Wednesday.
On the economic front, China suffered a further decline in its exports in October. “The greater than expected decline in exports, for a sixth consecutive month, reflects a persistent weakness in global demand, from which a rapid recovery seems unlikely,” underlines Michael Hewson, of CMC Markets.
In our latitudes, the job market remained solid in Switzerland over the same period.
At 10:55 a.m., the Swiss Market Index (SMI) fell by 0.02% to 10,576.11 points, the Swiss Leader Index (SLI) by 0.03% to 1663.98 points and the Swiss Performance Index (SPI ) by 0.05% to 13,875.35 points. Of the thirty main valuations, eleven progressed, three orbited around the starting point and 16 fell back.
UBS maintained a lead of 3.0%, despite a heavier loss than expected. The exercise of forecasts proved particularly difficult, given the recent news of the now last major bank in the country and the performance excluding integration costs turned out to be honorable.
The defensive heavyweights moved in dispersed order. Nestlé (+0.1%) was just touching the surface, while the good Roche (-0.4%) and Novartis (-0.5%) fell.
On the broader market, the real estate giant PSP Swiss Property (+0.3%) saw its nine-month results go down the drain, weighed down by devaluation effects, while its operational performance remained stable.
The personnel placement specialist Adecco (-1.3) renewed its medium-term roadmap, during a day dedicated to investors.
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