2023-12-28 10:31:13
Zurich (awp) – The Swiss stock market failed to remain in positive territory on Thursday morning, giving up the modest gains made at the opening. On the penultimate session of the year, the flow of news has almost dried up and many speakers have already gone on vacation.
The other European markets also reversed the positive trend observed at the opening, with Paris, Frankfurt and London giving up their gains in unison.
“The bond and equity markets in the United States extended their rally thanks to weak American macroeconomic data and a new and significant bond issue” across the Atlantic, summarized Ipek Ozkardeskaya, Swissquote analyst, regarding the progress of Wall Street. .
The upward trend, however, seems exaggerated, harboring “the risk of a strong correction when the euphoria has subsided”, she warned in a market commentary.
A few rare macroeconomic meetings are still expected, including weekly applications for unemployment benefits and housing sales in the United States this Thursday and the economic barometer from the KOF institute for Switzerland on Friday. In Japan, industrial production fell in November for the first time in three months, but less than expected, according to preliminary data from the Ministry of Economy, Trade and Industry.
On the Swiss Stock Exchange around 10:40 a.m., the flagship SMI index fell 0.24% to 11,086.60 points, following opening up 0.12%. The SLI also gave up its gains and fell by 0.25% to 1770.97 points, just like the SPI which dropped 0.22% to 14,514.16 points.
In the virtual absence of news, the majority of star stocks were now in the red, the worst performances being recorded by the banks UBS (-0.9%) and Julius Bär (-0.9%), as well as the value of luxury Richemont (-0.8%).
Credit Suisse, now part of the giant UBS, was fined 3.9 million Singapore dollars (2.5 million Swiss francs). The financial policeman of the city-state sanctioned the establishment for its inability to detect and prevent the misconduct of certain employees.
The heavyweights contributed to the decline in the market with Nestlé (-0.1%), Novartis (-0.1%) and the two Roche stocks (bearer -0.3%, dividend certificate -0.2%).
Among the rare winners of the session were Lonza (+0.3%), Straumann (+0.1%) and Sandoz (+0.1%).
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