The Swiss stock market rebounded on November 11, 2024, with the SMI closing 0.89% higher at 11,902.79 points after three weeks of losses. Swiss Re shares surged 3.6% following a UBS upgrade, while cyclical stocks like Sika and ABB also gained. Political developments, particularly regarding US President-elect Donald Trump, are expected to influence market volatility in the coming weeks.
The Swiss stock exchange is experiencing a busy reporting season, with UBS reporting a better-than-expected billion-euro profit and Sandoz raising its sales outlook. The SMI is up 0.27% in pre-market trading, while Novartis received FDA approval for a leukemia treatment. Meanwhile, Swatch faces a "Sell" rating, and Kühne+Nagel sees a decline after a target cut.
The Swiss stock exchange is active with the reporting season, highlighted by UBS exceeding profit expectations and Sandoz raising its sales outlook. The SMI is up 0.27%, while major US tech firms, including Microsoft and Meta, are set to report, amid anticipation for the US labor market data. Novartis received FDA approval for a leukemia treatment, while Swatch and Richemont received mixed ratings from Berenberg.
The SMI closed lower while Roche's share price surged, and Kühne+Nagel hit an annual low following disappointing figures. In Asia, investors are cautious ahead of the US presidential election, with the Shanghai index up 0.5% and Tokyo's Nikkei down 0.3%, as political uncertainty weighs on market sentiment. Automakers like Toyota and Honda saw gains, benefiting from a weaker yen, but overall investment activity remains subdued as traders await election outcomes.
The Swiss stock market opened lower on Thursday, influenced by a slowdown in consumer price inflation, which rose by 0.8% year-on-year in September. The leading SMI index fell by 0.20%, with 25 of the 30 major stocks declining, while Sandoz, Novartis, and Givaudan were among the few gainers. Analysts anticipate a potential rate cut by the Swiss National Bank in December 2024 due to declining inflation forecasts.
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