The SMI closed lower, with Novartis, Roche, and Nestlé experiencing losses, while Wall Street showed positive momentum and cryptocurrencies gained. In individual stocks, TDK surged 7% after raising its profit forecast, Nomura Holdings climbed 8% following a significant quarterly profit increase, and Sanrio's shares rose 14% after boosting its net profit outlook. Despite these gains, caution prevails among investors ahead of the US presidential election, contributing to high volatility in the Nikkei.
Wall Street showed positive momentum, while the Swiss stock market faced losses, with major companies like Novartis, Roche, and Nestlé declining. In Japan, TDK surged 7% after raising its profit forecast, and Nomura Holdings climbed 8% following a significant quarterly profit increase. Despite these gains, investor caution prevails ahead of the US presidential election, contributing to high volatility in the Nikkei.
The intratumor cancer therapies market, valued at $151.5 million in 2022, is projected to grow at a CAGR of 9.9% from 2023 to 2030, driven by advances in immunotherapy and personalized medicine. Monoclonal antibodies are leading the technology segment, while lung cancer remains the primary application area. North America is the dominant market, fueled by rising cancer prevalence and increased awareness of innovative treatment options.
Novartis CEO Vas Narasimhan expressed confidence in the company's growth trajectory, aiming for a 5% annual sales increase by 2028, supported by several key medicines. He highlighted concerns over the Inflation Reduction Act's potential to stifle drug development, particularly for rare diseases, and reaffirmed Novartis's commitment to Switzerland as a core business location.
UBS has emerged as the largest Swiss donor in the US election campaign, contributing $1.5 million to the Republican Party and Donald Trump, while also donating $1.45 million to the Democrats, including Kamala Harris. This strategic funding approach positions UBS favorably for various election outcomes, reflecting its significant involvement alongside other Swiss companies like Roche and Novartis. Overall, UBS is spending around $3 million on the election, aiming to gain access to future decision-makers.
The Swiss stock market saw significant gains on Friday, with the SMI rising 1.48% to 11,967.20 points, despite ongoing caution due to upcoming US elections and Fed interest rate decisions. Banking stocks like Julius Baer and UBS led the recovery, while Kuros and Polypeptide surged on strong performances and analyst assessments. However, SoftwareOne faced further losses after a previous decline.
Jade Biosciences will merge with Aerovate Therapeutics in a reverse merger, allowing Jade to enter public markets under the ticker “JBIO.” The deal, expected to close in the first half of 2025, includes a $300 million private financing round and will see Jade's shareholders retain over 98% ownership of the combined entity. Jade's lead drug, targeting IgA nephropathy, is set to enter clinical trials in late 2024.
Evommune, a California biotech startup, has secured $115 million in Series C funding to advance its immune drug candidates, EVO756 and EVO301, targeting chronic immune conditions. The funding will support three Phase 2 trials, with results expected by the end of 2026. EVO756, an oral treatment for chronic skin hives, aims to be a first-in-class therapy, while EVO301 targets atopic dermatitis and shows promise in early testing.
Swiss equities declined mid-week, with the SMI dropping 1.1% to 11,968 points as profit-taking weighed on major stocks like UBS, which fell 4.5% despite strong quarterly results. Concerns over US labor market strength and upcoming elections contributed to investor caution, while Sandoz shares rose 3.7% following positive earnings. Weak demand from China impacted luxury goods stocks, with Richemont and Swatch down 1.4% and 3.4%, respectively.
The Swiss stock market remains in the red, with the SMI index dropping further below 12,100 points despite UBS's strong quarterly performance. A weaker-than-expected US JOLTS report raises concerns about the labor market and the Federal Reserve's next moves, while European GDP figures show modest growth in France and Germany. Among Swiss stocks, Sandoz leads gains, while Swatch Group and Straumann face significant losses amid negative analyst coverage.
Seems like the connection with the server has been lost. It can be due to poor or broken network. Please hang on while we're trying to reconnect...
Oh snap! Failed to reconnect with the server. This is typically caused by a longer network outage, or if the server has been taken down. You can try to reconnect, but if that does not work, you need to reload the page.
Oh man! The server rejected the attempt to reconnect. The only option now is to reload the page, but be prepared that it won't work, since this is typically caused by a failure on the server.
