The Swiss stock exchange opened lower, with the SMI Index down 1.07% at 11,293.27 points, influenced by Wall Street's weak close and Asian market performance. Investors are reacting to the Federal Reserve's cautious stance on interest rate cuts, while today's "witch's day" may lead to increased volatility in trading. Notable declines include UBS (-1.54%) amid the Credit Suisse report, and Logitech (-1.59%), while Richemont fared better with a smaller drop of -0.56%.
us dollar strengthens as european currencies weaken ahead of key interest rate decisions
The US dollar strengthened, trading at CHF 0.8827, while the euro weakened to 1.0502 against the dollar. Market activity remains subdued ahead of key US price figures and interest rate decisions from the SNB and ECB on Thursday, with expectations of a 25 basis point cut.
Stock Market Update Central Banks Prepare for Interest Rate Decisions
The SMI index is under pressure from Nestlé, Novartis, and Roche, while Richemont and Swatch see gains. As the stock market approaches the final two full weeks of 2024, attention turns to upcoming interest rate decisions from the SNB and ECB, with expected cuts of 25 basis points. The Fed's decision next week will follow key assessments of consumer and producer prices.
ubs revises luxury stock ratings with target price adjustments
UBS has revised its ratings and target prices for several European luxury stocks. Salvatore Ferragamo's recommendation was upgraded to "Neutral," while Brunello Cucinelli's target price increased to €108. Moncler's target price was cut to €50. Hugo Boss received a "Buy" upgrade with a target price of €49, while Hermes' target price decreased to €2,475. In contrast, Burberry's target price rose to 1,000p, Richemont to CHF 150, Kering to €228, LVMH to €648, and Swatch to CHF 140.
UBS Adjusts Ratings and Target Prices for European Luxury Stocks
UBS has revised its ratings and target prices for several major European luxury stocks. Notably, it upgraded Hugo Boss to "Buy" with a target price of 49 euros per share, while cutting Moncler's recommendation to 50 euros. Target prices were also adjusted for brands like Hermes, Burberry, Richemont, Kering, LVMH, and Swatch.
Swiss stock market rises as Dax approaches 20000 point milestone
The Dax opened at a new record high, gaining 0.3% to reach 19,994.50 points, nearing the significant 20,000-point mark. Optimism among investors is fueled by expectations of falling interest rates in the USA and eurozone, alongside a positive influence from record closings on Wall Street's S&P 500 and Nasdaq composite.
The Swiss stock market closed positively on Friday, with the SMI rising 0.46% to 11,762.20 points, buoyed by Wall Street's gains. In the Eurozone, inflation increased to 2.3% in November, while Switzerland's GDP grew by 0.2%. Notable stock movements included ABB (+1.6%) and SIG Group (-1.5%).
swiss super-rich see asset growth with newcomers from crypto investments
The assets of Switzerland's wealthiest individuals have surged to a record 833.5 billion Swiss francs, marking a 4.8% increase after two years of decline. Gérard Wertheimer leads the list with an estimated fortune of 37 to 38 billion francs, despite a decrease in his wealth. Notable newcomers include crypto investors Giancarlo Devasini and Christian Angermayer, reflecting the growing influence of digital assets among the super-rich.
rupert emphasizes importance of us trade pact extension for south africa
Rupert, chairman of Richemont and South Africa's wealthiest individual, emphasized the importance of extending a trade pact that allows South Africa and over 30 African nations duty-free access to the U.S. market. He highlighted the necessity for South Africa to remain part of the African Growth & Opportunity Act, which is set to expire in September.
The Swiss stock market closed mostly higher on November 28, 2024, with the SMI rising 0.57% to 11,709.80 points, despite a lack of significant market-moving news. Julius Baer led gains with a 2.1% increase, while technology stocks like Logitech also performed well amid easing US interest rates. Conversely, Swatch Group and Richemont saw declines, reflecting ongoing challenges in the luxury sector.
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