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dispute leads major sponsors to withdraw support from lucerne festival
The Lucerne Festival faces a significant setback as main sponsors Christoph and Sibylla M. Müller withdraw their support over a dispute regarding former Credit Suisse executives Urs Rohner and Walter Kielholz. The couple, who have backed the festival for 25 years, demand a reevaluation of values in cultural sponsorship, citing concerns over reputation-washing. Despite Rohner's resignation, the Müllers remain firm in their decision, redirecting their funding to other institutions.
Swiss stock market dips as labor data and tech sector woes weigh down indices
The Swiss stock market experienced a slight decline, with the SMI closing 0.24% lower at 12,593.34 points, marking its first loss after six weeks of gains. Swisscom and Holcim saw gains amid merger rumors, while financial stocks like Julius Baer and Partners Group faced significant losses. The US labor market data influenced investor sentiment, with employment growth slightly below expectations but a drop in the unemployment rate to 4%.
us tech stocks face pressure as earnings reports and economic data emerge
US tech stocks faced pressure as Alphabet's shares dropped over 8% following disappointing cloud earnings, while AMD fell nearly 10% amid concerns over its AI processor competitiveness against Nvidia. In contrast, Broadcom rose 4% due to its ties with Alphabet. The dollar weakened amid geopolitical uncertainties and mixed economic data, while gold prices reached a record high.
Swiss stock market rises as Kühne Nagel and UBS lead gains
The Swiss stock market closed higher on Monday, with the SMI index surpassing 12,000 points for the first time since late October, despite a cautious trading environment ahead of Donald Trump's inauguration. Kühne + Nagel, Lonza, and UBS were among the top gainers, while Zurich and Schindler saw declines. The VSMI volatility index rose by 6.5%, indicating expectations of increased market fluctuations.
eurozone government bond supply reaches record levels amid political uncertainties
The net supply of government bonds in the Eurozone is set to reach a record high, driven by the European Central Bank's shift to quantitative tightening. In 2025, eleven member states will issue €1,281 billion in bonds, with Italy, France, and Germany leading the reductions. Political instability in France and Germany contrasts with Italy's surprising stability under Prime Minister Giorgia Meloni, highlighting the diverse challenges within the Eurozone.
surge in new cfo appointments reflects changing corporate leadership needs
In 2024, Swiss companies saw a surge in CFO changes, with one in four listed firms appointing new financial leaders, reflecting the need for refined skills amid economic challenges. Experts highlight the importance of collaboration between CEOs and CFOs, as well as the growing focus on communication and crisis management in the evolving role of the CFO.
UBS Lowers Price Target for Swiss Life Holding to CHF 650
UBS analyst Nasib Ahmed has maintained a "neutral" rating on Swiss Life Holding AG shares, lowering the price target from CHF 670 to CHF 650. This update was issued on December 10, 2024. Potential conflicts of interest related to the analysis can be reviewed on the analyst firm's website.
fintech revolution in switzerland as digital banks gain traction and users
Revolut is rapidly expanding its user base, aiming for 100 million customers while entering the real estate lending market in Lithuania, Ireland, and France. Swiss fintechs like Neon and Yuh are also thriving, with innovative solutions and transparent pricing, fostering competition that benefits consumers. Digital pension providers, such as Viac, are revolutionizing investment accessibility, although the market remains dynamic and competitive.
Swiss stock exchange declines for third consecutive day amid economic concerns
The Swiss stock exchange closed down for the third consecutive day, with the SMI Index falling 1.01% to 11,642.39 points, marking its sharpest decline in nearly a month. Investor caution prevailed ahead of key economic data, including US inflation figures and upcoming rate decisions from the Swiss National Bank and the European Central Bank.In the market, Richemont and other economically sensitive stocks like ABB and Geberit faced declines, while Nestlé hit a new yearly low. The financial sector was impacted by discussions surrounding UBS's takeover of Credit Suisse, with several insurance companies also struggling.
France Faces Economic Turmoil After Government Collapse and Budget Crisis
France's political turmoil, marked by the dismissal of Prime Minister Michel Barnier over the 2025 budget, threatens to exacerbate its rising national debt, which has surged nearly 43% since 2017. Without a new budget, the deficit is expected to grow, undermining France's economic credibility and potentially leading to a recession by late 2024. The ongoing crisis could also pressure the euro and impact investor confidence in the eurozone.
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