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The SMI closed higher, with Sonova experiencing significant gains, while Wall Street showed firmness. In Asian currency trading, the yen fell to 153.55 per US dollar amid political shifts, with analysts predicting a potential rise to 155 yen as the Bank of Japan deliberates on interest rates. The dollar also strengthened against the yuan and Swiss franc, while the euro remained stable against the dollar.
This week marks a significant period in the third quarter reporting season, starting with Rieter's investor day on Monday. Key healthcare companies, including Novartis and Idorsia, will report on Tuesday, alongside Straumann and Clariant, while UBS and Sunrise are set to present their results on Wednesday. The week continues with Geberit and Swisscom on Thursday, as various companies navigate challenges and opportunities in their respective sectors.
Wall Street ended its six-week rally with mixed results; the S&P 500 fell 0.96% while the Nasdaq 100 gained slightly by 0.14%. Economic data showed a 0.8% drop in durable goods orders for September, but consumer sentiment improved. Investors are now focused on upcoming jobs data and major tech earnings.
Gold prices are consolidating below a record high of $2,758.00 per troy ounce, with potential upside towards $3,005.71 if support holds above $2,605.00. Meanwhile, WTI crude oil is on track for a weekly gain despite resistance near $71.28-$72.46, while Arabica coffee futures are nearing early October lows, risking a top formation.
The global art market shows signs of resilience despite a 32% drop in average spending in 2023, with median values remaining stable. Wealthy collectors, particularly from China, are optimistic, with 91% expecting market growth, and they increasingly support new galleries and emerging artists. The proportion of works by women in collections has also risen to a seven-year high, reflecting a shift in purchasing behavior towards informed decisions rather than impulse buys.
Swiss banks are cautioning against overregulation as the country remains a leader in international asset management, with nearly $2,200 billion managed for foreign clients. However, this status is jeopardized by a tarnished reputation following the collapse of Credit Suisse in March 2023.
Coinbase shares are experiencing heightened demand amid uncertainty surrounding the upcoming US election, with investors favoring a potential Trump presidency due to his crypto-friendly stance. Recent data shows a surprising drop in weekly initial claims for US unemployment benefits, which may positively influence market sentiment. The technical outlook suggests that overcoming the $220 mark could lead to further gains, while a fall below $200 might intensify downward pressure.
Swiss healthcare expenditures are projected to surpass 100 billion francs by 2025. Meanwhile, Swiss exports reached a record high in October, driven by the chemical-pharmaceutical sector, while the wealth management sector remains the world's leader, albeit with a narrowing margin over the UK and US. The banking landscape faces challenges following the Credit Suisse crisis, impacting asset inflows from key regions.
The SPI index fell by 0.24% to 16,092.74 points, reflecting a 1.04% decline since the start of the week. Year-to-date, the index has risen by 10.45%, with a high of 16,557.98 points and a low of 14,455.60 points recorded this year. Top performers include Schlatter Industries and EFG International, while HOCHDORF and DocMorris faced significant losses.
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stock market update yen declines as dollar strengthens ahead of policy decision
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key corporate earnings and investor events shaping the stock market this week
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