2024-02-15 10:31:13
Zurich (awp) – The Swiss stock market was moving sideways as midday approached Thursday. The data on American inflation, barely swallowed, are already digested, investors focusing on the results of companies, which are rather flourishing.
Given robust economic growth in the United States, “almost no one fears a recession anymore,” CMCMarkets said in a commentary. This followingnoon retail sales across the Atlantic will be revealed. “After a strong December, expectations for January are low.” If ever the figures were to be sustained, there would first be “a shock”, the Fed seeing itself confirmed in its “stoic” policy given that consumers are spending money, which goes to businesses.
Investors would instead focus on corporate growth and profits, rather than monetary policy considerations, “which have lost their impact on the stock markets.”
Industrial production in January in the United States will also be known this followingnoon.
The UK entered recession in the second half of last year as high interest rates and inflation put pressure on household and business finances. “Many feared the situation would be much worse when rates were raised,” commented Craig Erlam of Oanda.
In Switzerland, the producer and import price index – which gives an indication of inflation at the first stage of the marketing of goods and products – continued to decline in January, supported by tariff cuts hydrocarbons.
At 10:50 a.m., the SMI slowed down, gaining only 0.22% to 11,238.41 points. The SLI increased by 0.34% to 1826.82 points and the SPI 0.31% to 14,729.05 points. Of the thirty main values, 20 were moving in the green and ten in the red.
On the podium, Julius Bär gained 4.3%, ahead of the two luxury stocks Swatch Group (+1.4%) and Richemont (+1.2%). The Geneva luxury giant saw Kepler Cheuvreux raise its price target to 150 Swiss francs (compared to 140 Swiss francs) and maintain the recommendation at “buy”. The analyst in charge welcomes the performance in jewelry and believes that the owner of Cartier should do better than its competitors.
The good Schindler rose 1.1% the day following its annual copy. The elevator and escalator manufacturer’s revenues and margins improved last year, enabling it to post a profit increase of more than 40%. In the process, Barclays, Oddo BHF and UBS raised their price target.
Two heavyweights of the rating were drinking the cup, Novartis giving up 0.2% and the good Roche 0.4%, while Nestlé grabbed 0.3%.
Givaudan (-1%) was left behind.
On the broader market, Huber&Suhner soared by 2.1%. The Appenzell-Zurich connectivity specialist won a framework contract with Deutsche Bahn (DB) on Wednesday for internet on its ICE trains. The contract extends over several years and would represent around fifty million Swiss francs.
DocMorris (+0.9%) announced that its subsidiary Teleclinic has entered into a partnership with the Allegemeiner Deutscher Automobil Club (Adac), the largest motorist group in Germany.
BC Basel (stable) recorded solid results last year and a raised dividend. Thurgau Cantonal Bank (TKB) (stable) also benefited from the increase in interest rates and is proposing to increase redistribution to shareholders.
Phoenix Mecano lost 0.7%, following declining revenues and order intake last year. The company still improved its profit.
Softwareone fell 1.4%. The Nidwalden software and services specialist returned to black figures last year. The payment of a dividend increased by 1 cent to 36 cents per share is proposed.
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