Zurich stock exchange: opening expected to fall in the wake of Wall Street

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Zurich stock exchange: opening expected to fall in the wake of Wall Street

Monday, 29.06.2020

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news-single-imgcaption” style=”width:240px;”>Around 8:07 am, the SMI index went below the psychological barrier of 10,000 points. (Keystone)

Investors are concerned about the arrival of a second wave of new coronavirus infections in the United States. Fears all the more acute as some studies begin to affirm that the United States could soon be short of beds in hospitals in several states, explains in his comment John Plassard, of Mirabaud Securities.

At the same time, investors are starting to worry about the continuation of anti-racism demonstrations all over the United States which force several traders to close the stores, notes the expert. The overall trend was also weighed down by announcements from the Federal Reserve following the bank’s stress testing.

The 34 largest banks in the United States will indeed have to suspend their share buyback programs in the third quarter and limit the payment of dividends to shareholders, which has literally weighed on the sector.

This Monday, investors will focus on macroeconomic data on the eurozone confidence indexes for June as well as on inflation figures in Germany.

Around 8:07 am, the SMI index fell below the psychological barrier of 10,000 points, noting at 9,969.98 points, down 0.72%, according to pre-market calculations by the bank Julius Bär. All 20 headline values ​​making up the indicator were displayed in decline.

The heavyweight Novartis (-2.0%) was the biggest loser. The Basel laboratory has withdrawn
to the European authorities its application for approval for the drug Xiidra (lifitegrast), intended to treat moderate to severe dryness of the eyes in adults.
The two other larger capitalizations of the Swiss market did a little better than the average, Roche falling by 0.4% and Nestlé by the same amount.

UBS posted the best performance, the number one Swiss bank dropping 0.1%, ahead of SGS (-0.3%), Swiss Life (-0.3%) and Swisscom (-0.3%).
Excluding SMI, the still volatile AMS soared by almost 3%, while the Austrian manufacturer of chips and sensors denied that some of its managers were the subject of an investigation by the Austrian financial market surveillance authority (FMA).

On the enlarged market, Zur Rose (+ 1.3%) benefited from a favorable comment from Berenberg who revised upwards the target price for the title of the wholesaler in medicines and the operation of online pharmacies from 200 to 300 francs .

Ascom (+ 2%) also progressed, without specific information (AWP)

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