Zurich Stock Exchange: towards an opening in the red

Zurich (awp) – The Swiss stock market is expected to start Tuesday’s session in negative territory, following its bright red close on Monday. The SMI yesterday recorded a low for the day and for the year at 10,538.35 points. The shock wave triggered by the bankruptcy of the Californian bank Silicon Valley Bank (SVB) was still being felt.

“The main US indices ended in a dispersed fashion yesterday evening in an extremely volatile session after the American officials tried to put out the fire started by the bankruptcy of Silicon Valley Bank”, underlined John Plassard, of Mirabaud Banque, in a morning note.

As for the Fed’s monetary policy, Goldman Sachs no longer expects the FOMC to raise rates at its March 22 meeting. Barclays is also betting on a break next week. “The question then arises here as to whether this could also have an impact on the future decisions of the European Central Bank (ECB)”, which meets on Thursday.

Business news in Switzerland was provided, but with second-tier companies.

At 8:12 a.m., the preSMI extrapolated by Julius Bär lost 0.18% to 10,612.24 points, on a solid red front.

Credit Suisse lost 0.3%. The bank, which continues to fight against cash outflows, paid its management less in 2022. The bank with two veils wants to renew its entire board of directors at the next general meeting.

UBS fell 0.2%. Defensive heavyweights Novartis, good Roche and Nestlé shed 0.2%.

On the broader market, Flughafen Zürich soared by 3.8%. The Kloten tarmac operator returned to the black figures in 2022, with a profit of 207 million Swiss francs, after a net loss of 10 million in 2021.

BKW gained 0.6%. The Bernese energy company saw its net profit rise sharply in 2022, driven by electricity prices, which will allow it to pamper its shareholders.

Tecan lost 0.2%. The laboratory equipment manufacturer has exceeded one billion Swiss francs in revenue and is raising its dividend.

ck/vj

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