Zurich (awp) – The Swiss stock market stumbled on Wall Street’s call board in early exchanges on Wednesday after a barely positive open. Major overseas indexes fell behind on Tuesday at the end of a stormy session amid renewed confidence among capital holders in an imminent monetary policy easing from the US Federal Reserve (Fed).
“Investors still wear their rose-colored glasses,” summarized Ipek Ozkardeskaya, for Swissquote, evoking the prospect of a softening of the Fed’s tone in the event of a cooling of inflation in Uncle Sam’s country on Thursday. “The reopening of China is obviously the icing on the cake,” adds John Plassard, for Mirabaud Banque.
“Thursday’s inflation reading will be a catalyst for market action, with further cushioning supporting a continuation of the uptrend,” said CMC Market analyst Tina Teng.
The results season was at our latitudes in its early stages, with Sika’s preliminary results for 2022 in particular.
As of 9:14 am, the Swiss Market Index (SMI) was down 0.07% to 11,155.14 points, the Swiss Leader Index (SLI) was down 0.08% to 1,724.87 points and the Swiss Performance Index (SPI) 0.05% to 14,314.11 points. Of the top thirty ratings, fifteen are demoted, thirteen have progressed, while SGS and Novartis have orbited the starting block.
The other two heavyweights Nestlé (+0.2%) and the good Roche (-0.4%) were positioned on opposite sides of the balance.
Sika (-3.7%) inherited the provisional Red Lantern. The building chemist has certainly, as promised, exceeded the threshold of 10 billion Swiss francs in turnover last year, but the performance misses the goal of the analysts for one hundred million and the prospects for the future are judged timid.
The imponderable AMS-Osram (+5.5%) shot itself into the lead, apparently driven by rumors of a product launch by its main secret client Apple.
In the broader market, Basel appreciated by 0.6%, after publishing preliminary results that significantly exceeded its stated ambitions over the past year.
Chipmaker U-Blox (-6.7%) also provided a first glimpse into its 2022 financial year, in line with analyst expectations.
The manufacturer of application devices Medmix (-1.4) has decided to sell its operations in Poland, penalized by local sanctions due to the presence in the shareholding structure of the Russian oligarch Viktor Vekselberg.
Biochemist of flavours, fragrances, sweeteners and mosquito repellents Evolva (+2.2%) largely achieved its ambitions last year and expects to continue its growth path in 2023.