Zurich Stock Exchange: opening without clear trend

Zurich Stock Exchange: opening without clear trend

Wednesday, 01.07.2020

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news-single-imgcaption” style=”width:240px;”>At 9:15 a.m., the SMI yielded 0.05% at 10,041.85 points, the SLI gained 0.09% at 1,508.1 points and the SPI 0.01% at 12,437.67 points. (Keystone)

After opening up, the SMI managed to nibble on a few points before giving them up. Wall Street, boosted in particular by the encouraging words of the president of the American Central Bank (Fed), ended the first semester on a gain.

Jerome Powell told lawmakers on Tuesday that the US economy has rebounded sooner than expected, but it still needs state support to accelerate its recovery from an endless pandemic.

US Treasury Secretary Steven Mnuchin announced that the Trump administration will soon begin talks with Democrats to adopt a new economic assistance plan.

Tokyo had a late Wednesday session in the red. Showered by the economic crisis caused by the global coronavirus pandemic, the confidence of large Japanese companies has collapsed to the point of falling to its lowest levels since 2009.

At the macroeconomic level, manufacturing activity in China registered its highest level in more than six months in June, a sign of the revival of activity in the country, according to an independent index.

At 9:15 a.m., the SMI fell 0.05% to 10,041.85 points, the SLI gained 0.09% to 1508.1 points and the SPI 0.01% to 12,437.67 points. Of the 30 star values, 14 were advancing and 16 were receding.
Clariant (+ 7.1%) led the dance. The sale of the Masterbatches division from Basel to the American Polyone is now under roof. Amounting to 1.56 billion dollars (1.46 billion francs), the operation will result in the payment on July 8 of an extraordinary dividend of 3 francs per share.

Far behind Partners Group (+ 1.2%) and Zurich Insurance (+ 0.9%) were second and third respectively.

Heavyweight Roche (+ 0.4%) supported the star index while Nestlé (-0.3%) and Novartis (-0.5%) had their heads under water.

UBS (+ 0.5%) and Credit Suisse (+ 0.3%) bankers were favored by investors, as was Julius Bär (+ 0.8%).

Logitech (-1.2%), Swisscom (-0.8%) and Richemont (-0.7%) occupied the back of the pack.
In terms of the wider market, Barry Callebaut (-0.1%) finalized the acquisition of the Australian GKC Foods. The integration will start now, according to the Zurich group.

Metall Zug (+ 0.7%), via its subsidiary Schleuniger, signed an agreement to acquire the company Cirris Systems, based in the state of Utah in the United States. Specialized in tests, the American recorded in 2019 a turnover of 13.5 million dollars with its 75 employees. (AWP)

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