Swiss stocks - Factors to watch on Oct 17

ZURICH Wed Oct 17, 2012 2:21am EDT

ZURICH Oct 17 (Reuters) - Swiss stocks were set to open little changed on Wednesday, in line with other European exchanges as markets take a breather after two sessions of solid gains.

The Swiss blue-chip SMI was seen opening steady at 6,772 points, according to premarket indications from bank Julius Baer.

The following are some of the main factors expected to affect Swiss stocks on Wednesday:

ZURICH INSURANCE

Zurich Insurance Group said on Wednesday third-quarter operating profit will be hit by $550 million before taxes as the insurer strengthens claims provisions and writes off some deferred acquisitions costs.

For more, clock on

UBS

There were flaws in control systems at UBS at the time accused fraudster Kweku Adoboli racked up losses of $2.3 billion through unauthorised trades, the head of global risk at the Swiss bank told a London court on Tuesday.

For more, click on

COMPANY STATEMENTS

* Emmi AG said it will buy a 24 percent stake in German organic dairy Glaeserne Molkerei, a move to bolster the Swiss company's organic portfolio.

* Gategroup announced contracts totaling more than 430 million Swiss francs ($463.16 million) in revenue over the three-year life of the agreements with United Airlines, part of a tender that covered the majority of the U.S. carrier's contracts with the Swiss firm's Gate Gourmet brand.

* Cicor Group said its microelectronics unit signed a multi-year agreement with HS Elektronik Systeme for chip and wire production for aircraft power supplies and distribution equipment, representing an estimated volume of approximately 30 million euros.

* SHL Telemedicine Ltd. said recruitment for a program with AOK BAYERN will begin after the pact was approved by the Oberversicherungsamt, the relevant Bavarian authority.

* SIX Exchange Regulation said it opened an investigation into Banque Profil de Gestion on the grounds of possible breaches of the rules governing ad hoc publicity.

ECONOMY

October ZEW indicator due at 0900 GMT

($1 = 0.9284 Swiss francs)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.