Swiss stocks - Factors to watch on Feb 26

ZURICH Wed Feb 26, 2014 2:26am EST

ZURICH Feb 26 (Reuters) - Swiss stocks were expected to open flat on Wednesday, with input from U.S. and Asian stocks too mixed to give the Swiss bourse clear direction, according to dealers.

The Swiss blue-chip SMI was seen opening flat at 8,485 points, according to premarket indications by bank Julius Baer.

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

BANKS

The U.S. Justice Department is dragging its feet on prosecuting Swiss banks that helped Americans evade taxes and on collecting billions of dollars likely owed to the U.S. Treasury by tax dodgers, a powerful U.S. Senate panel said on Tuesday.

For more, click on

U.S. senators will grill both sides in a five-year-old conflict over Swiss bankers helping Americans dodge taxes, questioning U.S. law enforcers and Swiss bankers including Credit Suisse boss Brady Dougan in a hearing on Wednesday.

For more, click on

SWISS LIFE

Swiss Life insurance policies for wealthy U.S. individuals to be tax compliant and is not in contact with U.S. tax authorities over the matter, the insurer's chief executive said on Wednesday.

For more, click on

HOLCIM

Holcim expects growth of construction markets in Asia Pacific to slow this year while Latin America could face further uncertainties, the Swiss cement maker said after reporting consensus-missing quarterly earnings on Wednesday.

For more, click on

EFG

Swiss EFG International said on Wednesday full-year net profit was virtually unchanged following a 6.5 million Swiss franc ($7.32 million) provision related to a probe into wealthy Americans evading taxes through hidden offshore accounts.

For more, click on

COMPANY STATEMENTS

* Evolva said it had sold 27 million new shares, placed at a price of 1.27 Swiss francs per share, representing a discount of 4.9 percent to Tuesday's closing price.

* Clariant said it will focus on its Wet Process Technology to ensure benchmark quality, premium lithium-iron phosphate cathode materials for automotive OEMs and battery manufacturers.

ECONOMY

The UBS Swiss consumption indicator fell 36 points to 1.44 points in January from a revised 1.80 points in December, the Swiss bank's economists said on Wednesday.

For more, click on

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