October 15, 2012 / 4:55 AM / 5 years ago

Swiss stocks - Factors to watch on Oct 15

3 Min Read

ZURICH, Oct 15 (Reuters) - Swiss stocks were set to open slightly lower on Monday, in line with European markets, as concerns about global economic growth and worries about profit margins for lenders were expected to weigh on share prices.

The Swiss blue-chip SMI was seen falling 0.3 percent, according to premarket indications from bank Julius Baer.

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

UBS on Saturday said final decisions in an ongoing business review have not yet been taken, after a newspaper reported the Swiss bank is set to axe around 2,000 jobs in information technology to cut costs.

UBS's communications chief Michael Willi will leave the Swiss bank by April, according to a memorandum seen by Reuters on Sunday, as management struggles to unite behind a plan to cut jobs.

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Libor Class Action Suit

U.S. home owners have filed a class action suit in New York against 12 of the world's major banks including UBS, claiming that Libor manipulation made mortgage repayments more expensive than they should have been, the Financial Times reported on Monday.

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Nestle SA and General Mills Inc will cut sugar and salt in the children's breakfast cereals they jointly market outside North America, the latest attempt by major food companies to respond to health concerns.

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Swiss-German Tax Issue

Authorities in the German state of Rheinland-Palatinate will likely buy a computer disk containing the details of Germans who have parked their cash in a big Swiss bank, news magazine Der Spiegel said on Sunday.

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Roche Holding AG said U.S. regulators have widened the approved use of rheumatoid arthritis drug Actemra to include patients typically in earlier stages of treatment for the joint disease.

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Company Statements

* Clariant expands production capacity for Houdry dehydrogenation.

* Kuehne + Nagel said net earnings declined by 7.4 per cent to 423 million Swiss francs in the first nine months, excluding the European Union antitrust fine in the first quarter.

* Panalpina : Further weakening of Air Freight volumes impacts Panalpina's profitability


* Swiss National Bank Chairman Thomas Jordan said that the Swiss franc remained overvalued against the euro, and that he was still committed to stopping it from strengthening past 1.20.

* Swiss producer/import price index due at 0715 GMT

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