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Swiss stocks - Factors to watch on June 10
June 10, 2014 / 4:40 AM / 3 years ago

Swiss stocks - Factors to watch on June 10

ZURICH, June 10 (Reuters) - The Swiss blue-chip SMI was seen following global stocks higher on Tuesday, as optimism over global growth prospects buoyed sentiment.

The Swiss blue-chip SMI was seen opening up 0.18 percent at 8,675 points according to premarket indications by bank Julius Baer.

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

NESTLE

U.S. health officials on Monday finalized manufacturing guidelines for infant formula makers, which include Nestle , that aim to ensure products sold for babies meet certain quality controls to keep them safe.

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CREDIT SUISSE

Credit Suisse is mulling a plan to spin off part of its fixed income business in the United States in order to help trim costs, according to a report in the Financial Times.

SYNGENTA

China has stopped issuing permits for imports of distillers dried grains (DDGs) from top exporter the United States on concerns they might contain an unapproved genetically-modified organism (GMO), traders said, sending U.S. prices tumbling.

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BALOISE

Baloise doesn’t see itself being targeted in a U.S. probe over how Swiss firms helped wealthy Americans avoid taxes, Chief Executive Martin Strobel told Swiss newspaper Schweiz am Sonntag.

He said the insurer only has seven U.S. clients of “wrappers” linked to bank accounts and that it only offers the products in compliance with local law. Strobel also said Baloise is on track to meet its targets and would consider offers for a 10 percent stake it holds in Swiss insurer National.

COMPANY STATEMENTS

* Glarner Kantonalbank has set the price range for its initial public offering at 17.00 to 21.50 Swiss francs per share and expects to make its market debut on June 24, the company said on Tuesday.

* Burckhardt Compression said orders rose 21 percent to 517 million Swiss francs in its fiscal year 2013, while net income fell 1.8 percent to 54 million francs. The company is proposing a dividend of 10 francs per share.

* Leclanche said it has entered into a collaboration agreement with Saint Gobain to co-develop a new ceramic separator for use in lithium-ion batteries. It plans to outsource the manufacture of the existing separator to Saint-Gobain.

* National Suisse said it has bought an insurance portfolio from Spain’s Asefa.

* THERAMetrics holding has appointed Fulvio Citaredo as temporary general manager of the group, effective June 10 until December 31. [TXM1.S>

ECONOMY

* The Swiss unemployment rate fell to a non-seasonally adjusted 3.0 percent in May from 3.2 percent in the previous month, the State Secretariat for Economic Affairs said on Tuesday.

* The Swiss Federal Treasury said on Tuesday it is offering a 2.0 percent bond maturing in 2064 and reopening a 1.25 percent bond maturing in 2024 in a tender.

* April retail sales data due at 0715 GMT.

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