February 7, 2018 / 5:40 AM / in 9 months

Swiss stocks - Factors to watch on Feb 7

ZURICH, Feb 7 (Reuters) - The Swiss blue-chip SMI was seen opening 0.48 percent higher at 8,879 points on Wednesday, according to premarket indications by bank Julius Baer.

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

SWISSCOM

Switzerland’s government-controlled communications company is stepping up cost cutting and expects operating profit to stagnate or fall in 2018 as it faces increasing competition from global, Internet-based rivals with competitive cost structures. Net income in 2017 fell 2.2 percent to 1.6 billion Swiss francs($1.71 billion).

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NESTLE

The multinational food and beverage company said on Tuesday that it would stop buying palm oil from a Guatemalan company that has been accused by the country’s prosecutor of corruption.

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COMPANY STATEMENTS

* Meyer Burger said it filed a patent infringement lawsuit in China.

* Addex Therapeutics said Jean-Philippe Rocher was named co-head of discovery and a member of executive management.

* HNA’s Gategroup said it struck a longterm deal with Norwegian.

ECONOMY ($1 = 0.9345 Swiss francs) (Reporting by Zurich newsroom)

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