June 23, 2020 / 4:47 AM / 9 days ago

Swiss stocks - Factors to watch on June 23

ZURICH/BERLIN, June 23 (Reuters) - The Swiss blue-chip SMI was seen opening 0.6% higher at 10,213 points on Tuesday, according to premarket indications from bank Julius Baer.

Here are some of the main factors that may affect Swiss stocks:

CORONAVIRUS

The Swiss National Bank (SNB) is against increasing its payment to the country’s national and regional governments to tackle the economic fallout from the COVID-19 pandemic or fill holes in their budgets, Vice Chairman Fritz Zurbruegg said. The SNB, which made a profit of nearly 50 billion Swiss francs ($52.79 billion) last year, has faced increasing calls to distribute more than the 4 billion francs agreed this year

COMPANY STATEMENTS

* Eastern Property said it bought a property in Vienna

* Santhera Pharmaceuticals said the UK’s Medicines and Healthcare products Regulatory Agency (MHRA) renewed the scientific opinion for idebenone for patients with Duchenne muscular dystrophy

* Cassiopea SpA said its clascoterone cream for acne had positive study results

* Cosmo Pharmaceuticals said it won regulatory approval for an AI system to detect colorectal polyps in Israel

* Vontobel said it is entering the Danish leveraged product market as part of its European expansion

* Nestle says their KitKats in the UK and Ireland will no longer be Fairtrade, The Independent reported. Bloomberg reported that Nestle was pulling its ‘Beso de Negra’ candy and reviewing its portfolio for racism.

* Bellevue Group provided a correction of 2019 net profit to CHF 14 million from CHF 11.4 million.

ANALYSTS’ VIEWS

* CREDIT SUISSE GROUP AG: CITIGROUP RAISES PRICE TARGET TO CHF 15.5 FROM CHF 14.3

* UBS GROUP AG: CITIGROUP RAISES PRICE TARGET TO CHF 15.5 FROM CHF 14.5

* SWISS LIFE HOLDING AG: BERENBERG INITIATES WITH BUY, CHF 450.50 TARGET PRICE

* SWISS RE AG: BERENBERG INITIATES WITH BUY, CHF 99 TARGET PRICE

* COMPAGNIE FINANCIERE RICHEMONT SA: DEUTSCHE BANK CUTS TARGET PRICE TO CHF 76 FROM CHF 78

* SWATCH GROUP AG: DEUTSCHE BANK CUTS TARGET PRICE TO CHF 245 FROM CHF 250

ECONOMY

No major economic data scheduled. ($1 = 0.9472 Swiss francs) (Reporting by Zurich newsroom and Berlin Speed Desk)

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