June 26, 2020 / 4:47 AM / 10 days ago

Swiss stocks - Factors to watch on June 26

ZURICH/BERLIN, June 26 (Reuters) - The Swiss blue-chip SMI was seen opening 0.7% higher at 10,156 points on Friday, according to premarket indications by bank Julius Baer .

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

CORONAVIRUS

Asian stock markets ground higher, and are set to end a choppy week more or less where they began it as surging coronavirus infections cast a shadow over encouraging economic data and checked hopes for a swift global recovery.

It is not certain that scientists will be able to create an effective vaccine against the coronavirus that has caused the pandemic, but it could take a year before one were to be invented, the head of the WHO said.

The governor of Texas temporarily halted the state’s reopening as COVID-19 infections and hospitalisations surged and the country set a new record for a one-day increase in cases.

BANKING

The U.S. Federal Reserve announced it will cap big bank dividend payments and bar share repurchases until at least the fourth quarter after finding lenders faced significant capital losses when tested against an economic slump caused by the coronavirus pandemic.

NOVARTIS

Novartis and its former Alcon eye-care unit will pay more than $346 million to resolve U.S. criminal and civil charges that they bribed doctors, hospitals and clinics in Greece and Vietnam to prescribe their drugs and use their surgical products. The Swiss company also has an upcoming conference on July 2 in New York in U.S. District Court in a separate doctor bribery case in the United States.

MOLECULAR PARTNERS

Swiss drugmaker Molecular Partners’ medicine abicipar for a blindness-causing eye disease was snubbed by the U.S. Food and Drug Administration, which issued a complete response letter outlining an unfavourable risk-benefit profile due to inflammation.

AMS

Austria’s financial markets watchdog FMA is investigating AMS’ top management on suspicion of illegal share transactions during the ongoing takeover of Osram, a spokesman said. AMS rejected the allegations.

COMPANY STATEMENTS

* Helvetia Holding said it completed the acquisition of Caser, a Spanish insurer

* Cosmo Pharmaceutical said it has received a positive opinion from a key European panel for its Methylene Blue MMX used to help detect polyps

* Roche launched a new algorithm for diagnosing lung cancer

* Zur Rose said it bought the mail-order diabetes activities of Apotal Group

* Achiko said it achieved a key milestone for its COVID-19 platform.

* Richemont said Philippe Fortunato will assume role of CEO of fashion & accessories maisons and will join group’s senior executive committee, effective Sept. 1.

* Sulzer said it expects a “significantly lower” first half net profit in 2020 than a year earlier due to restructuring costs of 60 million Swiss francs to reduce the impact of the coronavirus pandemic on its business.

ECONOMY

No major Swiss economic data scheduled.

Reporting by Zurich newsroom and Berlin Speed Desk

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