Optimism at the opening of the SMI, a few hours before the US presidential election
Monday night, Wall Street ended up in the green. In a few hours, millions of Americans will be heading to the polls to choose between Donald Trump and Joe Biden. (Keystone)
The Swiss stock market is expected to open higher on Tuesday morning, as millions of Americans go to the polls in a few hours to choose between Donald Trump and Joe Biden in a historic presidential election in an America that is severely divided. In this context, Wall Street ended the day in the green.
A favorite in the polls for months, Joe Biden, 77, former vice-president of Barack Obama, finally hopes to win the keys to the White House on his third attempt. Armed with his undeniable energy on the stands, the outgoing Republican President, 74, who led a campaign of incredible aggressiveness, promises for his part to create a surprise again, as in 2016.
“The European indices should open up this morning a few hours before an American presidential election which could prove to be literally explosive for the markets,” said John Plassard of Mirabaud Banque.
According to the latter, “investors are increasingly beginning to get used to the idea that Joe Biden could become the 46th president of the United States. But Donald Trump should never be buried.”
At 8:04 am, the flagship SMI index rose 0.54% to 9,844.85 points, after having jumped 2.13% the day before. Almost all blue chip stocks are expected to open higher, according to prior indications provided by Julius Baer. Adecco (+ 2.8%) stood out straight away. The temp specialist saw its revenues contract in the third quarter, despite a gradual improvement over the period under review. The performance, however, proved to be better than analysts’ expectations.
Swatch (+ 1.6%) benefited from an increase in the recommendation and target price by UBS analysts. Richemont (+ 0.6%) followed further.
Banks posted solid gains, with UBS (+ 0.8%) and Credit Suisse (+ 0.7%), as well as cyclicals ABB (+ 0.8%) and Lafargeholcim (+ 0.7%).
The three heavyweights Novartis, Roche and Nestlé (all three + 0.5%) were also wanted.
Swiss Re (-0.01%) was an exception, penalized by a lowering of the price target by Jefferies.
News was dense in the enlarged market. Oerlikon (+ 3.2%) took off. The industrial group had a difficult third quarter, but overall the numbers are higher than expected. Vifor (+ 1.8%) and its American partner Chemocentryx have obtained from the European Medicines Agency (EMA) the examination of their application for approval for avacopan. Ypsomed (+ 1.5%) continued to grow in the first half, despite the pandemic crisis. The general management wants to be confident for the financial year as a whole. Dufry (-0.4%) was among the few losers. The airport retailer saw its revenue drop accelerate in the third quarter. (AWP)
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