June 24, 2013 / 4:57 AM / 4 years ago

Swiss stocks - Factors to watch on Jun 24

ZURICH, June 24 (Reuters) - Swiss stocks were expected to open lower on Monday, in line with European markets seen falling as investors fret about the prospect of reduced U.S. monetary stimulus and worries over China’s banking sector.

The Swiss blue-chip SMI was seen falling 0.6 percent, according to premarket indications from bank Julius Baer.

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


Swiss Re confirmed it will deliver on its financial targets for 2011-2015 and focus on dividend growth as it seeks to dig out returns by shifting its assets towards corporate debt and away from government bonds.

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Swiss bank UBS will surrender its Indian banking license and close its banking unit, covering fixed income, forex operations and credit services, a source with direct knowledge of the matter told Reuters on Saturday.

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* Novartis said its Sandoz unit has initiated a major phase III clinical trial with etanercept, its biosimilar version of Amgen’s Enbrel.

* Oerlikon said it received a large order for carpet yarn machinery from a customer in Saudi Arabia.

* Schmolz + Bickenbach said its board of directors maintains its unchanged stance regarding board members to be elected at the AGM.

* Edisun Power said its shares will be traded in the Swiss stock exchange’s ‘domestic standard’ from November 4 due as the company adopts Swiss GAAP.

* Newron said it is placing new shares under the up to 10 percent share capital increase resolved on April 18.


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