August 7, 2019 / 4:39 AM / 11 days ago

Swiss stocks - Factors to watch on Aug 7

ZURICH/BERLIN, Aug 7 (Reuters) - The Swiss blue-chip SMI was seen opening 0.1 percent lower at 9,548 points on Wednesday, according to premarket indications by bank Julius Baer.

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

NOVARTIS

The U.S. Food and Drug Administration said that some data from early testing of Novartis’ more than $2 million gene therapy Zolgensma was manipulated, but the agency believes the treatment should remain on the market.

STOCKS

* Schmolz & Bickenbach reported a second quarter net loss of 13.6 million euros ($15.24 million).

* Obseva reported a net loss of $34.8 million for its second quarter, down from a net loss of $18.2 million a year earlier. The company also announced a $75 million credit facility with Oxford Finance.

* UBS: Italy’s tax authorities have made a request to their counterparts in Switzerland for information about possible tax evasion by Italian UBS clients, Swiss newspaper Tages-Anzeiger reported.

Companies listed on the pan-European STOXX 600 index are expected to report a drop in earnings in the second and third quarters of 2019, according to data from I/B/E/S Refinitiv, marking a severe deterioration in outlook for corporate Europe.

ECONOMY

No major Swiss economic data due ($1 = 0.8924 euros) (Reporting by Zurich newsroom and Berlin Speed Desk)

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