June 24, 2020 / 4:47 AM / 12 days ago

Swiss stocks - Factors to watch on June 24

ZURICH/BERLIN, June 24(Reuters) - The Swiss blue-chip SMI was seen opening 0.1% lower at 10,232 points on Wednesday, according to premarket indications from bank Julius Baer.

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

CREDIT SUISSE

The lender is reviewing funds that invest in loans arranged by billionaire financier Lex Greensill and are backed by Masayoshi Son’s SoftBank Vision Fund, Bloomberg reported.

VONTOBEL

Vontobel’s target of 4-6% net new money growth appears to be “ambitious” in this environment, Chief Executive Zeno Staub told newspaper Finanz und Wirtschaft, adding the group would seek to fine tune the allocation of roughly 2-3% of its resources but would not stop long-term investments for the sake of achieving its cost-income goal.

DUFRY

Swiss duty free operator Dufry will reduce its personnel expenses by 20% to 30% this year, it said on Wednesday, as it tackles the plunge in sales caused by the new coronavirus pandemic.

COMPANY STATEMENTS

* Helvetia Holding said it successfully placed a subordinated hybrid bond for 600 million euros ($678.78 million)on the euro capital market.

* Basilea Pharmaceutica announced it will sell and lease back its headquarters in Basel. It also said it was launching the placement of 100 million Swiss francs of senior convertible bonds with an increase option of 25 million francs.

* Metall Zug: Its spin-off V-Zug will start trading at the SIX Swiss Exchange on Thursday, it said.

* Romande Energie said bit.ly/2Nn0BL9 its partner SIE has decided to do its energy marketing in-house starting in 2023.

* Kuehne und Nagel signed a multi-year agreement for the management of company Pearson logistics activities in Italy.

* Carlo Gavazzi Holding reported a 43% drop in full-year net income to 6.1 million Swiss francs ($6.46 million).

* Relief Therapeutics together with NeuroRx said RLF-100 (AVIPTADIL) received fast track designation by the U.S. Food and Drug Administration for the treatment of respiratory distress in COVID-19.

ANALYSTS’ VIEWS

VALORA - Credit Suisse cuts target price to chf 205 from chf 260

SWATCH GROUP - Morgan Stanley cuts target price to chf 180 from chf 200

LONZA - Morgan Stanley raises target price to chf 530 from chf 405

ECONOMY

Swiss June investor sentiment due at 0800 GMT

$1 = 0.9442 Swiss francs $1 = 0.8839 euros Reporting by Zurich newsroom and Berlin Speed Desk

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