Zurich (awp) – The Swiss stock market should start the last session of the week on a technical rebound after the sharp decline the previous day, following the intervention of the European Central Bank and disappointing results from American companies. Investors should focus on Friday on the US labor market data.
Wall Street ended Thursday on very marked declines. The Nasdaq, dominated by technology stocks, closed down 3.74% to 13,878.81 points, due in particular to the fall in the action of Meta (Facebook) of almost 30%.
“Yesterday’s session (on Wall Street) can literally be described as a bloodbath,” commented analyst John Plassard of Mirabaud Banque. “If we only focus on Meta, it’s quite simply nearly 250 billion dollars that literally went up in smoke in a few minutes”, details the specialist, while adding that the remarks of the ECB and the Bank of England (BOE) also contributed to the gloomy mood.
Markets should now focus on the January US jobs data which may come in below market expectations based on Wednesday’s ADP release.
In Switzerland, the earnings season was on hold. Only a few companies in the broader market had released their numbers.
At 8:21 a.m., the SMI gained 0.50% to 12,295.81 points according to Julius Bär’s pre-market indications. Almost all key values were pointing in the green.
Without specific information, Richemont (+1.1%) was at the top of the ranking, followed by UBS (+1%) and ABB (+0.8%) the day after the publication of its results.
The heavyweights of the rating, Nestlé, Novartis and Roche (+0.5%) did not stand out. Tech stocks like Logitech (+0.7%) also picked up.
Holcim (-0.3%) was the only stock in the red.
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