US stock market witnessing slight uptick following reduced interest rates in America
In the Swiss financial landscape, the Swiss Large Index (SLI) experienced a modest rise of 0.24 percent, closing at 1987.92. The broad Swiss Performance Index (SPI) followed suit, climbing 0.33 percent to 16,750.21 points.
The Swiss Market Index (SMI) also saw a slight increase, closing 0.42 percent higher at 12,049.13 points. However, the picture was not entirely rosy, as exports of Swiss-made timepieces plummeted by 16.5 percent in August, a consequence of USA's tariffs.
The top gainer in the SLI was VAT, with a substantial increase of 9.4 percent. Other notable gainers included Sonova (+1.7 percent), Kuehne+Nagel (+1.6 percent), and Partners Group (+1.4 percent to 1102.50 Fr.), which closed significantly higher.
On the other hand, Richemont and Swatch reacted differently to the latest data on Swiss watch exports. Meanwhile, Swisscom, Amrize, and Adecco closed significantly lower.
In the corporate world, Roche is making headlines with its acquisition of US biotech company 89bio for up to $3.5 billion. Analysts comment that this move strengthens Roche's pipeline with an experimental drug for a complication of obesity. Roche now has another potential blockbuster on its hands.
Julius Baer lowered its price target for Partners Group to 1400 francs from 1600 francs but maintained its buy recommendation for the stock. Meanwhile, Packaging specialist SIG saw a significant drop in its share price, with its shares crashing by almost a quarter. The earnings warning and the announcement that the dividend for 2025 would be scrapped spooked investors in SIG.
The tech sector was in focus after the US rate cut, with investors betting on increased investment in new technologies. There were whispers of chip giant Nvidia's entry into Intel in the tech sector.
In a notable move, Zwahlen & Mayr is set to be fully acquired by Groupe Bader. The specific price paid per share is not disclosed in the current search results, but the takeover offer was recommended by the board of directors.
The tech boom also brought a "bloodbath" and a "reality check" for the industry, as analysts warned of the challenges ahead. However, in a positive turn, Curatis saw a sharp rise in its share price after the US drug authority gave the green light for the clinical development of its hormone mimic candidate Corticorelin.
As the Swiss markets continue to evolve, these developments highlight the dynamic nature of the industry and the ongoing impact of global economic and technological trends.
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