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The Swiss stock market opened lower on Thursday, influenced by a slowdown in consumer price inflation, which rose by 0.8% year-on-year in September. The leading SMI index fell by 0.20%, with 25 of the 30 major stocks declining, while Sandoz, Novartis, and Givaudan were among the few gainers. Analysts anticipate a potential rate cut by the Swiss National Bank in December 2024 due to declining inflation forecasts.
Nestlé's stock market struggles are affecting pension fund investors, as the company is a key component in many pillar 3a products, including UBS's Vitainvest and ZKB's Frankly range. These funds, heavily influenced by the Swiss Market Index, face challenges due to the uncertain outlook for major index players like Nestlé, Novartis, and Roche. Björn Eberhardt from Luzerner Kantonalbank warns that investors in index products may not see significant price gains under these conditions.
The SPI index in Zurich rose 0.33% to 15,946.16 points, with a market capitalization of 2.122 trillion euros. Notable gainers included Perrot Duval SA (+71.25%) and Relief Therapeutics (+9.87%), while Curatis (-21.03%) and Calida (-13.12%) were among the biggest losers. Nestlé led in trading volume with over 1.5 million shares exchanged.
Nestlé's recovery is bolstering the Swiss stock market as global markets react to the Fed's recent half-point rate cut, which has raised expectations for another cut in November. Analysts emphasize the Fed's intent to safeguard the labor market, with key inflation data and remarks from several Fed officials, including Chairman Jerome Powell, set to shape future monetary policy.
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swiss stock market opens lower amid declining inflation figures
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