Swiss stock market narrowly held after French election
Published: Monday, Jul 8th 2024, 10:00
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The Swiss stock market held up slightly in early trading on Monday. Market participants are unsure about the consequences of the elections in France. These must first be analyzed.
The feared victory of the Front National did not materialize. But a majority capable of governing is also not in sight after the second round of elections. "And that means uncertainty, which is exactly what stock market players don't like," says one trader.
On the other hand, renewed hopes of interest rate cuts could provide a certain counterweight. In the US, these have increased again following the latest labor market report. The balance sheet season begins at the end of the week. This should bring a breath of fresh air to the markets. The banks JPMorgan, Wells Fargo and Citigroup will kick things off in the US on Friday.
At 9.30 a.m., the leading SMI index was trading 0.01% lower at 12,005 points. It is thus lagging somewhat behind other stock exchanges in Europe. The Dax in Frankfurt, for example, is 0.3 percent higher. In France itself, the previously badly battered leading index CAC 40 rises by 0.2 percent.
Shares in Kühne + Nagel (-2.1%) are under pressure, followed by Partners Group (-1.1%), Swatch (-0.8%) and Richemont (-1.1%). Traders point to economic concerns in general and, in the case of the two luxury goods manufacturers, concerns about China in particular due to the customs dispute.
The winners include insurers such as Swiss Life (+1.3%) and Swiss Re (+0.7%).
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