SMI monte, Roche perd de la valeur – Helvetia Baloise tire profit des résultats semestriels solides

The Swiss stock market developed positively on Thursday, after the Swiss Market Index (SMI) increased by 0.29 percent to 13'909.01 points. The mid-cap index SMIM rose by 1.00 percent to 3050.74 points, while the broad Swiss Performance Index (SPI) grew by 0.41 percent to 19'637.74 points. Expectations regarding the US interest rate policy of the Federal Reserve dominated the market sentiment, after the central bank raised interest rates by 25 basis points as expected. The unanimous decision of the Fed provided some relief to investors, as it expressed a clear signal regarding the monetary policy. In addition, falling energy prices – driven by Saudi Arabia's decision to export oil through Oman – temporarily eased pressure on the oil market and thus indirectly the inflation debate. Brent and WTI oil prices fell slightly on Thursday, with Brent falling to $104.21 per barrel and WTI to $101.07 per barrel. Despite a recent escalation in the Iran conflict and Trump's hopes for a swift end to hostilities in the region, prices remained under pressure but did not hold at their four-month high. US futures on the S&P 500 and the Nasdaq recovered slightly following the interest decision, while the dollar gained in value and supported the yen and the euro. Gold, on the other hand, posted a slight increase to $4305 per ounce. The Dow Jones Industrial lost 1.21 percent, while the S&P 500 rose 0.45 percent and the Nasdaq 100 gained little. The Fed signaled further rate hikes by the end of the year, which increased yields on US Treasury bonds. The SMI was rated 0.5 percent higher by IG Bank. The Swiss economy remains characterized by the reporting season, with half-year figures from Helvetia Baloise, MCH and Aevis, as well as economic data such as foreign trade and the export of watches for August. The Council of States is also discussing new capital requirements for systemically important banks such as UBS. In particular, Roche lost 0.8 percent, while Helvetia Baloise rose by 3.6 percent due to strong half-year results. The insurance group thus outperformed market forecasts and presented successful synergies. UBS recommended Rieter for sale, which led to a price drop of 12 percent. Roche itself lost 0.7 percent, while Alcon and Amrize each fell by 0.3 percent. Positive signals came from UBS (+0.2 percent), ABB (+1.0 percent), Lonza (+0.9 percent) and Logitech (+0.8 percent). Rating adjustments and price targets were published by several analysts: Rieter was reduced from Hold to Sell with a new price target of CHF 2.00, Roche received an increased price target from Vontobel of CHF 410 to CHF 405, while Ypsomed was cut from Hold to Sell with a price target of CHF 380. Schindler and Helvetia Baloise benefited from positive assessments, while Rieter and Ypsomed suffered from rating cuts. The market sentiment remains characterized by US interest rate policy and oil price developments, with Swiss shares continuing to be influenced by external factors such as the Fed and global commodity markets.