Brightbridge Wealth Management Headlines: Swiss Stocks Drop as China’s Growth Slows; ABB Retreats
Upcoming SlideShare
Loading in...5
×
 

Brightbridge Wealth Management Headlines: Swiss Stocks Drop as China’s Growth Slows; ABB Retreats

on

  • 325 views

Swiss stocks fell, with the country’s equity benchmark posting its longest streak of weekly losses since November, as China’s economy slowed more than forecast and concern about the euro-region ...

Swiss stocks fell, with the country’s equity benchmark posting its longest streak of weekly losses since November, as China’s economy slowed more than forecast and concern about the euro-region debt crisis gained.

ABB Ltd. (ABBN), the world’s biggest power-grid supplier, led a drop in shares sensitive to economic growth. Cie. Financiere Richemont SA, the second-largest maker of luxury goods, also retreated. UBS AG (UBSN) and Credit Suisse Group AG (CSGN), the country’s two biggest banks, followed a gauge of European lenders lower.

The Swiss Market Index (SMI) slipped 0.9 percent to 6,072.12 at the close in Zurich. The measure of Switzerland’s biggest and most actively traded companies sank 1.5 percent this week, its fourth straight decline. The gauge has still gained 2.3 percent in 2012 as the euro area sought to contain its debt crisis and as U.S. economic reports surpassed estimates. The broader Swiss Performance Index decreased 0.8 percent today.

“We remain in a cycle that began in 2007, marked by periods of strong rebounds followed closely by market corrections,” Francois Moute, chairman of Neuflize Private Assets in Paris, and Chief Executive Officer Olivia Giscard d’Estaing wrote in a note. “In our opinion, this means it’s best to remain cautious.”

The volume of shares changing hands in the SMI was 8.3 percent higher today than the average of the last 30 days, according to data compiled by Bloomberg.

ECB Bond Program

Swiss stocks extended their decline as European Central Bank Governing Council member Klaas Knot said that officials remain far from reviving their purchases of government bonds.

“I think that we are very far from that situation, the instrument hasn’t been used for some time, but it’s still there, I hope we never have to use it again,” Knot said at an event in Amsterdam today, when asked about the need for the ECB to buy government bonds.

The cost of insuring against a Spanish default jumped to a record as Prime Minister Mariano Rajoy struggles to prevent the nation from becoming the fourth euro-region member to need a bailout. Credit-default swaps on Spain rose 17 basis points to 498 as of 4 p.m. in London, surpassing the previous all-time high closing price of 493, according to CMA.

Growth in China’s economy, the world’s second biggest, slowed last quarter more than forecast to the weakest pace in almost three years. Gross domestic product rose 8.1 percent from a year earlier, the National Bureau of Statistics in Beijing said today. That was a slower rate than the 8.4 percent growth predicted in a Bloomberg News survey.

U.S. Economy

A report today showed that the cost of living in the U.S. increased at a slower pace in March. Consumer-price inflation climbed 0.3 percent, matching the median forecast of economists surveyed by Bloomberg News. The index increased 0.4 percent in February.

Statistics

Views

Total Views
325
Views on SlideShare
325
Embed Views
0

Actions

Likes
1
Downloads
1
Comments
1

0 Embeds 0

No embeds

Accessibility

Upload Details

Uploaded via as Microsoft PowerPoint

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
  • i really appreciated every single details here. thanks for posting!
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

Brightbridge Wealth Management Headlines: Swiss Stocks Drop as China’s Growth Slows; ABB Retreats Brightbridge Wealth Management Headlines: Swiss Stocks Drop as China’s Growth Slows; ABB Retreats Presentation Transcript

  • Brightbridge Wealth ManagementHeadlines: Swiss Stocks Drop as China’s Growth Slows; ABB Retreats
  • Swiss stocks fell, with the country’s equitybenchmark posting its longest streak ofweekly losses since November, as China’seconomy slowed more than forecast andconcern about the euro-region debt crisisgained.ABB Ltd. (ABBN), the world’s biggest power-grid supplier, led a drop in shares sensitive toeconomic growth. Cie. Financiere RichemontSA, the second-largest maker of luxurygoods, also retreated. UBS AG(UBSN) and Credit Suisse Group AG (CSGN),
  • The Swiss Market Index (SMI) slipped0.9 percent to 6,072.12 at the close inZurich. The measure of Switzerland’sbiggest and most actively tradedcompanies sank 1.5 percent this week,its fourth straight decline. The gaugehas still gained 2.3 percent in 2012 asthe euro area sought to contain its debtcrisis and as U.S. economic reportssurpassed estimates. The broaderSwiss Performance Index decreased
  • “We remain in a cycle that began in2007, marked by periods of strongrebounds followed closely bymarket corrections,” FrancoisMoute, chairman of Neuflize PrivateAssets in Paris, and Chief ExecutiveOfficer Olivia Giscard d’Estaingwrote in a note. “In our opinion, thismeans it’s best to remain cautious.”
  • The volume of shares changinghands in the SMI was 8.3 percenthigher today than the average ofthe last 30 days, according to datacompiled by Bloomberg.
  • ECB Bond ProgramSwiss stocks extended their decline asEuropean Central Bank Governing Councilmember Klaas Knot said that officials remainfar from reviving their purchases of governmentbonds.“I think that we are very far from that situation,the instrument hasn’t been used for some time,but it’s still there, I hope we never have to use itagain,” Knot said at an event in Amsterdamtoday, when asked about the need for the ECBto buy government bonds.
  • The cost of insuring against a Spanishdefault jumped to a record as PrimeMinister Mariano Rajoy struggles toprevent the nation from becoming thefourth euro-region member to need abailout. Credit-default swaps on Spainrose 17 basis points to 498 as of 4 p.m.in London, surpassing the previous all-time high closing price of 493,according to CMA.
  • Growth in China’s economy, the world’ssecond biggest, slowed last quartermore than forecast to the weakest pacein almost three years. Gross domesticproduct rose 8.1 percent from a yearearlier, the National Bureau of Statisticsin Beijing said today. That was a slowerrate than the 8.4 percent growthpredicted in a Bloomberg News survey.
  • U.S. EconomyA report today showed that the cost ofliving in the U.S. increased at a slowerpace in March. Consumer-priceinflation climbed 0.3 percent, matchingthe median forecast of economistssurveyed by Bloomberg News. Theindex increased 0.4 percent inFebruary. A separate release showedthat consumer sentiment fell to 75.7 inApril from 76.2 at the end of last
  • ABB lost 1.8 percent to 17.89 Swissfrancs. Holcim Ltd. (HOLN), the world’ssecond-largest cement maker, slid 2.3percent to 56.25 francs.Richemont, which generated 48 percent of itssales from Asia in its last financial year,decreased 2.3 percent to 55.60francs. Swatch Group AG (UHR), the biggestmaker of Swiss watches, slipped 1.7 percentto 419.70 francs. The watchmaker made 54percent of its
  • UBS, Credit SuisseUBS declined 2.4 percent to 11.52 francs.Credit Suisse lost 3.8 percent to 23.60 francs.Bank stocks retreated 3.1 percent for thebiggest drop among the 19 industry groups inthe Stoxx Europe 600 Index. (SXXP)Flughafen Zuerich AG (FHZN), operator of theZurich Airport, slid 3.5 percent to 334.25francs. Credit Suisse is placing 368,270shares on behalf of CP2 Ltd., terms of thedeal obtained by Bloomberg News show.
  • Newron Pharmaceuticals SpA (NWRN), abiotechnology company, advanced 4percent to 3.93 francs. Jefferies GroupInc. raised its share-price forecast to 4.30francs from 3 francs.Aryzta AG (ARYN), the maker of specialtybakery products, added 2.1 percent to44.05 francs. The stock was initiated withan outperform rating at CA Cheuvreux.