Swiss stocks started the trading week positively as markets prepare for important inflation data and various economic releases in the US and Europe in the coming days. The Swiss Market Index climbed 0.44% at Monday's close. "This week has a jam-packed data calendar and we see little to challenge the dollar's dominance until Friday's US jobs report," analysts at ING remarked.
"[The] eurozone has a busy week too. At the top of the agenda will be Wednesday's release of third-quarter GDP data ... That data is quickly followed up by the flash CPI release for October, where headline inflation is predicted to remain under 2.0% YoY and core is expected to have decreased to 2.6% from 2.7%.
None of this should alter the market's sentiment that the ECB has shifted to a more dovish policy and aims to reach neutral rates as swiftly as possible." In Switzerland, the KOF Swiss Economic Institute anticipates a 0.8% increase in the local tourism sector's overnight stays for the winter 2024/2025 season, driven by a robust US dollar attracting North American tourists. In corporate developments, Alcon ($ALC) gained 0.24% after RBC Capital Markets reaffirmed its outperform rating and price target of 100 francs for the Swiss eye care products firm.
This shift is influenced by RBC's anticipation that Alcon's newly acquired Voyager selective laser trabeculoplasty device could significantly enhance the company’s growth in the glaucoma treatment sector, reinforcing RBC's confidence in Alcon's mid-term growth prospects. Additionally, drug manufacturer Novartis' ($NOVN) phase 3 Appear-C3G study yielded clinically significant, lasting results for C3 glomerulopathy patients treated with its Fabhalta oral medication.
This ultra-rare kidney condition currently lacks approved treatments. The stock saw a 1.17% increase at market close. $SWISS20 $ALC $NOVN.