Swiss stocks concluded another trading day on a positive note as market participants reflected on the latest business surveys and economic data emerging from Europe. In what's labeled a relatively quiet day concerning local economic news, the Swiss Market Index saw a modest increase of 0.38% at Wednesday's closing.
The euro area's economic sentiment indicator experienced a decrease, falling by 1.9 points to a total of 93.7 points for December 2024, as reported by the European Commission. The consumer confidence indicator also saw a decline, dipping by 0.7 percentage points to -14.5 points, marking its second consecutive month of downturn. In contrast, on a more favorable note, the euro area's industrial producer prices experienced a rise of 1.6% month-over-month for November 2024, following a smaller increase of 0.4% recorded in the previous month, according to data from Eurostat.
Despite these monthly gains, when examined on a yearly basis, industrial producer prices exhibited a decline of 1.2%. On the corporate front, Partners Group ($PGHN) saw its shares rise by 2.40% after Deutsche Bank Research made the decision to upgrade its rating on the Swiss private equity firm, changing it from hold to buy while also elevating its price target from 1,230 francs to 1,470 francs.
This upgrade is primarily attributed to analysts' positive outlook regarding Partners Group's strong earnings potential, underscoring its value amidst a longer-term recovery in private markets. Meanwhile, Roche ($ROG) wrapped up a tender offer to purchase all outstanding shares of US-based Poseida Therapeutics at a set price of $9 per share, accompanied by potential contingent payments that could reach up to $4 per share.
The Swiss pharmaceutical giant intends to finalize the acquisition by merging its Blue Giant Acquisition unit with Poseida, resulting in a close of its shares at a 0.95% increase..