Swiss stocks - Factors to watch on Sept 3

 

Swiss shares were seen opening flat on Thursday as financial stocks were indicated to recoup some of Wednesday's losses despite ongoing concern about the pace of the global recovery.

The blue chip SMI index was indicated to open up 4 points at 6,093 points, according to pre-market data from bank Clariden Leu

The following are some of the main factors expected to affect Swiss stocks on Thursday.

CREDIT SUISSE

Credit Suisse Group AG named Eric Varvel acting chief executive of its booming investment bank on Wednesday due to the "sudden and unexpected illness" of incumbent Paul Calello.

Canadian government officials pressed representatives of Swiss bank UBS on Wednesday for details of Canadians who might be account holders, a spokeswoman for the Canada Revenue Agencysaid.

ROCHE HOLDINGS AG

The European Commission has approved Roche's MabThera cancer drug to treat patients whose chronic lymphocytic leukaemia (CLL) returns, the Swiss drugmaker said.

NOVARTIS

A pilot trial with Novartis AG's adjuvanted cell culture-based vaccine for H1N1 flu shows a strong immune response, even after one dose, the Swiss drugmaker said. 

COMPANY STATEMENTS

* Insurance company Helvetia reported H1 post taxgroup profit of 138 million Sfr.

* Solar industry supplier Meyer Burger said it increased net sales in H1 and gp earnings rose 4 pct to 12.1mln Sfr.

* Commercial real estate company bfw Liegenschaften reported H1 net earnings of 3.9 million Sfr, up from 0.6 mln Sfra year earlier.

* Media group Tamedia said first half net profit fell to less than 1 million Sfr from 59.4 million Sfr a year earlier after sales declined 16 pct.

* Quadrant - 2009 Half-year Report