Swiss stocks - Factors to watch on June 8 - Reuters Swiss stocks - Factors to watch on June 8 - Reuters

Friday, June 8, 2012

Swiss stocks - Factors to watch on June 8 - Reuters

Swiss stocks - Factors to watch on June 8 - Reuters

ZURICH, June 8 | Fri Jun 8, 2012 2:16am EDT

ZURICH, June 8 (Reuters) - Swiss stocks were poised to open lower on Friday, as investors eyed lower Asian stocks as a cue to take profits after comments from U.S. Federal Reserve Chairman Ben Bernanke dented hopes for fresh near term U.S. stimulus measures.

Futures for the blue-chip SMI index fell 32 points to 5840 points by 0809 GMT.

The following are some of the main factors expected to affect Swiss stocks on Friday:

NOVARTIS

Novartis AG's unit Sandoz is voluntarily recalling ten lots of its generic Introvale birth control pills after a consumer recently reported a packaging flaw.

For related news, click on

LOGITECH

Logitech International, the world's largest computer mouse maker, said it will cut about 450 jobs, or 13 percent of its worldwide non-direct labor workforce, as part of a previously announced restructuring.

For more, click on

COMPANY STATEMENTS

* Zehnder Group plans to expand its Group Executive Committee with Dominik Berchtold as Deputy Chairman of the Group Executive Committee from January 1 as part of succession planning. Berchtold will replace Hans-Peter Zehnder as Chairman of the body in the second half of 2014.

* The World Council of Churches signed a contract with Implenia for the development of its plot in Grand-Saconnex, Geneva, including a new Ecumenical Centre. The development of the 34,000 square metre site will take place in several phases over the next five to ten years.

* Kudelski said SmarDTV has combined CI Plus and HbbTV to enable video-on-demand for cable networks. SmarDTV intends to launch the first CI Plus SmarCAM with Cable voice on demand this year.

ECONOMY



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Mile5 Solutions Partners with Winshuttle™ to Offer Easy and Secure Business Process Automation Solutions to the SAP® Market - YAHOO!

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Winshuttle today announced a Premier Partnership agreement with Mile5 Solutions, an SAP channel partner. Mile5 Solutions is a provider of affordable, manageable, fully integrated, and fixed price SAP ERP solutions to small and medium enterprise (SME ...

STOCKS NEWS SINGAPORE-Index falls, dragged by Genting S'pore - Reuters UK

Fri Jun 8, 2012 7:58am BST

Singapore shares fell on Friday, dragged by casino operator Genting Singapore which retreated to an eight-month low on concerns it may get enmeshed in a costly takeover battle for Australia's Echo Entertainment Group.

The Straits Times Index was down 0.7 percent at 2,739.41 points, while MSCI's broadest index of Asia-Pacific shares outside Japan slipped 1.3 percent.

Markets tumbled after Federal Reserve Chairman Ben Bernanke disappointed investors looking for a clear signal of further U.S. monetary stimulus, overshadowing an initial positive reaction on global bourses to a Chinese interest rate cut.

Genting shares dropped as much as 3.3 percent to S$1.45, the weakest since Oct 5 last year, on concerns that the firm may overpay for an acquisition. Traders also said there are worries about the growth rate and regulatory risks in Australia's casino market.

Other decliners on Friday included palm oil firm Golden Agri Resources, which fell 4 percent, and property, food and beverage conglomerate Fraser and Neave Ltd, which gave up 2 percent.

1432 (0632 GMT)

(Reporting by Eveline Danubrata in Singapore; eveline.danubrata@thomsonreuters.com)

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STOCKS NEWS SINGAPORE-Valuations not expensive-Citigroup

Citigroup said the Straits Times Index is currently at a forward price-earnings ratio of 13.5 times, near the normal support level of 13.0 times, while based on trailing price-to-book, the STI is trading at 1.25 times.

"These valuation levels are unfairly pricing in a mild recessionary outlook, given our GDP expectations of 3.6 percent this year," Citi said.

On Friday, the STI was down 0.5 percent at 2,745.49 points. The index has fallen 9.6 percent from its year-high of 3,035.78 in March, paring year-to-date gains to 3.7 percent, as investors worried by Europe's debt crisis and slowing global growth flee riskier assets.

But Citi said the near-term upside for the STI is more moderate due to concerns about China and the euro zone, ongoing wage and economic restructuring in Singapore, as well as issues over the city-state's ability to grow through immigration.

With the STI reaching similar lows as in the fourth quarter of 2011, Citi reiterated that there are opportunities in stocks like Keppel Corp, Hongkong Land Holdings, Oversea-Chinese Banking Corp and Noble Group .

In the small and mid-cap space, Citi likes STX OSV Holdings and Venture Corp.

It advised trimming stocks such as COSCO Corp Singapore , Tiger Airways Holdings and Singapore Exchange.

It also said commodity and commodity-related stocks have been "extremely weak", dampened by elevated costs and price turbulence across the segment, with some valuations already reaching similar levels to those seen during the global financial crisis.

1156 (0356 GMT) (Reporting by Eveline Danubrata in Singapore; eveline.danubrata@thomsonreuters.com) (Editing by Eric Meijer)


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