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Research Market strategy
by Swissquote Analysts
Morning News

FAA to Start Boeing 737 MAX Test Flights

Topic of the day

U.S. air-safety regulators are set to begin key flight tests of Boeing Co.’s 737 MAX as early as Monday, amid growing expectations by industry and government officials that the planes are likely to return to service around the end of the year. The airborne checks, slated to be conducted in conjunction with Boeing and scheduled to last three days, mark a preliminary validation and long-awaited milestone for Boeing’s technical fixes aimed at getting the MAX fleet back in the air. The planes have been grounded for 15 months following two accidents that killed 346 people, roiled the airline industry long before the coronavirus pandemic and dealt the biggest blow to the plane maker’s reputation in its 103-year history. In an email the Federal Aviation Administration sent to congressional staffers Sunday, the agency said the effort “will include an array of flight maneuvers and emergency procedures to enable the agency to assess” whether a series of software and hardware changes complies with safety certification standards.

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Swiss stocks

After hitting 10,172 points during the day, the SMI closed down 0.4 percent on 10,048 points Friday as Wall Street opened very weak. The market was still caught between hopes of a rapid economic recovery and rising numbers of coronavirus cases, especially in the US, which stoked fears of a second wave of the virus on top of participants’ pre-weekend risk avoidance. Second-tier online chemist Zur Rose surged 5.6 percent as the acquisition of mail-order and diabetes segments of Apotal was received positively. Traders said Apotal was number five among German online chemists with 2019 turnover of some EUR 157 million, equal to 11.5 percent of Zur Rose’s turnover, but Apotal already achieved a positive EBITDA in 2020, while Zur Rose’s was still negative. Novartis slid 1.7 percent on the news it had agreed to pay a settlement of USD 223.9 million to the US Department of Justice and USD 112.8 million to US market supervisor SEC for historical conduct in Greece, Vietnam and South Korea.

International markets


After spending most of the session in the green, European equity indices finally closed lower on Friday, penalized by the negative direction of Wall Street in the context of the worrying evolution of the coronavirus pandemic in the United States. The Stoxx Europe 600 index fell 0.4% to 358.3 points. The CAC 40 and the SBF 120 each lost 0.2%. In Frankfurt, the DAX 30 lost 0.7%, while in London, the FTSE 100 remained 0.2% ahead. Aston Martin Lagonda Global Holdings PLC said Friday that it has raised 152 million pounds ($188.8 million) via a placing and retail offer of new shares to help the company emerge from the coronavirus crisis. The British luxury car maker said that it issued 304 million new shares, or 19.9% of its previous share capital, at a price of 50 pence. It represents a 8.1% discount to the middle market price at the time at which the placing was agreed. At the London Stock Exchange Aston Martin fell 18.4%.

United States

The Dow Jones Industrial Average dropped more than 700 points and limped home to a weekly loss as daily coronavirus infections increased rapidly, fanning worries about a slowdown in the economy's reopening. The S&P 500 fell 2.4% as of the 4 p.m. ET close of trading. The Dow lost 730 points, or 2.8%. The Nasdaq Composite fell 2.6%. The U.S. marked a daily record of nearly 40,000 new infections. States like Texas, California, Arizona and Florida accounted for nearly half of the confirmed cases reported on Thursday. Among individual companies, shares of banks and financial companies were some of the worst performers after the Federal Reserve ordered banks to cap shareholder dividend payouts to preserve capital and barred share buybacks in the third quarter. Goldman Sachs Group fell 8.5%, while Wells Fargo retreated 6.6%. Shares of Nike declined 7% after the athletic apparel company said sales fell 38% in the latest quarter, as mass closures of physical stores amid the pandemic overshadowed surging demand online.


Mainland China stocks are down in morning trade, in line with other Asian equity markets, which turned weaker following the recent surge in U.S. coronavirus infections. The benchmark Shanghai Composite Index is down 0.6% at 2962.94, while the Shenzhen Composite Index sheds 0.3% to 1942.40.


U.S. Treasury yields fell Friday, capping a weekly slump for government debt, amid setbacks to plans to reopen businesses from coronavirus lockdowns. The 10-year Treasury note yield fell 3.8 basis points to a low of 0.636%, extending the weekly drop to 6 basis points. The 2-year note rate fell 1.8 basis points to 0.166%, marking its lowest level since June 2. The 2-year and 10-year notes have fallen for three consecutive weeks.


CS raises Akzo Nobel target to 95 (85) EUR - Outperform
HSBC upgrades Finnair to Hold (Reduce) - Target 0,65 EUR
CS raises Kering target to 540 (530) EUR - Outperf.
Berenberg raises Basler target to 70 (65) EUR - Buy

Produced by MBI Martin Brückner Infosource GmbH & Co. KG on behalf of Swissquote. All news is acquired with journalistic accuracy. No liability is assumed for delays or errors.

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