Research Market strategy
By Swissquote Analysts
Published on 06.06.2023
Morning news

Kuehne+Nagel replace Credit Suisse in the Swiss Market Index

Topic of the day

The imminent takeover of Credit Suisse by UBS will lead to extraordinary adjustments in the indices of the Swiss stock exchange next week. The shares of Kühne+Nagel (-1.6%) will join the 20 stocks included in the Swiss Market Index (SMI). The stocks of the logistics company from Schindellegi are thus in the top Swiss stock market league for the first time. Thus, with UBS, only one bank remains in the SMI. The shares of Credit Suisse have been in the index since the SMI was founded in 1988, at that time still under the name Schweizerische Kreditanstalt (SKA). The place vacated in the 30-stock Swiss Leader Index (SLI) is now taken by the participation certificates of Lindt&Sprüngli. Meyer Burger will be included in the SMIM mid-cap index. The indices concerned will be adjusted on 13 June 2023, as SIX announced after the close of trading on Monday. The two big banks had notified in the morning that Credit Suisse would be merged into UBS on 12 June.

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Swiss stocks

The Swiss stock market ended Monday's trading session slightly in the red. The SMI dropped by 0.2 per cent to 11,415 points. Among the 20 SMI stocks, there were 16 price losers and 4 price winners. 32.64 (previously: 33.01) million shares were traded. Among the individual stocks, the shares of Credit Suisse and UBS were in the spotlight. Credit Suisse plans to delist its shares on 13 June due to the ongoing takeover. UBS will postpone the presentation of its business figures concerning the second quarter as a result of the takeover. UBS had received the European Union's approval for the takeover of Credit Suisse last month. Credit Suisse shares rose 1.1 per cent, UBS shares gained 0.3 per cent.

International markets


The European stock markets started the week in negative territory, as the President of the European Central Bank (ECB), Christine Lagarde, reiterated that she remained "fully committed to the fight against inflation". Disappointing economic indicators were also published on both sides of the Atlantic. The Stoxx Europe 600 index closed down 0.5% on Monday, at 459.9 points. In Paris, the CAC 40 and SBF 120 lost 1% and 0.9% respectively. The DAX 40 in Frankfurt fell by 0.5%, while the FTSE 100 weakened by 0.1%. Stifel began tracking Eramet (up 2.6%) with a "buy" recommendation and a target price of €140. Citi lowered its target price for Pernod Ricard (-2.5%) from €244 to €235, while reiterating its "buy" recommendation. Moody's downgraded its rating on Elior (-0.8%) to "B3" from "B2", with a negative outlook. British spirits producer Diageo (-1.2% in London) announced the appointment of Debra Crew as interim chief executive with immediate effect, ahead of her planned start date as chief executive on 1 July.

United States

Stocks fell Monday, leaving the S&P 500 just shy of entering a new bull market. The tech-heavy Nasdaq Composite fell 0.1%. The blue-chip Dow Jones Industrial Average slipped 200 points, or 0.6%. The S&P 500 fell 0.2% to close 4273.79, just 19 points below a bull market, or a 20% rise from the low set last October. Derivatives markets show investors now expect the Fed’s target interest rate to sit at 5% at year-end, according to Tradeweb, up from just above 4% last month. Apple shares fell 0.8% after the tech giant launched its virtual-reality headset “Vision Pro”, its first major new product in nearly a decade. Apple, which has advanced 38% so far this year, ended Monday with a market valuation slightly below $3 trillion. US regulators are preparing to compel large banks to increase their financial strength in order to make the system more resilient following the failure of several medium-sized banks this year. JPMorgan shed 1%, while Bank of America and Goldman Sachs lost 0.6%. Private equity firm KKR reached an agreement to buy hydraulic components manufacturer Circor International (up 51% at $47.84) for $49 per share. The deal values Circor at $1.6 billion including debt. Restaurant chain Cava Group plans to present its proposed IPO to investors this week, with the aim of selling its shares at a price of 17 to 19 dollars apiece, according to people close to the matter. Healthcare services provider Amedisys (+15% to 91.74 dollars) announced that it had received an "unsolicited" offer of 100 dollars per share from its rival Optum. Amedisys has already reached an agreement on its sale to Option Care, a subsidiary of UnitedHealth (-0.3%), for nearly 97.38 dollars per share. Cryptocurrency prices fell Monday, after the Securities and Exchange Commission sued Binance, the world’s largest cryptocurrency exchange. The regulator accused Binance of operating an illegal trading platform in the U.S. and misusing customer funds. Shares of U.S.-listed crypto exchange Coinbase fell 9%.


Asian stocks were mixed on Tuesday. Hong Kong’s Hang Seng Index climbed to a plus of 0.5 per cent. China Vanke is still up 2.2 per cent after a marked daily high. Meanwhile, little is happening on the Chinese mainland, with the Shanghai Composite virtually unchanged. Japan’s Nikkei 225 advanced by 0.6 per cent. In Seoul, the financial markets remain closed for public holidays.


U.S. government debt yields remained little changed on Monday as appetite for risk across markets reduced demand for sovereign debt, while investors assessed what’s next for the Federal Reserve’s interest-rate decision at its June 13-14 policy meeting. The 10-year Treasury note yield fell by 1 basis point to 3.691%. The 2-year Treasury note yield eased by 5 basis points to 4.466%.


Barclays lowers Remy Cointreau to 217 (223) EUR- Overweight

Citi cuts target Just Eat Takeaway to GBP 19 (33) - Buy

Citi downgrades target Pernod-Ricard to EUR 235 (244) - Buy

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