May 10, 2017 / 4:44 AM / 2 months ago

Swiss stocks - Factors to watch on May 10

3 Min Read

ZURICH, May 10 (Reuters) - The Swiss blue-chip SMI was seen opening 0.4 percent lower at 9,074 points on Wednesday, according to premarket indications by bank Julius Baer .

Here are some of the main factors expected to affect Swiss stocks on Wednesday:

Roche

Roche's Tecentriq drug has failed a late-stage trial in people with previously treated advanced bladder cancer, the Swiss drugmaker said on Wednesday.

U.S. health regulators on Tuesday granted accelerated approval for Pfizer Inc's immuno-oncology drug Bavencio to treat advanced bladder cancer, marking the second approval in less than two months for the treatment developed along with Germany's Merck KGaA. Roche's Tecentriq and Opdivo from Bristol-Myers Squibb are also approved for bladder cancer.

Swiss Life

Switzerland's biggest life insurer said it was making progress on its 2018 strategic goals thanks to growth in its fee business and third-party asset management despite lower first-quarter premiums.

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Syngenta

ChemChina has won around 82 percent support from Syngenta shareholders for its $43 billion takeover of the Swiss pesticides and seeds group, China's biggest foreign acquisition to date, the two companies said on Wednesday.

Credit Suisse

Societe Generale, JP Morgan and Credit Suisse have been appointed as global coordinators for the initial public offering of ALD Automotive, three sources familiar with the matter said.

Credit Suisse plans to add around 1,200 jobs in North Carolina, partly by moving positions from New York City, the bank said, as it tries to cut costs following back-to-back annual losses.

Energy Sector

A poll by Gfs.bern showed 56 percent support for the government's proposed energy policy in a referendum to be held on May 21, with 37 percent opposed and 7 percent undecided. The plan calls for boosting use of renewable sources and conservation.

Company Statements

* Banque Profil de Gestion posted first-quarter net result of 309,196 Swiss francs, up from 73,284 a year earlier.

* SmarDTV, a Kudelski company, said its third generation System-In-Package (SIP) technology was selected by South Africa's Altech UEC to provide the local retail market with a new HD set-top box for free-to-air digital satellite TV platform OpenView HD.

Economy

* Results due around 0900 GMT for auction of two Swiss government bonds.

Reporting by Zurich newsroom

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