July 16, 2012 / 5:23 AM / in 5 years

Swiss stocks - Factors to watch On July 16

ZURICH, July 16 (Reuters) - Swiss stocks are set to idle Monday, as investors wait for company earnings and this week’s testimony from U.S. Federal Reserve Chairman Ben Bernanke before taking a stance on equities.

Switzerland’s blue-chip SMI index is set to open unchanged at 6182.08, according to pre-market indications provided by Julius Baer.

SGS, Novartis and Actelion kick off earnings season in Switzerland with second-quarter reports this week.

TAX

Authorities in the German state of North Rhine-Westphalia have bought a CD from Switzerland containing wealthy Germans’ bank details as part of a drive to identify tax evaders and are considering buying another two, media reports said on Saturday.

COMPANY STATEMENTS

*Kuehne & Nagel said second-quarter profit fell to 146 million Swiss francs despite a rise in revenue, as shipping rate increases weighed on margins.

*Nobel Biocare named former Sonova financial chief Oliver Walker Chief Financial Officer effective August.

* Gottex said it plans an extraordinary general meeting on a share buyback meant to offset the dilution effect of the newly to be issued shares which form part of the consideration contemplated by the recently announced Penjing acquisition.

ECONOMY

The head of Switzerland’s federal budget office said the central bank’s cap of 1.20 francs per euro was essential for the economy and could be effectively defended by the authorities.

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