June 29, 2020 / 6:09 AM / 12 days ago

Swiss stocks - Factors to watch on June 29

ZURICH/BERLIN, June 29 (Reuters) - The Swiss blue-chip SMI was seen opening 0.7% lower at 9,970 points on Monday, according to premarket indications by bank Julius Baer .

Here are some of the main factors that may affect Swiss stocks on Monday:

CORONAVIRUS

The death toll from COVID-19 reached half a million people, according to a Reuters tally.

Asian share markets began the week with a cautious tone as the spread of the coronavirus made investors question their optimism on the global economy, benefiting safe harbour bonds and the U.S. dollar.

Zurich’s health authority said it had ordered a 10-day quarantine for almost 300 guests and staff of a nightclub after a reveller tested positive for the coronavirus and had been proven to have infected others during his outing.

NOVARTIS

The drugmaker has withdrawn an application for European approval of its Xiidra dry eye medicine after regulators concluded its effectiveness had not been demonstrated and that its benefits did not outweigh risks.

Takeda Pharmaceutical said it anticipates an operating loss of about $200 million related to Novartis’ decision to withdraw a marketing application for Xiidra.

ROCHE

The company is unable to meet demand for molecular tests to identify active COVID-19 infections, its chairman told Tages-Anzeiger.

MCH

Rupert Murdoch and his son James are considering investing in MCH, the event group that organises Art Basel show, Finanz und Wirtschaft said, citing two unspecified sources.

BANKING

Reforms to the global financial system following the banking crisis a decade ago have cut the risk of taxpayers having to rescue lenders again but some gaps still need plugging, the Financial Stability Board said.

COMPANY ANNOUNCEMENTS

* Straumann Holding - Chief Financial Officer Peter Hackel expects sales to decline at the dental implant maker, due to the impact of the coronavirus lockdown and its economic effects, he told Swiss newsletter The Market. Although the company was seeing an improvement in some countries, it was too early to speak of a normalisation, he added.

* Evolva said it has signed a 12 million Swiss franc with Nice & Green to fund future growth.

RATINGS

ZUR ROSE GROUP AG: Berenberg raises target price to CHF 300 From CHF 200

MOLECULAR PARTNERS AG: RBC cuts target price to CHF 20 from CHF 37

ECONOMY

* SNB sight deposits due at 0800 GMT

Reporting by Zurich newsroom and Berlin Speed Desk

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