May 9, 2018 / 5:24 AM / in 7 months

Swiss stocks - Factors to watch on May 9

ZURICH, May 9 (Reuters) - The Swiss blue-chip SMI was seen opening 0.1 percent higher at 8,956 points on Wednesday, according to premarket indications by bank Julius Baer.

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

ZURICH INSURANCE

Zurich Insurance generated $9.33 billion in property and casualty premiums in the first quarter, up 5 percent in dollar terms but down 1 percent like for like as Europe’s fifth-biggest insurer focused on profitability, it said on Wednesday.

NOVARTIS

An attorney for Stormy Daniels on Tuesday detailed payments he said were made to U.S. President Donald Trump’s lawyer, Michael Cohen, by U.S. telecommunications company AT&T, Swiss drugmaker Novartis and Korea Aerospace Industries Ltd. Daniels’ attorney said he discovered four payments of just under $100,000 each by Novartis to Essential Consultants, a company used by Cohen to make payments to Daniels.

CREDIT SUISSE

Credit Suisse subsidiary DLJ Mortgage has agreed to resell about $17 billion in first- and second-lien mortgages to Pacific Investment Management Co, the Wall Street Journal reported on Wednesday citing sources, a day after Capital One announced the sale of the mortgages to DLJ.

COMPANY STATEMENTS

* Tamedia’s takeover of Goldbach Group has been postponed until September or October after the Swiss Federal Competition Commission decided to carry out an in-depth review.

* Schaffner Holding posted 9.0 million Swiss francs ($8.97 million) in operating profit for its half-year reporting term, up from 6.0 million francs during the prior-year period

* Banque Profil De Gestion SA: Q1 net profit of CHF 247,357 compared to a net profit of CHF 309,196 as of March 31, 2017

* Bucher Industries announced its hydraulics division will be forming a Chinese joint venture by acquiring an 80 percent stake in Wuxi Deli Fluid Technology, subject to approval

ECONOMY

Results of monthly government bond tender due around 0900 GMT ($1 = 1.0034 Swiss francs) (Reporting by Zurich newsroom)

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