September 27, 2019 / 5:09 AM / 24 days ago

Swiss stocks - Factors to watch on September 27

ZURICH/BERLIN, Sept 27 (Reuters) - The Swiss blue-chip SMI was seen opening 0.2% higher at 10,034 points on Friday, according to premarket indications by bank Julius Baer .

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

CREDIT SUISSE

Credit Suisse’s biggest shareholder, Harris Associates, stands behind the bank and Chief Executive Tidjane Thiam in a messy case surrounding a botched spying job into former International Wealth Management head Iqbal Khan, a partner of the firm told Swiss news site The Market.

“Assuming no law was broken, Mr Thiam and his team have our full support,” Harris Associates’ David Herro said. “We would be extremely disappointed if someone were to lose their jobs as long as the law was abided.”

Khan’s switch to co-head of wealth management at market leader UBS had prompted Switzerland’s second-biggest bank to hire private detectives to tail the executive in an operation that triggered a criminal investigation and an internal bank probe. Credit Suisse is soon expected to announce the results of its internal investigation.

NOVARTIS

XOMA Corp said it had acquired a royalty interest in six clinical-stage assets targeting the adenosine pathway, including NIR178 which is being developed by Novartis as a novel checkpoint inhibitor for the treatment of solid tumors.

COMPANY STATEMENTS

* Logitech said it agreed to acquire Streamlabs for $89 million in cash, with an additional payment of $29 million in Logitech stock.

* Zurich Insurance said it would take over the costs for stranded clients of insolvent travel operator Thomas Cook Germany, pursuant to its contractual obligations.

* Richemont acquired Italian jeweler Buccellati in a private transaction with Gangtai Group Corp Ltd. It said the deal would have no material financial impact on net assets or operating results.

Reporting by Zurich newsroom and Berlin Speed Desk

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