According to the market, the recovery in early October was a flash in the pan. As long as interest rate fears do not subside, a counter movement is not expected despite the sharp fall in prices.
Last Friday, an unexpectedly strong US job market report caused taxes across the board. Heavy explosions from rocket attacks on a number of Ukrainian cities, including the capital Kyiv, were also reported Monday morning.
At 11:25 p.m. the SMI was 0.7 percent lower at 10,236 points. Investors also cover other European exchanges. British FTSE (-0.6%) and French Cac 40 (-0.7%) also suffered losses. On Friday evening, the Dow Jones on Wall Street fell as much as 2.1 percent and the tech-heavy Nasdaq fell as much as 3.8 percent.
Technology and growth stocks have come under special pressure. The employment data has further fueled fears that the Federal Reserve will further tighten monetary policy. In this context, AMS Osram’s shares fell 6.9 percent. In addition, the chief financial officer’s resignation now causes additional uncertainty and therefore puts pressure on shares relative to the market.
Temenos lost 1.6 percent. The Geneva-based software maker has recently been harassed by an activist shareholder, which has driven prices up.
Credit Suisse shares (+1.3%) were among the top winners. They continue the recent recovery after the previous week’s record low of 3.52 CHF. Sonova shares (+1.2%) are also among the winners. The hearing aid maker is holding an investor’s day on Tuesday.
Shares of defensive heavyweight Roche (-1.5%) are not exempt from taxes. The other two heavyweights Novartis (-0.7%) and Nestlé (-0.4%) are slightly better off.
Leonteq is gaining negative attention in the broader market, losing about a fifth of its value. According to a report by the «FT», the derivatives specialist may be involved in money laundering and tax evasion.
The dollar has gained some ground in the foreign exchange market recently. In trade, it was stated that the expectation of further increases in key interest rates is also driving the US currency.
The US dollar has recently climbed to CHF 0.9980 and is therefore approaching the pair. The euro currently costs 0.9677 francs. The common currency fell to a record just over 0.94 francs two weeks ago.
(SDA)