Swiss Daybook: Adecco Beats Estimates; SNB, IMF Conference

Adecco SA (ADEN) reported net income of 100 million euros for the first quarter of 2011, beating analysts’ estimates of 90.5 million euros. The company said it’s “well” on track to meet its mid-term targets.

EQUITIES: *Tornos reported first-quarter orders of 78.4 million Swiss francs, up 81 percent from 2010, company post profit vs. loss in year-earlier period *Swiss Re discloses shareholding of 3.1 percent by MFS Investment Management *Kuoni Reisen Holding sells shares for 257 million francs to pay for Gullivers *UBS aims for Top-5 ranking on U.S. deals after bankers defect *Meyer Burger gets German approval to buy Roth & Rau

WHAT TO WATCH: *Kuehne + Nagel International holds annual general meeting at 10 a.m. in Schindellegi *OC Oerlikon holds annual general meeting at 2:30 p.m. in Luzern *Panalpina holds annual general meeting at 10:30 a.m. in Basel

ECONOMY/POLITICS: *Swiss central bank and IMF hold conference on international monetary system in Zurich *Euroforum holds Swiss Banking Summit in Zurich *Swiss Consumer Confidence declined in April to an index level of -1, down from +10 in January *Consumer Price Index data for April is published *Switzerland sells 3-month bills

MARKETS: *The SMI fell 0.8 percent to 6,476.89 *The SPI declined 0.6 percent to 5,979.96. *The Stoxx Europe 600 Index fell 0.3 percent to 280.56 *The MSCI Asia-Pacific Index rose 0.3 percent to 138.03 at 7:03 a.m. Zurich time *Euro-franc traded at 1.2524 at 7:06 a.m. Zurich time

To contact the reporter on this story: Corinne Gretler in Zurich at

To contact the editor responsible for this story: Paul Verschuur at Matthias Wabl at

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