Swiss Stocks Advance as Investors Await Fed Speeches
Stocks in Switzerland advanced as investors awaited a report on U.S. consumer confidence and speeches by two Federal Reserve officials.
Givaudan SA (GIVN) climbed after Nomura Holdings Inc. recommended buying shares in the world’s largest maker of flavorings. Evolva Holding SA (EVE), a developer of food ingredients, jumped 4.5 percent. Burckhardt Compression Holding AG tumbled 8.9 percent after the supplier to oil and gas companies cut its 2013 operating-profit margin guidance.
The Swiss Market Index (SMI) added 0.3 percent to 8,083.72 at 9:24 a.m. in Zurich. The measure climbed 0.8 percent last week after the Federal Reserve refrained from reducing its $85 billion of monthly asset purchases, and is heading for a 5.2 percent quarterly gain and 18 percent annual advance. The broader Swiss Performance Index also rose 0.3 percent today.
The volume of shares changing hands in SMI-listed companies today was 18 percent lower than the average of the past 30 days, data compiled by Bloomberg show.
Fed Bank of Cleveland President Sandra Pianalto speaks at the Chicago Federal Reserve’s payments symposium at 8:30 a.m. local time. Fed Bank of Kansas President Esther George addresses the conference at noon local time, after European markets close.
A report at 10 a.m. New York time may show the Conference Board’s consumer-confidence index slipped to 80 this month from 81.5 in August, according to the median forecast of 77 economists in a Bloomberg News survey.
Separate data at the same time may show that manufacturing in the region covered by the Fed Bank of Richmond shrank this month. The factory index, which covers North Carolina, South Carolina, the District of Columbia, Maryland, Virginia and most of West Virginia, dropped to 12 from 14 last month, economists predicted in a Bloomberg survey.
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