Swiss Stocks Rise for Third Day Before U.S. Data
Swiss stocks rose for a third day, for the longest winning streak in five weeks, as investors awaited U.S. reports that may show consumer spending and sales of previously owned houses increased in May.
Roche Holding AG (ROG), the world’s biggest maker of cancer drugs, contributed the most to gains in the benchmark Swiss Market Index. Transocean Ltd. (RIG), the largest supplier of offshore oil rigs, advanced 1.1 percent.
The SMI (SMI) climbed 0.3 percent to 7,574.99 at 9:42 a.m. in Zurich, heading for its first weekly rally since the period ended May 17. The gauge is still poised for a decline of 4.6 percent in June, its biggest monthly decline since July 2011. The SMI has slumped 3 percent so far this quarter, trimming its gain for the year to 11 percent. The broader Swiss Performance Index also rose 0.3 percent today.
In the U.S., a report at 8:30 a.m. New York time may show that personal spending increased 0.3 percent last month, after a 0.2 percent drop in April, according to the median forecast of 83 economists in a Bloomberg News survey.
Separate data from the National Association of Realtors at 10 a.m. will probably show that an index of pending-home sales rose 1 percent in May after a 0.3 percent gain in the previous month.
In the European Union, finance chiefs struck an agreement on how to handle failing banks. In seven hours of emergency negotiations in Brussels that concluded at about 1:30 a.m. today, ministers finalized guidelines for assigning losses to private creditors and regulating public assistance.
Roche gained 1.1 percent to 230.30 Swiss francs, while Actelion Ltd. (ATLN) added 1.4 percent to 55.85 francs. A gauge of European health-care companies was among the best performers of the 19 industry groups in the Stoxx Europe 600 Index.
Transocean climbed 1.1 percent to 45.22 francs.
To contact the reporter on this story: Corinne Gretler in Zurich at firstname.lastname@example.org
To contact the editor responsible for this story: Andrew Rummer at email@example.com