Stocks in Switzerland Rise as China GDP Meets Forecasts
Stocks in Switzerland climbed, continuing last week’s advance, as data showed Chinese quarterly economic growth matched forecasts.
Kuehne & Nagel International AG (KNIN), the world’s biggest sea-freight forwarder, jumped 3.4 percent after reporting an increase in second-quarter profit. Transocean Ltd. (RIG) gained 1 percent as Morgan Stanley resumed coverage of the shares with an equal-weight rating. Swisslog Holding AG (SLOG) slid 4.7 percent after it predicted a drop of as much as 5 percent in 2013 net sales.
The SMI (SMI) rose 0.5 percent to 8,024.19 at 10:01 a.m. in Zurich. The equity benchmark advanced 2.6 percent last week as Alcoa Inc. started the U.S. earnings season with better-than-estimated results and Federal Reserve Chairman Ben S. Bernanke said the economy still needs stimulus. The broader Swiss Performance Index also added 0.5 percent today.
China’s gross domestic product rose 7.5 percent in the April-to-June quarter from a year earlier, according to the National Bureau of Statistics in Beijing. That equaled the median forecast in a Bloomberg News survey. The economy expanded at a 7.7 percent pace in the first quarter.
Finance Minister Lou Jiwei signaled last week that the world’s second-biggest economy may expand less than the government has targeted this year and that growth as low as 6.5 percent may be tolerable in the future.
Kuehne & Nagel climbed 3.4 percent to 113.80 Swiss francs. Net income rose 6.3 percent to 153 million francs ($161 million), meeting analyst estimates collected by Bloomberg, as the market for shipments by sea expanded and a reorganization helped the company reduce costs.
Transocean Ltd., an offshore drilling contractor, added 1 percent to 47.51 francs as Morgan Stanley rated the stock equal weight.
Flughafen Zuerich AG (FHZN), the operator of the Zurich airport, gained 0.7 percent to 496.75 francs after Kepler Cheuvreux upgraded its recommendation on the shares to buy from reduce.
Swisslog slid 4.7 percent to 1.02 francs. The supply-chain contractor said its traditionally stronger second half won’t compensate for order arrears.
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