Swiss Stocks Advance for Second Day as Earnings Beat
Stocks in Switzerland advanced for a second day as company earnings beat forecasts and as investors awaited the European Central Bank’s interest-rate decision.
Transocean Ltd. rose 3.5 percent, Nobel Biocare Holding AG climbed 2.7 percent and Swiss Re Ltd. rallied to a five-year high after reporting third-quarter profits that exceeded analyst projections. Swisscom AG, the country’s largest phone company, gained 1.8 percent after naming a new chief executive officer.
The SMI (SMI) added 0.3 percent to 8,246.76 at 9:44 a.m. in Zurich. The gauge rallied 2.6 percent in October as U.S. lawmakers reached a deal to avoid a sovereign default and end a partial government shutdown. The broader Swiss Performance Index also added 0.3 percent today.
The ECB will announce its interest-rate decision at 1:45 p.m. in Frankfurt and President Mario Draghi will address a press conference 45 minutes later. Three of 70 economist estimates compiled by Bloomberg forecast the central bank will cut its benchmark interest rate to 0.25 percent from 0.5 percent. In a separate survey, eight of 38 economists called for interest rates to be lowered in December.
In the U.S., a Commerce Department report at 8:30 a.m. in Washington may show the world’s biggest economy expanded at a 2 percent annualized rate in the third quarter after a 2.5 percent pace in the previous period, according to the median forecast of 87 economists in a Bloomberg News survey.
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