February 3, 2020 / 5:32 AM / 2 months ago

Swiss stocks - Factors to watch on February 3

ZURICH/BERLIN, Feb 3 (Reuters) - The Swiss blue-chip SMI was seen opening 0.3 % lower at 10.598 points on Monday, according to premarket indications by bank Julius Baer .

Here are some of the main factors that may affect Swiss stocks.

JULIUS BAER

Julius Baer set out new targets to improve its cost-income ratio by 2022, the bank said on Monday as it posted a 5% drop in adjusted net profit for 2019.

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CREDIT SUISSE

The bank at the centre of a scandal related to spying on senior executives also conducted espionage operations against Greenpeace, SonntagsZeitung reported.

Credit Suisse has frozen its investment bank bonus pool for the second year running after a surge in trading revenue in 2019 was offset by big declines in its advisory and capital markets business, the Financial Times reported.

Separately, the bank said it was proposing Richard Meddings, the chairman of British bank TSB, for election to its board of directors.

SWATCH

Chief Executive Nick Hayek remains optimistic about the watchmaker's prospects this year despite the coronavirus effect on the company's key Chinese market, he told Swiss newspaper Finanz und Wirtschaft. "In constant currencies we anticipate a growth of 5% to 7%," he said in an interview.

COMPANY STATEMENTS

* Gurit Holding issued provisional results for 2019, saying that sales rose nearly 36%.

* LEM Holding: The Swiss Takeover Board reconfirmed the validity of the "opting out" clause in LEM's articles of association. The company also announced a 33.5% increase in its nine-month net profit.

* Lastminute.com said it was currently in advanced discussions about a possible corporate transaction.

* WISeKey International Holding said it is expanding its share buyback program to include its American depositary shares.

* Straumann said it has hired Mark Johnson from Epredia as its new head of research and development.

ANALYSTS' VIEWS

BERNER KANTONALBANK - Credit Suisse raises price target to 235 Sfr from 225 Sfr

NOVARTIS - HSBC increases its price target to 90Sfr from 86Sfr.

ECONOMY

* Swiss January manufacturing PMI due at 0830 GMT, seen at 50.3

* The Swiss National Bank said it was adjusting its eligibility criteria to allow securities domiciled in Britain to be eligible after Brexit. (Reporting by Zurich newsroom and Berlin Speed Desk)

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