There was profit taking due to lack of positive impulses. The die is cast in the election of the U.S. president. The Corona vaccination euphoria is coming to an end, the authorities are tightening the screws again.
The Corona pandemic is still causing concern. In neighboring countries the reins were tightened – by whole or partial lockdowns, Germany, Italy and France prohibit skiing until Christmas and beyond. The Federal Council was also put under pressure and had to tighten some measures.
Under the new measures the economy suffers. Tourism and hospitality industry will be slowed down once again this year. The outlook for the Swiss economy has thus deteriorated further with the advent of the second Corona wave. The KOF economic barometer is in November by 2.8 to 103.5 points dropped. Rent relief for lockdown-hit business owners scuttled by parliament in winter session.
Vaccine setbacks and Corona saliva test
But there are also setbacks with the vaccines. Pharmaceutical company Pfizer has had to halve the delivery target on its Corona vaccine this year due to supply chain delays.
On a positive note, however, a st.Galler Startup company immediately a new Corona test drives out. A painful smear test is no longer necessary; here, test subjects can send in a saliva sample by mail and have it analyzed in the lab.
Corporate News
In the reporting week, especially shares corrected, which had risen massively in the past time and had partly reached new highs, for example Lonza and Sika, but also Givaudan.
Despite rejection of the Group Responsibility Initiative, Glencore's chief executive (Ivan Glasenberg) is retiring next year and handing over his post to a successor.
Credit Suisse again paid a partial dividend of CHF 0.1388 per share. The new president is called Antonio Horta-Osorio of the big bank. The Portuguese takes the helm of CS from 2021. At the same time, a mortgage dispute with the U.S. of around 700 million. USD to be done.
UBS management is becoming more female. Sabine Keller-Busse takes over as of 1. February 2021 the management of the Swiss home market.
Already next weekend, and thus earlier than planned, the Jungfrau Railways will open its new V-Bahn, a new prestige project, an express access to the Eiger Glacier.
Construction supplier Belimo (production of ventilation and water valves and dampers) acquires Canadian company Opera Electronics. No details of the purchase price were given.
An increase in forecasts gives new impetus to laboratory equipment supplier Tecan. The company expects rising sales and profits this year thanks to high demand from the Corona pandemic.
Prospects
The epidemiological situation in Switzerland and Europe is unsatisfactory.
Although our national government is trying to make new measures as mild as possible, it is increasing the pressure on the cantons. But lockdowns and partial lockdowns put a massive brake on economic development. In early fall, we were still optimistic that we would be able to quickly recoup the damage from the March and April lockdowns. Much more time is now needed.
In terms of sectors, the differences are still large. The hospitality industry and tourism still suffer the most, in some cases threatening their existence. Exports have slumped by about a quarter this year amid weakened demand from abroad. The big corporations in food and pharma are coming off relatively well.
At the banks, even during Corona, interest margins on mortgages have increased. Demand for real estate and residential property remains on the rise. Gold remains at higher levels – security for uncertain times.