In Switzerland, the earnings season for the previous financial period is accelerating. In recent days, a number of companies have presented their results, with their interim balance sheets prompting a wide range of reactions on stock markets. These include Barry Callebaut, Partners Group and Richemont.
Gains in Partners Group: The private equity specialist attracted a greater inflow of new client funds than expected in the first half of the year, thereby confirming its forecast for the full year. The results were positively received by the stock market: shares have exhibited a marked increase since the figures were published on Tuesday, demonstrating a notable outperformance of the broader market.
Cautious reaction in Richemont: The luxury goods group Richemont has demonstrated robust performance in the face of challenging market conditions. The company experienced an increase in revenue from its jewellery business and in the European market during the first quarter. However, this growth was partially offset by a decline in watch sales due to a slump in consumer spending in China. In summary, Richemont's performance was in-line with market expectations. Nonetheless, investors continue to exercise caution in the present climate, with shares exhibiting minimal response to the earnings figures.
Setback for Barry Callebaut: The response to Barry Callebaut's quarterly financial results was sobering, with the shares of the chocolate manufacturer experiencing a decline of more than 13% on the day of publication. Although sentiment has since improved and the shares have almost recovered, they are currently trading at their lowest level since the spring of 2011. The prevailing business environment remains challenging, partly due to record-high cocoa prices. Consequently, Barry Callebaut has lowered its profit targets for the full year once again, citing low visibility within the chocolate industry.
Barrier Reverse Convertible on Swiss Stocks
10.10% p.a. BRC on Barry Callebaut, Partners Group, Richemont
Barrier: 61%
Valor: 144 652 905
Indicative terms
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