Swiss Market Index Blinks Red; Galderma Falls
The Swiss Market Index remained in the red on Wednesday, closing 0.56% lower, as investors took stock of the latest economic data releases while keeping abreast of developments in the US-Iran war.Switzerland's manufacturing PMI fell to 54.3 in June from 57.3 in May, according to data from procure.ch and UBS. Meanwhile, government data showed that retail sales in the country rose 0.5% month over month in real terms in May, following a revised 0.2% gain in April.In the euro area, the annual inflation eased to 2.8% in June from 3.2% in May, while the annual core inflation rate edged down to 2.4% from 2.6%, Eurostat's flash data showed.On the corporate side, Galderma Group (GALD.SW) will take corrective and preventive actions to address observations made by the US Food and Drug Administration following a pre-license inspection of the Swiss dermatology company's manufacturing site. The inspection is part of the FDA's review of the pending biologics license application for Galderma's ready-to-use liquid neuromodulator RelabotulinumtoxinA, or Relfydess. The stock shed 2.75% at closing.Ams-Osram (AMS.SW) completed the sale of its non-optical analog/mixed-signal sensor business to German semiconductor manufacturer Infineon Technologies for 570 million euros. The light and sensor technology company's shares were down 6.48% at the end of the trading day."With the successful closing of this transaction, a decisive step in strengthening our balance sheet has been achieved, while continuing to sharpen our strategic focus to build the global leader in Digital Photonics," Ams-Osram Chief Executive Officer Aldo Kamper said. "The divestment allows us to further concentrate our resources on our core business and on our growth opportunities."On the defense front, Martin Pfister, who heads the Swiss Federal Department of Defence, Civil Protection and Sport, is meeting with his French counterpart in Paris to coordinate cooperation and bolster security and defense ties between the two countries.In other news, the US and Iran reportedly held technical talks in Doha, Qatar, as both sides seek to reach an agreement on shipping flows in the Strait of Hormuz and a permanent peace deal, sources and an unnamed Iranian official told Reuters.
