Economy
Climate
Markets
Swiss Market
Equities
EATON (US Satellites and b-Transition) has acquired Swiss firm Green Motion SA, which specialises in electric vehicle charging systems and associated software.
Over 12 years, SAINT-GOBAIN (Satellites and b-Transition) is to buy 120 MW of the 250 MW output of Invenergy’s Illinois (US) wind farm, thus doubling the share of renewables in its global electricity consumption to nearly 40%.
STRAUMANN (Core Holdings): at a meeting with the company last week, management stressed that business had been robust in Q1. Its guidance of 8-9% organic growth in 2021 looks particularly cautious, given a favourable base effect in Q2, and is likely to be upgraded in the course of the year.
TSMC (Asia Satellites) initially fell on news of Intel’s $20bn plan to expand capacity. The group is planning price rises from Q2 2021; given capacity shortages in the industry, it could hike prices as many as three times before the year is out.
VOLKSWAGEN (Satellites): the group’s CEO has dampened speculation over an IPO for Porsche Auto, saying he does not consider such a move a priority in the short term. At the same time, broker Jefferies upgraded its recommendation on the share to “buy” while Les Echos highlighted the wave of electric battery production facilities unfurling across Europe (VW, CATL, Tesla, ACC, Northvolt, etc.) – a development we had singled out in connection with manufacturers’ ongoing range electrification.
Bonds
Sentiment of traders
Stock market
In this shortened trading week, the focus will be in Europe on the sorry public health situation, in the US on Joe Biden, due to present his infrastructure package, and worldwide on US 10-year yields. Investors are once again likely to be caught between concerns about missing out on the rising market and the fear of a crash. In short, it looks set to be another unsettled week.
Currencies
EUR is under pressure against USD at EUR/USD 1.1787. Breaking through support at 1.1750 would open the way towards 1.1685; otherwise, the pair will return to the range 1.1830-1.20. USD remains in very strong demand against other currencies: USD/CHF 0.9376; GBP/USD 1.3780; USD/JPY 109.50. We expect EUR/CHF to trade in the range 1.10-1.1150 this week. Gold has consolidated at around $1,727/oz. USD/CHF: supp. 0.9250, res. 0.9470; GBP/USD: supp. 1.3580, res. 1.3850; USD/JPY: supp. 108.30, res. 110.
Today’s graph
Performances
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