Swiss Inflation Eases as Landis+Gyr Launches Share Buyback
Switzerland's inflation rate cooled in July, coming in at 0.4% higher than this time last year and down 0.1% from June. This softer reading on inflation could influence the Swiss National Bank's next move on interest rates.
A purchasing managers' index showed the economy still looks steady, with a reading above 50 indicating growth rather than contraction. Employment plans also appear firmer.
However, not all news was positive for Switzerland's companies. Sandoz, a generic-drug maker spun out of Novartis, agreed to pay $450 million to settle US claims linked to alleged anti-competitive behavior in generics, plus $28.5 million in a related reseller case.
On the other hand, smart-metering firm Landis+Gyr launched a fixed-price tender to buy back up to 1 million shares at 50 francs each through August 18th, ending its longer buyback program early and saying a new one will follow after the offer.