Advertisement
Swiss Stocks Close Sharply Lower As Inflation Accelerates To 29-year High
(RTTNews) - Swiss stocks tumbled on Thursday as fears about growth and data showing an acceleration in consumer price inflation triggered a sell-off across the board.
The benchmark SMI ended lower by 191.59 points or 1.76% at 10,663.44, slightly off the day's low of 10,652.28.
Partners Group, Richemont, Credit Suisse, Sika, UBS Group and Geberit fell 3 to 4.7%.
Givaudan ended nearly 3% down. Swiss Life Holding, Lonza Group, Zurich Insurance Group, Logitech and SGS shed 2 to 2.65%. Holci,, ABB and Nestle also declined sharply.
In the Swiss Mid Price Index, Zur Rose plunged nearly 11%. Temenos Group drifted down 7.25%.
Swatch Group, Tecan Group, Georg Fischer, Adecco, AMS, Kuehne & Nagel, Flughafen Zurich, Bachem Holding, Straumann Holding, Ems Chemie Holding, Julius Baer, Clariant and Cembra Money Bank lost 2.5 to 5%.
Data from the Federal Statistical Office showed Switzerland's consumer price inflation accelerated unexpectedly in August to its highest level in twenty-nine years, rising 3.5% year-on-year in August, just above the 3.4% stable rate of increase in July. Economists had expected inflation to remain steady at 3.4%.
Further, this was the strongest inflation rate since August 1993, when prices had risen 3.6%.
Prices of food and non-alcoholic beverages grew 2.5% annually in August and housing and energy prices gained 4.7%.
On a monthly basis, consumer prices went up 0.3% in August, after showing no variations in July.
The monthly increase was driven by rising costs for in-patient hospital services, social protection services and housing rentals.
UK Vehicle Manufacturing Logs Weakest Start To Year Since 2009: SMMT
Bay Street Looks Set To Start On Firm Note
U.S. GDP Dips Slightly Less Than Previously Estimated In Q1
U.S. Weekly Jobless Claims Rise More Than Expected
FTSE 100 Flat, As Market Turns Subdued After Positive Start
CAC 40 Moderately Higher Amid Easing Trade Tensions
DAX Modestly Higher As Trade Tensions Ease After U.S. Court Ruling
