Win Streak Continues For Swiss Stock Market
(RTTNews) - The Swiss stock market shook off early weakness and inched higher on Wednesday, closing in the green for the fourth straight session and advancing more than 100 points or 1 percent in that span.
The flat performance was roughly in line with the rest of the European markets, although most of them finished in the red.
The early selling pressure came on lingering concerns about the Federal Reserve's rate hike path, which dented demand for riskier assets. The Federal Reserve is scheduled to release the minutes of its latest monetary policy meeting later today, which could shed additional light on the outlook for interest rates amid worries the Fed will raise rates higher than currently anticipated. For the day, the SMI advanced 18.13 points or 0.16 percent to finish at 11,300.29 after trading between 11,197.77 and 11,333.85. Among the individual components, Credit Suisse surged 2.33 percent, while Swisscom soared 1.95 percent, UBS Group stumbled 1.26 percent, Swatch Group slumped 0.85 percent, Nestle jumped 0.68 percent, Swiss Re climbed 0.60 percent, Novartis improved 0.48 percent, Swiss Life sank 0.36 percent, Zurich Insurance collected 0.32 percent, Adecco Group fell 0.29 percent and Julius Bar Gruppe perked 0.10 percent.
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