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Swiss Market Ends Notably Lower

RTTNews | hace 774

Swiss Market Ends Notably Lower

(RTTNews) - The Switzerland stock market opened slightly up on Monday, but soon dropped into negative territory and then spent the rest of the day's session in the red.

Worries about economic slowdown amid tighter monetary policies from central banks weighed on the market.

The benchmark SMI ended with a loss of 133.99 points or 1.21% at 10,976.20, near the day's low.

Richemont shares plunged 10.4% after its sales figures showed a slowdown in U.S. demand. Richemont chief financial officer Burkhart Grund reportedly told anaylsts that there was no change to the full-year outlook for the group.

He is also reported to have said US sales had already started to pick up in June after slumping in May, but they were "not out of the woods yet," and sounded a note of caution on the 2024 US elections, which tended to have a damping effect on luxury demand.

Givaudan, Sonova, Partners Group, Geberit, Roche Holding and Kuehne & Nagel lost 1 to 2%.

Alcon ended nearly 1% down. Holcim, ABB, Lonza Group and Nestle lost 0.4 to 0.8%, while Sika and Logitech both gained about 0.65%. Swiss Re, UBS Group and Swisscom posted modest gains.

In the Mid Price Index, Belimo Holding, Straumann Holding and Swatch Group lost 4.2%, 3.1% and 2.5%, respectively.

Georg Fischer, Lindt & Spruengli, PSP Swiss Property, Clariant and SGS ended lower by 0.8 to 1.6%.

Adecco climbed 1.6%. Bachem Holding, Temenos Group, Meyer Burger Tech and DocMorris gained 0.3 to 0.7%.

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U.S. Consumer Sentiment Deteriorates Slightly More Than Initially Estimated In August

U.S. Consumer Sentiment Deteriorates Slightly More Than Initially Estimated In August

The University of Michigan released a report on Friday showing consumer sentiment in the U.S. deteriorated by slightly more than previously estimated in the month of August. The report said the consumer sentiment index for August was downwardly revised to 58.2 from the preliminary reading of 58.6.

RTTNews | hace 1h 21min

Chicago Business Barometer Slumps Much More Than Expected In August

Chicago Business Barometer Slumps Much More Than Expected In August

MNI Indicators released a report on Friday showing a sharp pullback by its reading on Chicago-area business activity in the month of August. The report said the Chicago business barometer tumbled to 41.5 in August after jumping to 47.1 in July, with a reading below 50 indicating contraction. Economists had expected the business barometer to edge down to 46.0.

RTTNews | hace 1h 39min

U.S. Consumer Prices Increase In Line With Estimates In July

U.S. Consumer Prices Increase In Line With Estimates In July

Consumer prices in the U.S. increased in line with economist estimates in the month of July, according to closely watched data released by the Commerce Department on Friday. The Commerce Department said its personal consumption expenditures (PCE) price index rose by 0.2 percent in July after climbing 0.3 percent in June. The uptick matched expectations.

RTTNews | hace 2h 23min

German Unemployment Exceeds 3 Mln

German Unemployment Exceeds 3 Mln

Germany's unemployment exceeded the three million-mark for the first time in a decade in August as the prolonged period of subdued economic activity weighed on the labor market. The number of unemployed persons increased by 46,000 from the previous year to 3.025 million in August. However, unemployment fell by adjusted 9,000 compared to the previous month, while it was forecast to increase by 1

RTTNews | hace 2h 52min

U.S. PCE Price Index Increased In Line With Estimates In July

U.S. PCE Price Index Increased In Line With Estimates In July

Consumer prices in the U.S. increased in line with economist estimates in the month of July, according to closely watched data released by the Commerce Department on Friday.

RTTNews | hace 3h 5min

Slightly Weak Start Seen For U.S. Stocks; PCE Data In Focus

Slightly Weak Start Seen For U.S. Stocks; PCE Data In Focus

Lower U.S. futures point to a slightly negative start on Wall Street Friday morning.

RTTNews | hace 3h 21min

Lower Futures Pointing To Weak Start On Bay Street; Canadian GDP, US PCE Data In Focus

Lower Futures Pointing To Weak Start On Bay Street; Canadian GDP, US PCE Data In Focus

Lower Canadian and U.S. futures ahead of Canadian GDP data and U.S. personal consumption expenditure report, point to a weak start on Bay Street Friday morning.

RTTNews | hace 3h 59min

Pound Slides Against Majors

Pound Slides Against Majors

The British pound weakened against other major currencies in the European session on Friday, weighed down to a large extent by the weakness in the financial sector, amid reports of likely imposition of windfall tax on banks.

RTTNews | hace 4h 6min

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