Swiss Market Ends Lower As Weak Earnings, Growth Concerns Weigh

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(RTTNews) - Save for a few minutes at the start of the session, the Switzerland stock market languished in negative territory on Tuesday as investors stayed wary of making significant moves ahead of the Federal Reserve's policy announcement.

Some weak earnings updates, a downward revision in global growth forecast by the International Monetary Fund, and looming interest rate hikes by central banks weighed on sentiment.

The benchmark SMI ended with a loss of 27.04 points or 0.24% at 11,102.31. The index touched a low of 11,074.15 in early trades.

UBS Group shares tanked nearly 10% after reporting weaker-than-expected profit in the second quarter. The lender said its profit in the three months ended June rose 5% to $2.1 billion, compared with $2.0 billion a year earlier. Analysts had expected profit to rise as much as 19.8% in the latest quarter.

Credit Suisse ended more than 4% down. Sika drifted down by about 2.5%. Partners Group and Geberit lost 2.3% and 2.1%, respectively.

Richemont ended 1.52% down and Holcim ended lower by 1.22%.

Logitech gained about 1.75%, Roche Holding advanced 1.25% and Novartis moved up 1.1%. Lonza Group climbed nearly 1%.

In the Swiss Mid Price Index, Zur Rose dropped 7.3% and Adecco ended lower by about 4.7%. AMS shed 3.7%, while Temenos Group, Straumann Holding and Georg Fisher drifted down 2.3 to 2.65%.

Lindt & Spruengli shares gained about 7%. Shares of the chocolate maker rallied after the company raised its sales guidance and unveiled a 1 billion Swiss franc ($1.04 billion) share buyback program.

SIG Combibloc rallied 5.4%. Julius Baer moved up 3.1%. Flughafen Zurich, Kuehne & Nagel and Sonova surged 1.2 to 1.5%.

The International Monetary Fund cut its global growth projections for 2022 and 2023, dubbing the world's economic outlook "gloomy and more uncertain."

The IMF now expects the world economy to grow 3.2% this year, before slowing further to a 2.9% GDP rate in 2023. The revisions mark a downgrade of 0.4 and 0.7 percentage points, respectively, from its April projections.

Japan Stock Market May Spin Its Wheels On Tuesday

The Japan stock market has moved higher in back-to-back sessions, gathering almost 200 points or 0.5 percent along the way. The Nikkei 225 now rests just above the 42,800-point plateau although it may be stuck in neutral on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water. The Nikkei finished modestly higher on Monday following gains from the financial shares, weakness from the technology stocks and a mixed picture from the automobile companies. For the day, the index advanced 174.53 points or 0.41 percent to finish at 42,807.82 after trading between 42,681.37 and 43,201.42. Among the actives, Nissan Motor accelerated 3.15 percent, while Mazda Motor shed 0.55 percent, Toyota Motor eased 0.10 percent, Honda Motor climbed 1.01 percent, Softbank Group soared 3.53 percent, Mitsubishi UFJ Financial dipped 0.11 percent, Mizuho Financial collected 0.79 percent, Sumitomo Mitsui Financial added 0.41 percent, Mitsubishi Electric rose 0.35 percent, Sony Group slumped 1.11 percent, Panasonic Holdings lost 0.49 percent and Hitachi fell 0.24 percent.

RTTNews | il y a 11 minutes

KOSPI May Run Out Of Steam On Tuesday

The South Korea stock market has tracked higher in three straight sessions, collecting almost 80 points or 2.6 percent along the way. The KOSPI now sits just shy of the 3,210-point plateau although it's due for consolidation on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water.

RTTNews | il y a 27 minutes

RBA Minutes On Tap For Tuesday

The Reserve Bank of Australia will on Tuesday release the minutes from its August 12 monetary policy meeting, highlighting a modest day for Asia-Pacific economic activity.

RTTNews | il y a 1h 27min

U.S. Dollar Climbs Against Majors

The U.S. dollar strengthened against its major counterparts in the New York session on Monday.

RTTNews | il y a 2h 39min

Swiss Market Ends Moderately Lower

After a weak start and a subsequent long spell in negative territory, the Switzerland market briefly moved slightly above the flat line in late afternoon trades on Monday, but quickly tumbled again to eventually settle on a weak note.

RTTNews | il y a 5h 25min

European Markets Close Weak After Cautious Session

European stocks closed on a weak note on Monday after a cautious session as investors awaited key inflation data from major economies in the region, and looked for more details about U.S. - EU trade deal.

RTTNews | il y a 5h 45min

Canadian Market Down More Than 0.5% On Profit Taking

After opening slightly down, the Canadian market slipped deeper into the red on Monday, weighed down by losses in healthcare, consumer staples, utilities and materials sectors.

RTTNews | il y a 6h 25min

U.S. New Home Sales Pull Back From Upwardly Revised Level In July

New home sales in the U.S. decreased from an upwardly revised level in the month of July, according to a report released by the Commerce Department on Monday. The Commerce Department said new home sales fell by 0.6 percent to an annual rate of 652,000 in July after surging by 4.1 percent to an upwardly revised rate of 656,000 in June.

RTTNews | il y a 8h 9min

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