Swiss Market Closes On Upbeat Note
(RTTNews) - The Switzerland market closed on an upbeat note on Wednesday, in line with markets across Europe, as investors reacted positively to U.S. President Donald Trump softening his tone toward Fed Chair Jerome Powell, and tariffs against China.
Trump said that tariffs on imported goods from China will "come down substantially, but it won't be zero." He also said that he would be "very nice" to China in trade deal negotiations.
The benchmark SMI ended with a strong gain of 162.39 points or 1.39% at 11,808.71. The index touched a high of 11,884.96 in the session.
Logitech International rallied 5.6%. VAT Group and UBS Group gained 4.53% and 4.4%, respectively.
Julius Baer, Kuehne + Nagel, Swatch Group, Alcon, Sandoz Group, Straumann Holding, Richemont, Lonza Group, Sika, ABB and Sonova gained 2 to 3.75%.
Schindler Ps ended down 1.16%. Givaudan and Lindt & Spruengli closed lower by 0.58% and 0.5%, respectively, while Swisscom edged down marginally.
Temenos tumbled more than 7% after the company reported a drop in first-quarter profit to $29 million, from $32.3 million in the year-ago quarter.
The HCOB Flash Eurozone Composite PMI stood at a four-month low of 50.1 in April, down from 50.9 in March, data from S&P Global and Hamburg Commercial Bank showed.
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