Swiss Market Ends On Firm Note On Positive Global Cues

RTTNews | 910天前
Swiss Market Ends On Firm Note On Positive Global Cues

(RTTNews) - The Switzerland stock market ended on a strong note on Tuesday, in line with markets across Europe, after data showing a tamer-than-expected U.S. consumer price inflation helped ease concerns about the outlook for interest rates.

Investors also digested a report lowering the forecast for Swiss economic growth.

The Swiss National Bank is expected to lift the benchmark rate by 50 bps on Thursday, softening its pace from 75 bps action at the previous quarterly meeting in September. This would mark the third consecutive increase.

The benchmark SMI, which stayed a bit sluggish till mid morning, climbed higher as the session progressed, and after hitting a high of 11,223.47, pared some gains and settled at 11,136.62, up 102.98 points or 0.93% from a day earlier.

Logitech, the top gainer in the SMI index, surged 3.71%. UBS Group gained nearly 3%, while Partners Group, Lonza Group, Geberit and Sika climbed 2.4 to 2.7%.

Richemont, Givaudan and ABB gained 1.9 to 2.1%, while Roche Holding and Alcon advanced 1.4% and 1.25%, respectively.

Credit Suisse and Zurich Insurance Group ended lower by 0.62% and 0.55%, respectively.

In the Mid Price Index, Zur Rose, AMS and VAT Group surged 5 to 5.6%. Temeons Group, Belimo Holding, Clariant and Straumann Holding gained 3.3 to 4.1%.

Georg Fischer, Adecco, Julius Baer, Schindler Holding and SIG Combibloc also ended sharply higher.

A report from the State Secretariat for Economic Affairs, or SECO said the Swiss economy will experience sluggish growth but it will not enter a severe recession next year, and is set to fare better in 2024 on the back of a global recovery.

The economy will grow only 1% next year, instead of 1.1% estimated in September. The outlook for 2022 was retained at 2%.

Moreover, subdued global demand will weigh on the Swiss foreign trade over the next two years, the expert group noted.

The SECO has downgraded its inflation projections for this year to 2.9% from 3% and that for 2023 to 2.2% from 2.3%.

Earlier in September, the central bank had projected inflation for this year at 3% and that for 2023 at 2.4% and 1.7% in 2024.

The government today estimated the unemployment rate to rise slightly to 2.3% next year from 2.2% this year.

read more
Australian Market Trims Early Gains In Mid-market

Australian Market Trims Early Gains In Mid-market

The Australian market is trimming its early gains in mid-market moves on Wednesday, but extending the gains in the previous session, with the benchmark S&P/ASX 200 moving above the 8,600 level to fresh all-time highs, following the positive cues from Wall Street overnight, with gains in iron ore miners, energy and financial stocks partially offset by weakness in gold miners and technology stocks.
RTTNews | 16分鐘前
Asian Markets Track Wall Street Higher

Asian Markets Track Wall Street Higher

Asian stock markets are trading mostly higher on Wednesday, following the broadly positive cues from Wall Street overnight, amid easing trade war tensions after top U.S. and Chinese officials agreed upon a "framework" to move forward on trade, following two days of high-level talks in London. The framework will first need to be approved by leaders in Washington and Beijing.
RTTNews | 41分鐘前
Sensex, Nifty Set For Muted Start

Sensex, Nifty Set For Muted Start

Indian shares are seen opening little changed on Wednesday despite top U.S. and Chinese officials agreeing on a "framework" to move forward on trade, following two days of high-level talks in London.
RTTNews | 1小時10分鐘前
Thai Bourse May Extend Tuesday's Gains

Thai Bourse May Extend Tuesday's Gains

The Thai stock market on Tuesday ended the two-day slide in which it had slipped more than 5 points or 0.4 percent. The Stock Exchange of Thailand now rests just beneath the 1,140-point plateau and it may tick higher again on Wednesday.
RTTNews | 1小時41分鐘前
Japanese Market Modestly Higher

Japanese Market Modestly Higher

The Japanese stock market is trading modestly higher on Wednesday, extending the gains in the previous three sessions, following the broadly positive cues from Wall Street overnight. The Nikkei 225 is moving above the 38,300 level, with gains across most sectors led by index heavyweights and technology stocks. Financial stocks are a weak spot.
RTTNews | 2小時7分鐘前
Indonesia Shares May Open To The Upside

Indonesia Shares May Open To The Upside

The Indonesia stock market has moved higher in three straight sessions, gathering almost 190 points or 2.7 percent along the way. The Jakarta Composite Index now rests just above the 7,230-point plateau and it's looking at a firm lead again for Wednesday's trade.
RTTNews | 2小時11分鐘前
Higher Open Expected For Hong Kong Shares

Higher Open Expected For Hong Kong Shares

The Hong Kong stock market has moved lower in two of three trading days since the end of the three-day winning streak in which it had rallied almost 750 points or 3.5 percent. The Hang Seng Index now sits just above the 24,160-point plateau and it's likely to remain rangebound on Wednesday.
RTTNews | 2小時26分鐘前
Australian Market Notably Higher

Australian Market Notably Higher

Australian shares are trading notably higher on Wednesday, extending the gains in the previous session, with the benchmark S&P/ASX 200 moving well above the 8,600 level, following the broadly positive cues from Wall Street overnight, with gains across most sectors led by energy and technology stocks.
RTTNews | 2小時30分鐘前