Swiss Market Ends Slightly Down

(RTTNews) - Despite spending much of the day's session in positive territory, the Switzerland market ended slightly down on Wednesday due to a mild bout of selling pressure in the final hour.

Geopolitical concerns due to Russia - Ukraine war continued to weigh on sentiment. Investors also assessed some key economic reports from the region, including the data on UK inflation.

The benchmark SMI, which advanced to 11,641.97 early on in the session, ended with a marginal loss of 1.79 points at 11,539.64, nearly 30 points off the day's low.

VAT Group shares ended down 2.37%. Adecco, Kuehne + Nagel, Swatch Group, Sika, Logitech International, Straumann Holding, Schindler Ps and Roche Holding ended lower by 0.5 to 1.1%.

Partners Group climbed nearly 1%. The private equity group purchased a majority stake in Spain-based hospitality platform Bluesea Hotels. As part of the deal, Partners Group will join Bluesea's board and manage the latter's renovations, expansion, and hotel acquisitions in partnership with Portobello Capital.

Holcim climbed 1.83% and Julius Baer closed up 1.3%. Sonova, Swiss Life Holding, Lindt & Spruengli, Lonza Group and Swiss Re gained 0.5 to 1%.

Geopolitical concerns due to Russia - Ukraine war continued to weigh on sentiment. The U.S. Embassy in Kyiv said it would stay closed Wednesday after receiving a warning of a potentially significant Russian air attack on the Ukrainian capital.

The precautionary step came after Russian officials promised a response to President Joe Biden's decision to let Ukraine strike targets on Russian soil with U.S.-made missiles — a move that angered the Kremlin.

The Greek and Spanish embassies in Kyiv have closed to the public today, after air raid sirens were activated in the Ukrainian capital several times overnight.

UK consumer price inflation accelerated more than expected in October, lowering the chances of a rate cut at the upcoming monetary policy meeting in December.

The consumer price index rose 2.3% on a yearly basis, following September's 1.7% increase, which was the lowest since April 2021, the Office for National Statistics reported today.

The rate again exceeded the Bank of England's 2% target and also remained above economists' forecast of 2.2%.