Swiss Stocks Close Sharply Lower As Inflation Accelerates To 29-year High

RTTNews | 1079 days ago
Stocktwits
Swiss Stocks Close Sharply Lower As Inflation Accelerates To 29-year High

(RTTNews) - Swiss stocks tumbled on Thursday as fears about growth and data showing an acceleration in consumer price inflation triggered a sell-off across the board.

The benchmark SMI ended lower by 191.59 points or 1.76% at 10,663.44, slightly off the day's low of 10,652.28.

Partners Group, Richemont, Credit Suisse, Sika, UBS Group and Geberit fell 3 to 4.7%.

Givaudan ended nearly 3% down. Swiss Life Holding, Lonza Group, Zurich Insurance Group, Logitech and SGS shed 2 to 2.65%. Holci,, ABB and Nestle also declined sharply.

In the Swiss Mid Price Index, Zur Rose plunged nearly 11%. Temenos Group drifted down 7.25%.

Swatch Group, Tecan Group, Georg Fischer, Adecco, AMS, Kuehne & Nagel, Flughafen Zurich, Bachem Holding, Straumann Holding, Ems Chemie Holding, Julius Baer, Clariant and Cembra Money Bank lost 2.5 to 5%.

Data from the Federal Statistical Office showed Switzerland's consumer price inflation accelerated unexpectedly in August to its highest level in twenty-nine years, rising 3.5% year-on-year in August, just above the 3.4% stable rate of increase in July. Economists had expected inflation to remain steady at 3.4%.

Further, this was the strongest inflation rate since August 1993, when prices had risen 3.6%.

Prices of food and non-alcoholic beverages grew 2.5% annually in August and housing and energy prices gained 4.7%.

On a monthly basis, consumer prices went up 0.3% in August, after showing no variations in July.

The monthly increase was driven by rising costs for in-patient hospital services, social protection services and housing rentals.

Stocktwits
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