Swiss Market Ends On Buoyant Note Amid Hopes Of Striking Deal For Lower Tariffs
(RTTNews) - The Switzerland market closed on a strong note on Tuesday, gaining in strength consistently after opening modestly higher. Investors picked up stocks amid hopes Switzerland will strike a deal with the U.S. to lower tariffs.
U.S. President Donald Trump said on Monday that he was working with officials in Switzerland to lower U.S. import tariffs placed on the Alpine country.
Trump said White House officials had been "working on something to help Switzerland," but did not provide more specifics. Trump added that Switzerland had been a "very good ally," even after the president slapped steep 39% tariffs on its exports to the U.S. earlier this year.
The nation's blue-chip SMI stock market index had risen by 1.1% by 06:00 ET (11:00 GMT). In individual shares, luxury watchmakers Richemont and Swatch gained 1.8% and 4.3%, respectively, while heating and ventilation systems group Belimo rose 4.7%.
Luxury stocks were among the prominent gainers. The benchmark SMI, which climbed to 12,722.36, settled with an impressive gain of 246.88 points or 1.98% at 12,702.08.
Swatch Group surged 6.1%. Straumann Holding climbed 5.51%. Alcon, Kuehne + Nagel, Lonza Group, Roche Holding, Julius Baer, VAT Group and Sika gained 3 to 3.7%.
Partners Group closed nearly 3% up. Sonova, Nestle, Galderma Group, Richemont, Givaudan, Novartis, Holcim, Sandoz Group and Lindt & Spruengli gained 1.3 to 2.7%.
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