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Swiss Market Tumbles Nearly 2.5% On Widespread Selling
(RTTNews) - The Switzerland market ended sharply lower on Tuesday, in line with markets across the region, as rising worries about global growth and fears of a U.S. recession, due to the ongoing U.S.-Canada trade war, hurt sentiment.
US President Donald Trump said he will double his planned tariffs on steel and aluminum imports from Canada to 50% from 25% as retaliation for the Canadian province of Ontario's 25% tax increase on electricity exports to the US.
The benchmark SMI ended down 321.20 points or 2.47% at 12,692.25.
Novartis tumbled 5.6%. Roche Holding and Kuehne + Nagel both closed lower by about 3.5%
Straumann Holding, Schindler Ps, Alcon, UBS Group, SIG Group, Lindt & Spruengli, Nestle and SGS lost 2 to 3.1%.
Partners Group closed lower by about 1.75%. The company's revenue climbed to 2.14 billion francs in 2024, from 1.95 billion francs a year before, thanks to a near 40% jump in performance fees to 511 million francs on the back of "several significant exits" across the group's direct private equity and infrastructure portfolios.
Sika, Logitech International, Givaudan, Adecco and Lonza Group declined nearly 2%. VAT Group, Holcim, Partners Group, Geberit, Swiss Life Holding, Swiss Re, Zurich Insurance Group and Sandoz Group ended down 1.5 to 1.75%.
ABB bucked the trend and ended stronger by 1.35%. Swisscom edged up marginally.
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