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Swiss Market Ends On Weak Note
(RTTNews) - The Switzerland market opened weak on Friday, and after briefly edging up into positive territory subsequently, retreated and spent the rest of the day's session in the red amid concerns about U.S. interest rates.
Data showing a bigger than expected increase in U.S. producer prices in the month of July has raised concerns the Federal Reserve will likely keep interest rates higher for a longer duration.
The benchmark SMI ended with a loss of 68.16 points or 0.61% at 11,081.63. The index touched a high of 11,162.45 and a low of 11,050.62 in the session.
Richemont fell 2.8% and Swiss Re ended lower by 2.7%. Sika, Zurich Insurance Group, Geberit and Partners Group lost 1.7 to 2.05%.
Givaudan, Alcon, Logitech, Kuehne & Nagel and Sonova declined 1.1 to 1.55%. Holcim and Nestle both shed nearly 1%, while Roche Holding, Lonza Group and Swiss Life Holding lost 0.5 to 0.66%.
UBS Group shares rallied 4.72% after the lender decided to voluntarily terminate the 9 billion Swiss franc Loss Protection Agreement with the Swiss government, saying it is no longer required.
ABB gained about 0.5%, while Novartis and Swisscom edged up marginally.
In the Mid Price Index, AMS declined 4.49%. Dufry, Schindler Ps, SGS, Schindler Holding, VAT Group, Straumann Holding, Swatch Group, Ems Chemie Holding and Meyer Burger Holding ended lower by 1.6 to 2.4%.
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