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Swiss Stocks Close Notably Lower On Growth Worries

RTTNews | 673 days ago

Swiss Stocks Close Notably Lower On Growth Worries

(RTTNews) - Swiss stocks drifted lower on Monday amid rising concerns about global economic slowdown and outlook for interest rates. Weak Swiss retail sales data weighed as well.

The benchmark SMI, which dropped to a low of 10,818.80 around late afternoon, ended the session with a loss of 99.85 points or 0.91T at 10,863.65

Alcon, Givaudan, Sonova and Zurich Insurance Group lost 1.7 to 1.9%.

Swiss Re, Geberit, Sika, Swiss Life Holding, Lonza Group and UBS Group ended lower by 1.2 to 1.5%. Roche Holding, Nestle, Partners Group, Holcim, Richemont and Novartis also ended weak.

ABB and Logitech posted modest gains.

In the Mid Price Index, Meyer Burger Tech tanked nearly 10%. Barry Callebaut, BKW, Clariant, Tecan Group, Dufry and Adecco lost 1.7 to 2.4%.

AMS rallied 3.75%. Schindler Ps and Schindler Holding gained 2.4% and 1.9%, respectively.

Data from the Federal Statistical Office showed Switzerland's retail sales declined for the second successive month in August as sales of both food and non-food items contracted.

Retail sales adjusted for sales days and holidays fell a working-day adjusted 1.8% year-on-year in August, following a 2.5% drop in July.

On a monthly basis, retail sales rebounded a seasonally adjusted 0.4% in August versus a 2.4% decline a month ago. In nominal terms, retail sales fell 0.2% annually, while they rose 0.4% monthly in August.

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U.S. Service Sector Growth Unexpectedly Slows In July

U.S. Service Sector Growth Unexpectedly Slows In July

A report released by the Institute for Supply Management on Tuesday unexpectedly showed a modest slowdown in the pace of growth by U.S. service sector activity in the month of July. The ISM said its services PMI edged down to 50.1 in July from 50.8 in June. While a reading above 50 still indicates growth, economists had expected the index to rise to 51.5.

RTTNews | 1h 37min ago

U.S. Trade Deficit Narrows To $60.2 Billion In June As Imports Plunge

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RTTNews | 2h 24min ago

U.S. Trade Deficit Narrows Slightly More Than Expected In June

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The U.S. trade deficit narrowed by slightly more than anticipated in the month of June, according to a report released by the Commerce Department on Tuesday.

RTTNews | 3h 28min ago

Eurozone Private Sector Continues To Expand

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RTTNews | 3h 31min ago

Bay Street May Open Slightly Higher

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Canadian stocks may open on a positive note Tuesday morning amid expectations of a rate cut by the Federal Reserve next month. The focus will be on trade talks between Canad and Mexico.

RTTNews | 3h 42min ago

FTSE 100 Advances On Upbeat Earnings

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The UK market is modestly higher on Tuesday, extending gains from previous session, thanks to some upbeat corporate earnings announcements, and expectations that the Federal Reserve will cut interest rate in the near future to spur economic growth.

RTTNews | 4h 11min ago

Pound Rises As Traders Await BoE Monetary Policy Meeting

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RTTNews | 4h 22min ago

CAC 40 Modestly Higher

CAC 40 Modestly Higher

The French stock market is modestly higher Tuesday afternoon with investors mostly reacting to earnings updates and a mixed batch of regional economic data. Expectations of a rate cut by the Federal Reserve sometime soon aid sentiment a bit.

RTTNews | 4h 42min ago

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