Swiss Market Ends Weak On Tariff Concerns
(RTTNews) - After opening on a positive note and staying above the flat line till about an hour past noon, the Switzerland market tumbled on Friday, hurt by U.S. President Donald Trump's threat that imports from the European Union will face 50% tariffs from June 1st.
"The European Union, which was formed for the primary purpose of taking advantage of the United States on TRADE, has been very difficult to deal with," Trump wrote on his social media platform, Truth Social.
Despite coming off the day's lows, the Swiss market ended the day's session on a weak note, with the benchmark SMI settling with a loss of 71.26 points or 0.58% at 12,198.69, off a low of 12,024.35.
Partners Group and Swatch Group closed down 5.22% and 5.13%, respectively. Logitech International ended 3.57% down and Adecco settled lower by 3.01%.
Richemont finished with a loss of 2.28%, while Sonova, UBS Group, VAT Group, Kuehne + Nagel, Julius Baer, ABB, Straumann Holding, Swiss Life Holding and Alcon lost 1 to 2%.
Givaudan, Lindt & Spruengli, Sandoz Group, Nestle and Sika gained 0.4 to 0.75%, while Roche Holding settled marginally up.
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