Swiss Market Ends Modestly Lower After Choppy Session

RTTNews | 119 days ago
Swiss Market Ends Modestly Lower After Choppy Session

(RTTNews) - The Switzerland market ended modestly lower on Thursday after a choppy session, as the ongoing trade war between the U.S. and other countries including Canada, China and the EU nations weighed on investor sentiment.

Today, U.S. President Donald Trump threatened to impose a 200% tariff on wines, champagnes and alcoholic products imported into the U.S. from France and other countries in the European Union.

Trump's threat follows the imposition of 50% tariff on American whiskey by the European Union, as a counter measure to previous levies announced by the U.S.

The benchmark SMI closed down 32.24 points or 0.25% at 12,836.19, after scaling a low of 12,790.12 and a high of 12,927.71 intraday.

ABB ended down 2.41%. Straumann Holding declined nearly 2%. Sandoz Group, Alcon, Swatch Group, Roche Holding and Lindt & Spruengli lost 1.1 to 1.7%.

Adecco, Sonova, Holcim, Partners Group, Sika and Logitech International ended down 0.4 to 1%.

Shares of online pharmacy company DocMorris tanked nearly 29%. The stock tumbled as the company swung to a net loss of 97.3 million francs in 2024 from a net income of 82.3 million francs a year before.

Geberit climbed 1.11%. Swiss Life Holding, Richemont, Novartis, Zurich Insurance Group, Schindler Ps and SGS gained 0.4 to 0.8%.

Data from the Federal Statistical Office showed Switzerland's producer and import prices continued to decline in February, though slightly.

Producer and import prices dropped 0.1% year-on-year in February, following a 0.3% decrease in January. Further, this was the slowest rate of decline since the current sequence of fall began in May 2023.

The producer price index showed an increase of 0.2%, while import prices dropped by 0.8%.

On a monthly basis, producer and import prices rose 0.3% in February after rising 0.1% in the prior month. The expected increase was 0.2%.

read more
Bay Street Likely To Open Lower

Bay Street Likely To Open Lower

Canadian shares look headed for a weak start on Friday due to trade war concerns, although fairly firm crude oil and bullion prices may help limit the market's downside. Data showing an increase in Canadian employment in the month of June and a drop in the unemployment rate may also aid sentiment a bit.
RTTNews | 10 minutes ago
Pound Falls As U.K. Economy Contracts For Second Straight Month

Pound Falls As U.K. Economy Contracts For Second Straight Month

The British pound weakened against other major currencies in the European session on Friday, as the UK economy shrank for the second consecutive month in May, adding challenges to Chancellor Rachel Reeves in achieving her self-imposed borrowing rules.
RTTNews | 18 minutes ago
Pound Falls Against Majors

Pound Falls Against Majors

The British pound weakened against other major currencies in the European session on Friday.
RTTNews | 40 minutes ago
Yen Retreats Amid US-Japan Trade Uncertainty

Yen Retreats Amid US-Japan Trade Uncertainty

The Japanese yen retreated from early highs against other major currencies in the European session on Friday, amid concerns on US-Japan relations in light of Trump's placement of a 25 percent tariff on Japanese exports this week, which will go into force on August 1.
RTTNews | 1h 29min ago
UK Economy Contracts For Second Straight Month

UK Economy Contracts For Second Straight Month

The UK economy shrank for the second consecutive month in May, adding challenges to Chancellor Rachel Reeves in meeting her self-imposed borrowing rules. Gross domestic product fell unexpectedly by 0.1 percent in May, following a 0.3 percent drop in April, data from the Office for National Statistics revealed on Friday.
RTTNews | 1h 59min ago
CAC 40 Down More Than 1% As Trade War Concerns Hurt Sentiment

CAC 40 Down More Than 1% As Trade War Concerns Hurt Sentiment

French stocks are notably lower on Friday, weighed down by losses in automobile and luxury sectors. The mood in the market is a bit bearish, in line with other major markets in Europe, amid renewed worries about tariffs.
RTTNews | 2h 7min ago