Swiss Market Ends On Buoyant Note

(RTTNews) - The Switzerland market closed on a firm note on Friday, in line with markets across Europe, as trade tensions eased following the U.S. and China reaching an agreement.

The U.S. struck a deal with China to expedite rate earth shipments. The deal marks a significant step towards resolving the ongoing trade war between the world's two largest economies.

Beijing said Washington would lift "restrictive measures" while Beijing would "review and approve" items under export controls.

Meanwhile, the European Union is reportedly ready for a trade deal with the US. European Commission President Ursula von der Leyen said in a statement after Thursday's summit that "all options remain on the table." Von der Leyen noted that preparations are underway in the event that both parties fail to reach an agreement.

The benchmark SMI, which climbed to 12,024.89, closed up 100.38 points or 0.84% at 11,980.38.

ABB climbed about 4.3% and Holcim gained 3.1%, while VAT Group, Logitech International, Richemont, Sika and Partners Group closed up 2 to 2.25%.

Geberit, Adecco, Julius Baer, Straumann Holding, Kuehne + Nagel, UBS Group, Swatch Group, SGS, Schindler Ps, Sandoz Group and SIG Group ended higher by 0.9 to 1.8%.

Amrize ended down 1.01%. Roche Holding and Sonova edged down marginally.

Eurozone economic sentiment deteriorated unexpectedly in June, survey data from the European Commission showed.

The economic confidence index fell to 94.0 in June from 94.8 in May. The score was forecast to rise to 95.1.

The industrial confidence index posted -12.0 in June, down from -10.4 a month ago. The reading was seen at -9.9.

Likewise, the consumer confidence indicator dropped to -15.3, in line with the flash estimate, from -15.1 in May.