Swiss Market Ends Sharply Lower
(RTTNews) - Swiss stocks tumbled on Wednesday, in line with markets across Europe and elsewhere, as U.S. tariffs, including a massive 104% levy on Chinese imports, and a 20% levy on European Union imports took effect today.
China's finance ministry said it will impose 84% tariffs on U.S. goods from Thursday, up from the 34% previously announced. The European Commission is reportedly contemplating imposing tariffs of up to 25% on over 22 billion euros worth of American agricultural and industrial exports.
Trump also proposed the imposition of a "major" tariff on drug imports in a bid to stimulate domestic drug production and tripled the previously announced tariff rates on low-value packages exported to the U.S. from mainland China and Hong Kong.
The benchmark SMI ended down 471.39 points or 4.15% at 10,887.73, nearly 200 points off the day's low of 10,699.66.
Sandoz Group closed down 7.83%. Novartis settled 6.41% down, and Roche Holding lost 5.84%. Adecco, Logitech International and Julius Baer lost 5.67%, 5.44% and 5.25%, respectively.
UBS Group, Swiss Re, Kuehne + Nagel, ABB, Holcim, Richemont, Partners Group, Swiss Life Holding, Zurich Insurance, Alcon, Sika, Lonza Group and Swatch Group closed down 3 to 5%.
VAT Group, Straumann Holding, Sonova, Nestle, Schindler Ps, SIG Group and Geberit also declined sharply.
Rebound Anticipated For Thai Stock Market
Australian Market Notably Higher
Hang Seng Tipped To End Losing Streak
China Stock Market May Find Traction On Friday
Higher Open Called For Taiwan Stock Market
Singapore Shares May Crack Resistance At 4,300 Points
Japan Household Spending Jumps 1.7% In July
