Swiss Market Settles Slightly Up After Lackluster Session
(RTTNews) - The Switzerland market, which remained in the red save for a brief while at the fag end of the day's session, settled with a small gain on Monday.
The mood in the market was very cautious as trade war fears escalated after U.S. President Donald Trump announced over the weekend that he would impose a 30% tariff on EU imports from August 1.
Meanwhile, the European Union has reportedly prepared a €21 billion ($24.52 billion) tariff package targeting American goods if trade talks between the two sides collapsed.
The benchmark SMI closed up 2.47 points or 0.02% at 11,939.89, the day's high. The index touched a ow of 11,873.66 around mid morning.
Sandoz Group gained about 1.1%. Swisscom and Swiss Life Holding both gained about 0.8%. Nestle, Partners Group, Roche Holding and Novartis posted modest gains.
VAT Group ended down 1.77%. Sika, Kuehne + Nagel, Sonova, Swatch Group, Richemont, Geberit, Logitech International and SGS lost 0.7 to 1.1%.
Data from the Federal Statistical Office showed Switzerland's producer and import prices continued to decline in June.
Producer and import prices dropped 0.7% year-on-year in June, the same as in the previous month. The price index has been falling since May 2023.
The producer price index showed an increase of 0.3%, while import prices dropped by 2.8%.
On a monthly basis, producer and import prices edged down 0.1% in June after falling 0.5% in the prior month. Meanwhile, prices were expected to increase by 0.2%.
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