Swiss Stock Market Snaps Losing Streak
(RTTNews) - The Swiss stock market on Monday wrote a finish to the two-day slide in which it had given up more than 145 points or 1.3 percent.
The SMI opened higher and remained in the green throughout the session, following the rest of Europe in moving to the upside as investors assessed the outlook for inflation and economic growth.
For the day, the index advanced 78.88 points or 0.71 percent to finish at 11,209.34 after trading between 11,141.39 and 11,214.52.
Among the individual components, Credit Suisse plunged 4.78 percent, while Compagnie Financiere Richemont spiked 1.64 percent, Swatch Group rallied 1.36 percent, Zurich Insurance jumped 1.09 percent, Swiss Re climbed 1.00 percent, Novartis advanced 0.81 percent, Swisscom sank 0.70 percent, Swiss Life added 0.63 percent, Roche Holding fell 0.34 percent and UBS Group was up 0.33 percent.
In economic news, Switzerland's consumer price inflation accelerated again at the start of the year, largely reflecting higher food and energy prices, figures from the Federal Statistical Office showed on Monday.
Consumer prices rose 3.3 percent on a yearly basis in January after the 2.8 percent increase in December. The rate also far exceeded economists' forecast of 2.9 percent. This was the highest since August 2022. Core inflation that excludes fresh food, energy and fuel, remained unchanged at 2.2 percent.
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