Swiss Stock Market Snaps Losing Streak
(RTTNews) - The Swiss stock market has tracked higher in back-to-back sessions, gathering more than 100 points or 0.9 percent along the way.
The SMI opened higher and remained in the green throughout the session, following the rest of Europe in staying close to the unchanged line following the release of closely watched U.S. inflation data.
Overall inflation was in line with expectations, although core CPI slowed less than expected - probably dashing hopes that the Federal Reserve might further ease the pace of its interest rate hikes.
For the day, the index added 22.57 points or 0.20 percent to finish at 11,231.91 after trading between 11,216.64 and 11,308.91.
Among the individual components, Credit Suisse spiked 1.98 percent, while Swatch Group rallied 1.31 percent, UBS jumped 1.20 percent, Swisscom advanced 0.60 percent, Swiss Life added 0.59 percent, Nestle gained 0.31 percent, Roche Holdings shed 0.29 percent, Zurich Insurance rose 0.23 percent, Swiss Re perked 0.17 percent and Novartis was unchanged.
In economic news, Switzerland's producer price inflation accelerated again at the start of the year, figures from the Federal Statistical Office showed on Tuesday. Producer prices rose 3.3 percent on a yearly basis in January and 0.7 percent on month.
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