Swiss Market Ends Moderately Lower
(RTTNews) - The Switzerland market ended moderately lower on Thursday amid concerns the Federal Reserve will likely cut interest rate only once this year, as against earlier expectations of two or three reductions.
The benchmark SMI ended down 71.60 points or 0.59% at 12,095.99. The index touched a high of 12,175.52 and a low of 12,072.74 in the session.
Sika ended down 3.13%. UBS Group ened lower by about 2.5% and Straumann Holding drifted down 2.1%.
VAT Group, Julius Baer, Richemont, ABB, Sonova, Swiss Re and Partners Group lost 1 to 2%.
SIG Group, Lonza Group, Geberit, Holcim and Givaudan also ended notably lower.
Sandoz Group and Roche Holding gained 1.26% and 1.19%, respectively. Swisscom, Lindt & Spruengli and Logitech International posted modest gains.
On the economic front, data from the Federal Statistical Office said Switzerland's producer and import prices continued to decline in May, dropping by 1.8% year-on-year, the same as in the previous month. Prices have been falling since May 2023.
The producer price index dropped 1.3% annually in May, and import prices registered a decrease of 2.9%.
On a monthly basis, producer and import prices fell 0.3% in May versus a 0.6% rise in the prior month. It was the first decrease in four months.
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