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Swiss Market Ends On Firm Note
(RTTNews) - The Swiss market, which recovered after a weak start on Tuesday, stayed sluggish and moved along the flat line till well past noon, but gained in strength in the closing hour to end the day's session on a firm note.
The mood in European markets was fairly bullish today amid easing concerns about "reciprocal tariffs" after U.S. President Donald Trump signaled a likely exemption on auto-related tariffs,
Trump said he is considering to temporarily halt the auto tariffs he had imposed earlier on the sector, in order to give time to car manufacturers to adjust their supply chains.
"I'm looking at something to help some of the car companies with it," Trump said while briefing the media at the Oval Office about auto tariffs. The U.S. President said that carmakers required time to reallocate their production from Canada, Mexico and other places, adding "And they need a little bit of time because they're going to make them here, but they need a little bit of time. So I'm talking about things like that."
The benchmark SMI closed up 110.38 points or 0.96% at 11,609.84, the day;s high. The index touched a low of 11,444.90 in early trades.
Logitech International rallied 6.6%. VAT Group, Partners Group, Sandoz Group, Roche Holding, Adecco and Novartis gained 3 to 3.5%.
UBS Group, SIG Group, Swiss Re, ABB, Holcim, Kuehne + Nagel and Alcon closed higher by 2.4 to 2.9%. Zurich Insurance, Straumann Holding, Swatch Group, Geberit, Swiss Life Holding, Lindt & Spruengli, Sonova, Schindler Ps and Lonza Group also posted strong gains.
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