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Swiss Markets Ends On Buoyant Note
(RTTNews) - The Switzerland market closed on a buoyant note on Tuesday, tracking positive global cues, amid expectations the U.S. President Donald Trump will soften his tariff stance.
Trump has reaffirmed Washington's new tariff policy but signaled his willingness to engage in dialogue with countries seeking more favorable trade terms.
"There could be permanent tariffs and there could also be negotiations... we're going to get fair deals and good deals with every country — and if we don't, we're going to have nothing to do with them," Trump said during a meeting with Israeli Prime Minister Benjamin Netanyahu.
However, there is still some uncertainty about any major shift in Trump's stance, as he has rejected the European Commission's offer proposing removal of tariffs on industrial goods as part of trade talks.
The benchmark SMI closed with a strong gain of 311.64 points or 2.82% at 11,359.12, despite coming off the day's high of 11,507.87.
Lonza Group climbed 7.62% after the company's Chief Financial Officer Philippe Deecke reportedly reassured analysts in a call that the pharmaceutical manufacturer is "well protected" from potential US tariffs on the pharma sector due to its business model and global infrastructure.
Swiss Re rallied 5.78%. Sandoz Group gained nearly 5%, while Zurich Insurance Group, Richemont, Alcon, Swiss Life Holding, ABB and VAT Group ended higher by 4 to 4.3%.
Straumann Holding, Holcim, Kuehne + Nagel, Sika, Partners Group, Julius Baer, Swatch Group, Geberit, Sonova, Logitech International, Lindt & Spruengli, Adecco, UBS Group and Nestle settled higher by 2 to 4%.
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