Swiss Shares Extend Friday's Losses
(RTTNews) - The Swiss stock market has finished lower in back-to-back sessions, clipping more than 230 points or 1.9 percent in that span.
The SMI defied most of the other European markets, weighed by the Israel-Iran conflict, which entered its fourth day with fresh missile exchanges. Iranian strikes on Tel Aviv, Haifa, and Petah Tikva killed at least five, injured dozens, and damaged key infrastructure, including a power plant.
For the day, the SMI lost 55.15 points or 0.45 percent to finish at 12,090.87 after trading between 12,072.29 and 12,155.41 Among the actives, UBS was up 0.08 percent, while Swisscom perked 0.09 percent, Zurich Insurance added 0.29 percent, Swiss Life collected 0.48 percent, Julius Bar Gruppe gained 0.61 percent, Roche Holding stumbled 2.52 percent, Swatch Group rallied 2.50 percent and Novartis sank 0.81 percent.
In economic news, Switzerland's producer and import prices continued to decline in May, data from the Federal Statistical Office showed on Monday.
Producer and import prices dropped 0.7 percent year-on-year in May, faster than the 0.5 percent in the previous month. The price index has been falling since May 2023. The producer price index showed an increase of 0.4 percent, while import prices dropped by 2.9 percent.
On a monthly basis, producer and import prices declined 0.5 percent in May after rising 0.1 percent in the prior month. Meanwhile, prices were expected to increase by 0.1 percent. Moreover, this was the first decline in six months.
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