Swiss Stock Market Ends Lower For Second Straight Day
(RTTNews) - The Swiss stock market was unable to hold early gains on Friday, instead turning lower to end firmly in the red for the second straight session - sinking almost 120 points or 1.1 percent in that span.
The weak performance was in line with the rest of the European markets, which also opened higher but quickly went south.
The early support came on optimism for U.S. inflation data later in the day, but those hopes were crushed when the report showed that core inflation unexpectedly accelerated.
That higher inflation has added to recent concerns about the outlook for interest rates as the Federal Reserve may now have to move its policy rate higher and for longer. For the day, the SMI dropped 65.98 points or 0.59 percent to finish at 11,181.77 after trading between 11,141.68 and 11,315.18. Among the individual components, Compagnie Financiere Richemont plummeted 2.49 percent, while Roche Holding stumbled 1.34 percent, Swatch Group and ABB both slumped 1.02 percent, Julius Bar Gruppe advanced 0.88 percent, UBS Group dropped 0.45 percent, Zurich Insurance added 0.41 percent, Nestle lost 0.31 percent, Swisscom gained 0.31 percent, Swiss Life rose 0.25 percent, Novartis was up 0.22 percent and Credit Suisse dipped 0.18 percent.
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