The Swiss market began the trading session on Friday with a lackluster performance. Although it briefly managed to move into positive territory, it soon reversed its gains and spent the remainder of the day in negative territory. This drop was primarily driven by concerns surrounding U.S. interest rates.

The release of data indicating a larger-than-expected increase in U.S. producer prices for the month of July raised worries that the Federal Reserve might opt to maintain higher interest rates for a more extended period. As a result, investors became wary of the market’s outlook.

The benchmark Swiss Market Index (SMI) concluded the day with a loss of 68.16 points, representing a decline of 0.61%, and settling at 11,081.63. Throughout the trading session, the index reached a peak of 11,162.45 and a low of 11,050.62.

Several notable companies experienced declines. Richemont saw a drop of 2.8%, while Swiss Re ended the day with a decrease of 2.7%. Other companies like Sika, Zurich Insurance Group, Geberit, and Partners Group recorded losses ranging from 1.7% to 2.05%.

Givaudan, Alcon, Logitech, Kuehne & Nagel, and Sonova also faced declines, ranging from 1.1% to 1.55%. Holcim and Nestle both witnessed a decrease of nearly 1%. Similarly, Roche Holding, Lonza Group, and Swiss Life Holding experienced losses ranging from 0.5% to 0.66%.

On a positive note, UBS Group shares managed to rally by 4.72%. The bank announced its decision to voluntarily terminate a 9 billion Swiss franc Loss Protection Agreement with the Swiss government, citing its belief that the agreement was no longer necessary.

ABB, a technology company, gained around 0.5%, while Novartis and Swisscom made marginal gains.

In the Mid Price Index, AMS faced a notable decline of 4.49%. Other companies such as Dufry, Schindler Ps, SGS, Schindler Holding, VAT Group, Straumann Holding, Swatch Group, Ems Chemie Holding, and Meyer Burger Holding also ended the day with losses ranging from 1.6% to 2.4%.

Load More Related Articles
Load More In Business

Leave a Reply

Your email address will not be published. Required fields are marked *

Check Also

Switzerland and the Netherlands reached tax arbitration agreement

Switzerland and the Netherlands have reached an agreement on an arbitration procedure in a…