Swiss Market Closes On Buoyant Note
(RTTNews) - The Switzerland market closed on a strong note on Thursday, in line with most of the markets across Europe, amid rising expectations of a rate cut by the Federal Reserve, and easing concerns about tariffs.
Investors also digested the data on Swiss consumer prices and the unemployment report.
The benchmark SMI ended with an impressive gain of 183.47 points or 1.5% at 12,383.47. The index climbed to a high of 12,415.74 intraday.
ABB, the top gainer in the SMI index, climbed 2.85%. Roche Holding, Logitech International and Holcim gained 2.2 to 2.3%.
UBS Group and Sonova, both gained nearly 2%. Straumann Holding, Zurich Insurance, Geberit, Nestle, Swiss Re and Swiss Life Holding gained 1.5 to 1.8%.
Swisscom, Schindler Ps, VAT Group, Lonza Group, Kuehne + Nagel, Givaudan, Lindt & Spruengli, Julius Baer, SIG Group, Alcon and Sika also ended with solid gains.
Sandoz Group ended 1.05% down. Partners Group and Amrize ended modestly lower.
Data from the Federal Statistical Office showed Switzerland's consumer prices increased at a steady rate in August. The consumer price index rose 0.2% annually in August, the same as in July. That was in line with expectations.
Excluding food and energy, core inflation eased to 0.7% from 0.8% a month ago.
Month-on-month, consumer prices edged down 0.1% in August versus a flat change in July.
Separate official data showed that the unemployment rate increased for the first time in seven months in August, though marginally. The unadjusted unemployment rate rose to 2.8% in August from 2.7% in July, the State Secretariat for Economic Affairs, or SECO, said.
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