Swiss Market Ends Modestly Higher
(RTTNews) - The Switzerland stock market ended modestly higher on Wednesday, in line with most of the markets across Europe, after less hawkish comments from the Federal Reserve Chairman Jerome Powell on Tuesday.
In a Q&A session at the Economic Club of Washington, Powell told Carlyle Group co-founder David Rubenstein that he expects 2023 to be a year of "significant declines in inflation."
Powell said inflation is beginning to ease, though he expects it to be a long process and cautioned that interest rates could rise more than markets expect if the economic data doesn't cooperate.
The benchmark SMI, which climbed to 11,361.73 in early trades, ended higher by 42.41 points or 0.38% at 11,276.28.
Zurich Insurance Group, Novartis and Swisscom gained 1.1 to 1.4%. Lonza Group, Partners Group, Roche Holding, Swiss Re, Credit Suisse and Alcon advanced 0.5 to 0.9%.
Sika drifted down 2.34% and Geberit ended lower by 2.15%. ABB closed 1.25% down, while Sonova ended nearly 1% down.
Kuehne & Nagel rallied 2.8% and Tecan Group gained nearly 2.5%. Helvetia, Bachem Holding, Galenica Sante, Zur Rose and Temenos Group ended higher by 1.1 to 1.4%.
AMS dropped 5.7%. VAT Group ended 2.47% down and Belimo Holding ended lower by 2.1%. SIG Combibloc and Lindt & Spruengli lost 1.76% and 1.26%, respectively.
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