Swiss Market Ends Modestly Lower
(RTTNews) - The Switzerland market ended weak on Friday, in line with markets across Europe, as concerns about the health of U.S. regional banks hurt sentiment and triggered a sell-off in financials stocks across the globe.
Zions Bancorporation, a Utah-based lender, said it would write off $50m on two loans, while Phoenix-headquartered Western Alliance said it had started legal proceedings over a bad loan said to be worth $100m.
Worries about U.S.-China trade tensions weighed as well on investor sentiment.
The benchmark SMI, which dropped to a low of 12,476.92, staged a smart recovery, but still ended the day's session on a negative note at 12,644.49, losing 57.59 points or 0.45%.
Partners Group ended 3.57% down, and UBS Group lost 3.2%. Julius Baer, VAT Group and Amrize closed lower by 2.88%, 2.45%, and 2.19%, respectively.
Holcim, Swiss Re, Swiss Life Holding, ABB, Straumann Holding, Galderma Group, Geberit and Alcon lost 1 to 2%.
Nestle gained nearly 2%. Lonza Group, Givaudan, Kuehne + Nagel and Swisscom closed higher by 0.7 to 1%. SGS moved up 0.32%.
European Shares Seen Opening Up As Traders Shrug Off Fed Hike
Indian Shares Edge Higher In Cautious Trade
Australian Market Trims Early Gains In Mid-market
Asian Markets Trade Mostly Higher
Indian Shares Seen Little Changed At Open After Fed Rate Hike
Oversold Thai Stock Market Called Lower Again
No Help Yet For Indonesia Stock Market
