Swiss Market Ends Notably Lower

(RTTNews) - After opening weak and languishing in negative territory till around mid afternoon on Friday, the Switzerland market briefly emerged higher, but slipped again to eventually ended the day's session notably lower.

Concerns about growth in the world's largest economy after disappointing jobs data rendered the mood bearish in European markets today.

The benchmark SMI ended with a loss of 123.10 points or 1.02% at 11,908.24, the day's low. The index touched a high of 12,088.94 in the session.

Richemont, ABB, UBS Group, Swatch Group, VAT Group and Swiss Re ended down 2.1 to 2.7%.

Julius Baer, SIG Group, Logitech International and Kuehne + Nagel closed lower by 1.6 to 2%. Sika, Holcim, Nestle, Geberit, Zurich Insurance Group, Partners Group and Straumann Holding lost 0.7 to 1.25%.

Givaudan gained nearly 1%. Sandoz Group and Lonza Group ended higher by 0.7% and 0.52%, respectively.

In economic news, confidence among Swiss consumers remained more negative in August, survey results from the State Secretariat for Economic Affairs, or SECO, showed.

The consumer confidence index dropped to -35.0 from -32.0 in July. The expected score was -33.0. Moreover, the consumer sentiment index remained well below the long-term average.

Among components, the index measuring expected economic activity over the next year worsened to -22 from -16, and the past financial situation fell to -37.0 from -31.6.

On a positive note, the index was 6.0 points higher than the reading of -40.6 in the same month last year. Expected economic development, past financial situation, expected financial situation, and timing for major purchases were above the level of August 2023.

The U.S. Labor Department released a report showing employment in the world's largest economy rose by less than expected in the month of August.

The Labor Department said non-farm payroll employment climbed by 142,000 jobs in August compared to economist estimates for an increase of 160,000 jobs.

The report also said the increases in employment in June in July were downwardly revised to 118,000 jobs and 89,000 jobs, respectively, reflecting a net downward revision of 86,000 jobs.