Swiss Market Ends Notably Lower
(RTTNews) - The Switzerland market settled notably lower on Friday, in line with markets across Europe, as upbeat U.S. jobs data raised concerns that the Federal Reserve will likely hold interest rates unchanged from current levels, or go slow on interest rate cuts this year. Data showing an increase in Swiss unemployment weighed as well.
The benchmark SMI closed down 135.20 points or 1.13% at 11,791.91, just a few points off the day's low of 11,784.80.
UBS Group closed nearly 2% down. Roche Holding, Zurich Insurance Group, Holcim, ABB, Nestle, Swiss Re, Swiss Life Holding, Adecco, Geberit, Givaudan and Partners Group lost 1 to 1.7%.
SIG Group climbed 5.3%. Straumann Holding closed stronger by 2.05%. Sonova gained 1.3%, while VAT Group, Alcon and Sika posted modest gains.
Data from the State Secretariat for Economic Affairs, or SECO, said Switzerland's unemployment rate remained unchanged in December, coming in at seasonally adjusted 2.6%, the same as in November. The rate was forecast to rise to 2.7%.
On an unadjusted basis, the unemployment rate rose to 2.8% in December, from 2.6% in the previous month.
In 2024, the unemployment rate averaged 2.4%, up from 2% in 2023. The youth unemployment rate advanced to 2.3% in 2024 from 2% in 2023, data showed.
Data from the Labor Department showed U.S. non-farm payroll employment surged by 256,000 in December, after jumping by a downwardly revised 212,000 jobs in November.
Economists had expected employment to climb by 160,000 jobs compared to the addition of 227,000 jobs originally reported for the previous month.
The unemployment rate in the U.S. edged down to 4.1% in December from 4.2% in November. The rate was expected to come in unchanged.
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