Swiss Market Ends On Weak Note As Trade War Fears Rise
(RTTNews) - The Switzerland market ended on a weak note on Tuesday as escalating geopolitical tensions amid tariff threats by U.S. President Donald Trump rendered the mood bearish across global markets.
Trump's efforts to take control of Greenland, and his threat to impose new tariffs on several European nations if they oppose his attempt to purchase the Danish territory, which he claims is imperative for national security, weighed on sentiment.
In a post on Truth Social, Trump announced plans to impose a 10% tariff on imports from Denmark, Norway, Sweden, France, Germany, the U.K., the Netherlands and Finland beginning February 1st.
Trump said the tariffs would be increased to 25% beginning June 1st and would remain in place until a deal is reached for the U.S. to purchase Greenland.
The benchmark SMI settled with a loss of 107.08 points or 0.81% at 13,169.96 after languishing in negative territory right through the day's session. The index touched a low of 13,080.02.
Logitech International closed down by 4.3%. Schindler Ps, Helvetia Baloise Holdings, Geberit, Amrize, Sika, SGS, UBS Group, Novartis, Holcim and Nestle lost 1 to 1.7%.
Zurich Insurance, Richemont, Swiss Life Holding, Julius Baer, Partners Group, Lindt & Spruenglo and Sandoz Group also ended notably lower.
Sonova climbed about 2.5%, Alcon gained 2.22% and VAT Group ended with a gain of 2.02%. Straumann Holding edged up marginally.
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