Swiss Market Ends On Weak Note

(RTTNews) - Save for a brief while early on in the session, the Switzerland market languished in negative territory on Monday amid uncertainty about U.S. government's tariff moves.

The mood remained cautious following U.S. President Donald Trump's remarks that he is not looking to extend the pause on tariffs on most countries beyond the previously announced July 9 deadline.

Trump expressed confidence that agreements would be reached in time to avoid higher tariffs.

The U.S. President characterized trade in cars between the U.S. and Japan as unfair and floated the idea of keeping 25% tariffs on autos in place.

There is still some uncertainty over key details with regard to U.S.-China trade deal.

Meanwhile, a new trade agreement between the United States and the United Kingdom that reduces U.S. tariffs on British cars and aircraft parts officially came into effect today.

The benchmark SMI closed down 58.92 points or 0.49% at 11,921.46. The index, which advanced to 12,013.70 in early trades, dropped to a low of 11,899.77 in the session.

SIG Group closed down 2.72%. Sika, VAT Group, Givaudan, Kuehne + Nagel, Swatch Group, Roche Holding and ABB lost 1 to 2.05%.

Holcim, Sonova, SGS, Straumann Holding, Logitech International, Geberit and Nestle also closed weak,

Amirize climbed 1.33%. Partners Group gained about 0.5%, while Sandoz Group and UBS Group edged up marginally.

In economic news, a measure signaling future turning points in the Swiss economy decreased unexpectedly in June to the lowest level in six months, the results of a survey by the KOF Swiss Economic Institute showed.

The economic barometer dropped to 96.1 in June from 98.6 in the previous month. The expected reading was 99.3.

The negative developments are reflected in the majority of the indicator bundles included in the KOF Economic Barometer, especially the indicator bundle for manufacturing, which is considerably under pressure, the KOF said.