Swiss Market Ends Sharply Lower
(RTTNews) - The Switzerland market closed weak on Friday, tracking weak global cues after U.S. President Donald Trump's latest tariff moves raised fears of a global trade war.
The benchmark SMI ended down 194.52 points or 1.6% at 11,937.42, slightly off the day's low of 11,922.85.
Straumann Holding ended down 3.38%. Novartis and Adecco, both closed down 3%. Novartis fell as it failed to block India-based MSN Pharmaceuticals from launching a generic version of its blockbuster heart-failure drug Entresto
Sika and Roche Holding ended lower by 2.46% and 2.36%, respectively.
Sonova, Alcon, Richemont, Givaudan, Partners Group, VAT Group and SIG Group finished lower by 1.5 to 2%. Logitech International, UBS Group, Geberit and Nestle also ended notably lower.
Lindt & Spruengli gained nearly 1%. Swiss Life Holding and Julius Baer posted modest gains.
In economic news, Swiss consumers remained less pessimistic in June as the confidence index rose further from May, monthly survey results from the State Secretariat for Economic Affairs, or SECO, showed.
The consumer sentiment index rose to -32.0 in June from -36.5 in the previous month. Similarly, the index improved from the previous year's reading of -36.0.
Among the four components, past financial situation, financial outlook, and moment to make major purchases were above their previous year's levels, while the sub-index for economic outlook decreased.
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