Swiss Market Ends Slightly Down

(RTTNews) - Save for a very brief while a few minutes before the closing bell, the Swiss stock market stayed in negative territory on Monday.

The market's loss was just marginal as the sharp slide in oil prices helped ease concerns about inflation. Oil prices fell sharply as ongoing discussions involving Iranian officials and Qatari mediators have raised hopes of possible breakthrough that could ease supply concerns and improve the outlook for global energy markets.

Traders were also reacting to reports suggesting that U.S. President Donald Trump wants to give diplomacy with Iran more time before resuming strikes.

Brent crude front-month futures fell to $105 a barrel, down more than 7.5% from previous close.

The benchmark SMI, which dropped to 14,703.70 at the start, touched 14,814.77 towards the end of the session before settling at 14,802.52, down 8.14 points or 0.05%.

Amrize climbed nearly 4.5%. Straumann Holding, Sika and Holcim gained 3.1%-3.3%. Geberit, Alcon and Partners Group closed higher by 2.5%, 2.2% and 2.1%, respectively.

Kuehne + Nagel moved up 1.8%. UBS Group gained 1.4%, while Schindler Ps, Lindt & Spruengli, ABB, Julius Baer, Richemont, Lonza Group and Sandoz Group ended up by 0.6%-1.1%.

Pharma stocks Novartis and Roche ended down by 1.7% and 1.5%, respectively. VAT Group, Galderma Group and Zurich Insurance also closed weak.

Data released by the Federal Statistical Office showed retail sales in Switzerland rose by 1.6% year-on-year in September, slowing from an upwardly revised 3.9% increase in August and missing forecasts for a 3.9% gain. On a seasonally adjusted monthly basis, retail sales decreased by 0.7%, after an upwardly revised 0.6% rise in August.

A report from procure.ch & UBS said that Swiss Manufacturing PMI rose to 56.7 in October from 55.3 in September, exceeding market expectations of 55.3. This marked the eighth consecutive month of expansion.A