Swiss Market Settles 0.8% Down On Geopolitical Concerns
(RTTNews) - The Switzerland stock market ended weak on Monday, edging down steadily after a flat start as U.S. and Iran attacked each other, resulting in a surge in oil prices and triggering inflation and growth concerns.
Brent crude futures climbed more than 3% before paring some gains, but still remained sharply higher than previous close.
Fed Chair Kevin Warsh's hawkish tone during his speech at Jackson Hole Economic Symposium on Friday fueled interest rate concerns, resulting in investors' refrain from indulging in any significant buying.
Warsh noted that inflation remains elevated and there might be a need to tighten policy if inflation does not show signs of easing.
In Middle East news, American forces targeted two rocket launches on Iran's Larak Island, killing and wounding several Iranian fighters and civilians. Iran's Islamic Revolutionary Guard Corps (IRGC) said it subsequently launched attacks on U.S. military bases in Jordan.
Switzerland's benchmark index SMI ended down 113.34 points or 0.79% at 14,286.43, slightly off the day's low or 14,270.46.
Holcim shed 2.7% and Partners Group drifted lower by 2.2%. Kuehne + Nagel, Galderma Group, Roche, Sandoz Group, ABB, Geberit, Lonza Group, Richemont, Givaudan, Julius Baer and Amrize lost 1%-2%.
Sonova, SGS, VAT Group, Logitech International, Schindler Ps, UBS Group, Sika and Swiss Re dropped 0.4%-1%.
Alcon moved up 1.1%. Straumann Holding, Lindt & Spruengli and Nestle ended up by 0.75%, 0.5% and 0.25%, respectively.
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