Swiss Stocks Slide As Crude Surges On Middle East Tensions
(RTTNews) - It was a day out in negative territory for Switzerland's SMI index on Wednesday as stocks shed ground, weighed down by a sell-off in global markets amid rising concerns about inflation and possible economic slowdown due to escalating tensions in the Middle East.
Tensions escalated in the Middle East after U.S. forces destroyed five Iranian tankers and Tehran retaliated by launching missile strikes in Jordan.
Brent crude futures climbed to $101.58 a barrel, hitting a multi-month high
The SMI ended with a loss of 252.91 points or 1.8% at 13,804.70 almost near the day's low. The index touched a high of 13,993.99, which was nearly 70 points down from previous close.
Among the three stocks that managed to close on the positive side, Lindt & Spruengli advanced nearly 1%. Logitech International and Alcon settled with marginal gains.
Richemont and Galderma Group closed down by 4.7% and 4.4%, respectively.
Nestle, ABB, Lonza Group, Amrize and Sika ended 3%-3.3% down. Geberit shed nearly 3% and Holcim closed 2.7% down.
Julius Baer, VAT Group, Swiss Life Holding, Swisscom, Sonova, Givaudan and Helvetia Baloise Holding ended lower by 1.2%-2%.
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