On Thursday, the Swiss market experienced a modest initial rise but then declined, remaining in negative territory for the duration of the trading session. This downturn was largely driven by concerns over geopolitical tensions and disappointing economic data from the Eurozone, which led to a bearish investor sentiment.
The SMI index closed 109.77 points lower, a decline of 0.91%, settling at 12,012.32. During the session, the market hit a low of 11,973.06, nearly 40 points below the closing level.
Sika shares saw a significant drop of nearly 4%. Geberit fell by approximately 2.1%, while Richemont declined by almost 2%. Other notable decreases included Roche Holding, Straumann Holding, Kuehne + Nagel, Nestle, and Logitech International, with losses ranging from 1.1% to 1.7%.
Givaudan, Schindler Ps, Julius Baer, Partners Group, VAT Group, ABB, Swisscom, Swatch Group, and Zurich Insurance all ended the day with declines of 0.6% to 1%.
Conversely, Sonova climbed approximately 3.1%, and Sandoz Group increased by 2.05%. SGS ended the day up by 0.55%, while Novartis, SIG Group, and Lonza Group posted marginal gains.
In terms of economic indicators, Switzerland's consumer price inflation unexpectedly dropped in September to its lowest point in over three years, as reported by the Federal Statistical Office on the same day. The consumer price index rose by 0.8% year-on-year in September, which was slower than the 1.1% increase observed in August. Economists had anticipated that the inflation rate would remain steady at 1.1%. Monthly, consumer prices decreased by 0.3% in September, following a period of stagnation in the prior month; the expected monthly decline had been projected at 0.1%.
