Main Quotes Calendar Forum
flag

FX.co ★ Swiss Market Ends Lower On Growth Concerns

back back next
typeContent_19130:::2024-11-15T18:21:00

Swiss Market Ends Lower On Growth Concerns

Swiss stocks experienced a significant decline on Friday, influenced by data indicating slowing economic growth and uncertainty surrounding potential Federal Reserve interest rate reductions, following particularly hawkish remarks from the central bank chairman, Jerome Powell.

The primary Swiss Market Index (SMI) fell by 156.61 points, a decrease of 1.33%, closing at 11,627.04.

According to the State Secretariat for Economic Affairs (SECO), Switzerland's gross domestic product (GDP), excluding sports events, saw a modest increase of 0.2% in the third quarter, based on preliminary estimates. This follows a 0.5% growth reported in the GDP during the second quarter after similar adjustments.

Data from the Swiss Federal Statistical Office revealed a 0.3% decline in the country's producer and import price index for October, following a 0.1% drop in September. On an annual basis, there was a 1.8% decrease in producer and import prices.

Several companies faced notable losses: Lonza Group plummeted by 8.3%, VAT Group dropped nearly 4%, while Straumann Holding, Roche Holding, and Lindt & Sprüngli saw declines of 2.29%, 2.22%, and 2.08%, respectively.

Among other companies, Givaudan, Alcon, Nestle, SGS, Logitech International, Novartis, Partners Group, and Sika recorded losses between 1% and 2%. Kuehne + Nagel, Sonova, and Schindler Ps experienced declines of nearly 1%.

Additional weaknesses were observed in Holcim, ABB, Swisscom, UBS Group, and Richemont.

Conversely, Swatch Group experienced a rise of roughly 2.25%, while Sandoz Group gained 1% following the announcement of receiving marketing authorization from the European Commission for Afqlir, its biosimilar for Eylea, used in treating various retinal diseases.

Swiss Re saw an increase of nearly 1%, with Adecco and Zurich Insurance Group also ending the day on a positive note.

Share this article:
back back next
loader...
all-was_read__icon
You have watched all the best publications
presently.
We are already looking for something interesting for you...
all-was_read__star
Recently published:
loader...
More recent publications...