The Swiss market experienced a mild downturn early Wednesday afternoon after a weak start followed by a rebound. However, the market quickly recovered, closing the day's session on a robust note, bolstered by positive consumer price inflation data from the U.S. and the UK.
The SMI, Switzerland's benchmark index, concluded with a gain of 79.17 points, approximately 0.68%, settling at 11,781.74.
Notably, Sandoz Group surged by 4.1%. Julius Baer and Geberit saw impressive increases of about 3.3% and 3.1%, respectively. Straumann Holding ended the session nearly 2.5% higher, while both Adecco and UBS Group appreciated by around 2%.
Other stocks showing significant advances included Zurich Insurance Group, Logitech International, Swiss Life Holding, Sonova, Swiss Re, ABB, Lonza Group, VAT Group, and Sika, all rising between 1% and 1.7%. Additional notable gains were recorded by Partners Group, Roche Holding, Givaudan, Schindler Ps, and Holcim.
SGS experienced a steep decline, dropping nearly 6.5% as it confirmed merger discussions with French company Bureau Veritas. Lindt & Sprüngli fell by 1.27%, while Richemont and Nestle decreased by 0.82% and 0.67%, respectively.
In the U.S., the Labor Department reported a consumer price increase of 0.4% in December, slightly above the 0.3% forecasted following a 0.3% rise in November. The annual core consumer price growth rate unexpectedly slowed, although the overall rate accelerated to 2.9% in December from 2.7% in the previous month, aligning with economist predictions.
The UK's Office for National Statistics revealed an unexpected moderation in consumer price inflation in December, with an annual increase of 2.5%, lower than the 2.6% recorded in November and contrary to market expectations of stability at 2.6%. On a month-to-month basis, the CPI rose by 0.3%, following a 0.1% increase in November, whereas a 0.4% rise had been anticipated.
