The Swiss stock market experienced a positive trajectory on Friday, maintaining an upward trend throughout the day. This increase in investor confidence stemmed from a favorable outlook on interest rates, contributing to a continuation of recent upward movements.
In an interview with CNBC on Thursday, Federal Reserve Governor Christopher Waller indicated that the U.S. central bank might implement multiple interest rate reductions this year should inflation decrease as anticipated. Meanwhile, in Europe, European Central Bank (ECB) Governing Council member Yannis Stournaras remarked on Thursday that monetary policy should proceed with a series of rate cuts in upcoming meetings. The market anticipates a 100-basis point reduction from the ECB this year.
The Swiss Market Index (SMI) has recorded gains for four consecutive sessions, amassing nearly 290 points or an increase of 2.4 percent over this period.
On Friday, the SMI rose by 48.27 points, equating to a 0.40 percent gain, closing at 11,990.27. The index fluctuated between 11,955.94 and 12,003.09 during the day.
Within the active stocks, UBS Group saw a rise of 2.91 percent, ABB increased by 2.09 percent, Swatch Group climbed 1.60 percent, and Adecco gained 1.59 percent. However, Novartis fell by 1.40 percent, Roche Holding declined by 1.19 percent, while Swiss Life went up by 0.95 percent, Zurich Insurance added 0.52 percent, Swiss Re advanced 0.48 percent, and Swisscom rose by 0.10 percent.
