Swiss Market Ends Notably Lower

(RTTNews) – The Swiss stock market opened weak, and despite climbing into positive territory late in the morning, slipped into the red midday and finally closed significantly lower. Concerns about a tax hike grew after Labor Department data showed stronger-than-expected job growth in the world’s largest economy in September. The benchmark SMI ended down 82.56 points or 0.79% at 10,308.57. The index, which rose to 10, 39.88 at midday, fell to a low of 10,297.19 at the end of the session. Logitech fell 5.73%. Partners Group fell by %, Geberit by 3.1 % and Sonova by almost 3%. ABB, Alcon, Givaudan, Richemont, Lonza Group, Sika and Swiss Re gave up between 1.6% and 2.1%. Credit Suisse rose 5.36 after the Swiss lender said it would buy back up to 3 billion Swiss francs ($3 billion) in senior debt. In the average price index, AMS fell by 10.52%. ALV Group fell by 6. 5%, Straumann Holding by 5.3% and Tecan Group by .27%. Also down sharply , Kuehne and Nagel, Zur Rose, Adecco, Clariant, Schindler Holding, Schindler Ps, Georg Fischer and Ems Chemie Holding. On the economic front, data from the State Secretary for Economic Affairs (SECO) showed that Switzerland’s unemployment decreased slightly in September, falling to 1.9% from 2% in August. Economists had expected the interest rate to remain at 2.0 percent. In the same month last year, the unemployment rate was 2.6%. , Unemployment among 15-2 year olds rose to 2.1% in September from 2% in August. The data also showed that the seasonally adjusted unemployment rate was 2.1% in September, the same as last month. This met the expectations of economists.

Steve Walker

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