Swiss Market Ends On Firm Note
The Switzerland stock market ended on a firm note on Tuesday, tracking the positive trend seen across the globe amid optimism about economic recovery despite a surge in new coronavirus cases in several countries.
The benchmark SMI ended with a gain of 95.43 points or 0.94% at 10,246.56, after moving between 10,180.81 and 10,265.82.
Richemont surged up 3.65%. Swatch Group, UBS Group and Swiss Re moved up 2.3 to 2.7%. Credit Suisse and Swiss Life Holding both ended higher by about 2%.
Alcon, Zurich Insurance Group, ABB, Novartis and Lonza Group gained 1.1 to 1.6%, while LafargeHolcim ended higher by 0.75%.
In the midcap section, Vifor Pharma gained about 3.2%. BB Biotech, AMS, Georg Fischer, Dufry, OC Oerlikon Corp, Julius Baer and VAT Group ended higher by 2 to 2.7%, while Bucher Industries, Straumann Holding and Temenos Group gained 1.4 to 1.85%.
Most of the markets across Europe closed notably higher today as reassurance from the U.S. about the phase one trade deal with China, and better than expected batch of economic data from the euro area helped offset concerns about the spread of coronavirus infections in the U.S. and several other parts across the world.
White House trade adviser Peter Navarro clarified that his earlier remarks about China’s failure to warn the U.S. about the cornoavirus outbreak were “taken widely out of context.” He said, the comments “had nothing at all to do with the Phase I trade deal, which continues in place. I was simply speaking to the lack of trust we now have of the Chinese Communist Party after they lied about the origins of the China virus and foisted a pandemic upon the world.”
Trump also sought to reassure investors with a post on Twitter declaring the trade deal is “fully intact” and saying he hopes China will “continue to live up to the terms of the Agreement!”
Among the major indices in Europe, Germany’s DAX advanced 2.13%, while the U.K.’s FTSE 100 and France’s CAC 40 gained 1.21% and 1.39%, respectively. The pan European Stoxx 600 moved up 1.3%.