The Swiss Stock Market Climbed On Bank Strength

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(RTTNews.com) - The Swiss stock market ended Tuesday's session with a modest increase. Bank stocks were among the top performers thanks to strong results from UBS and China's plans to stimulate economic growth.

China's government plans to adopt both fiscal and financial measures to underpin domestic demand as worsening trade relations with its major trading partner, the US, limited the impetus to growth from exports.

The Swiss Market Index increased by 0.51 percent Tuesday and finished at 9,005.58. The Swiss Leader Index climbed 0.73 percent and the Swiss Performance Index added 0.43 percent.

UBS climbed 4.3 percent after the bank reported a 9 percent rise in second-quarter profit and said rising interest rates in the U.S. will further support its global wealth management unit.

Credit Suisse advanced 2.3 percent, but Julius Baer finished lower by 0.8 percent.

Adecco gained 2.6 percent and Lafargeholcim rose 2 percent.

The index heavyweights turned in a mixed performance Tuesday. Roche increased 0.5 percent and Novartis added 0.1 percent. However, Nestle ended the day with a loss of 0.7 percent.

Swatch Group declined 0.6 percent and rival Richemont lost 0.1 percent.

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This article appears in: World Markets , Banking and Loans , US Markets , Stocks

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