The Swiss Stock Market Rose On Hopes For Trade Agreement

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(RTTNews.com) - The Swiss stock market ended the first session of the new trading week with a solid gain. Hopes for a trade agreement between the U.S. and China helped to drive the market higher.

Traders are also looking ahead to the release of the FOMC meeting minutes this week and a meeting of central bankers at the Kansas City Fed's Jackson Hole symposium for clues on next month's U.S. interest rate hike.

The Swiss Market Index increased by 0.62 percent Monday and finished at 9,059.53. The Swiss Leader Index climbed 0.68 percent and the Swiss Performance Index added 0.65 percent.

Index heavyweight Roche rose 0.9 percent after its Alecensa (alectinib) received Chinese marketing approval to treat ALK-positive lung cancer. Novartis gained 0.5 percent and Nestle added 0.4 percent.

Optimism ahead of the lower-level trade talks between the U.S. and China later this week helped to drive shares of the luxury goods companies higher. Richemont and rival Swatch Group advanced by 1.2 percent each.

Julius Baer was the top gainer among the banks, climbing 1.4 percent. Credit Suisse increased 0.7 percent and UBS added 0.6 percent.

Geberit finished higher by 1.1 percent, while Adecco and ABB gained 1 percent each.

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This article appears in: Stocks , Politics

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