Markets

Swiss Market Ends Marginally Lower

(RTTNews) - The Switzerland stock market ended marginally down on Friday as the mood remained cautious after comments by U.S. President Donald Trump that he has not agreed to lift the tariffs on Chinese goods renewed uncertainty about a potential U.S.-China trade deal.

The benchmark SMI ended down 17.55 points, or 0.17%, at 10,309.23, after swinging between 10,276.72 and 10,329.11.

On Thursday, the index ended up 8.68 points at 10,326.78, after rising 45.12 points, or 0.44%, a session earlier.

Shares of Swiss luxury goods maker Richemont plunged 5.7% after the company said its sales growth slowed in the first half.

Swatch Group declined 2.15%. Swiss Life Holding, UBS Group, Credit Suisse and LafargeHolcim ended lower by 1 to 2%.

Among the gainers in SMI, Novartis advanced 1.2%, Geberit ended up 1%.

In the midcap section, Flughafen Zurich, Temenos Group, Logitech International, AMS, Julius Baer, Clariant and OC Oerlikon Corp lost 1 to 1.4%.

In company news, Switzerland's jobless rate held stable in October, data from the State Secretariat for Economic Affairs, or SECO, showed.

The seasonally adjusted unemployment rate was 2.3% in October, the same rate as seen in September. That was in line with economists' expectation.

On an unadjusted basis, the jobless rate rose to 2.2% in October from 2.1% in September.

The number of unemployed persons increased by 2,586 persons from the previous month to 101,689 in October. Compared to the previous year, unemployment fell by 5,631 persons.

The youth unemployment rate, which applies to the 15 to 24 age group, fell to 2.3% in October from 2.4% in the prior month.

Most of the markets across Europe ended weak on Friday. Among the major markets, the U.K. ended notably lower with its benchmark FTSE 100 declining 0.63%. Germany's DAX ended down 0.46% and France's CAC 40 edged down marginally.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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