Markets

Swiss Market Ends Sharply Lower

(RTTNews) - The Switzerland stock market ended sharply lower on Thursday, in line with the trend seen across the globe, as the surge in coronavirus cases and its impact on growth weighed on sentiment.

Fading hopes about U.S. fiscal stimulus before the presidential election and rising tensions between the U.S. and China also hurt.

The benchmark SMI ended down 224.70 points or 2.18% at 10,067.96. The index touched a high of 10,173.78 and a low of 10,032.47 in the session.

Swiss Re declined 3.8% and Alcon ended lower by about 3%. Roche Holding shed about 3.5% after reporting a drop in third-quarter sales.

Zurich Insurance Group, Swiss Life Holding, Swatch Group, Richemont, Novartis, Swisscom, Credit Suisse, Partners Group, Geberit, SGS and Givaudan lost 2 to 2.8%.

LafargeHolcim, ABB, Nestle, UBS Group and Sika also declined sharply. Lonza Group shared gained about 1.6% after it forecast double-digit sales growth as part of its 2023 group guidance.

Among the other major markets in Europe, the U.K., German and France all ended sharply lower. The U.K.'s FTSE 100 slid 1.73%, Germany's DAX fell 2.49% and France's CAC 40 dropped 2.11%. The pan European Stoxx 600 tumbled 2.08%.

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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