Swiss Market Ends Modestly Higher On Strong Industrial Output Data
2024-08-16
2417
(fxcue news) - The Switzerland market ended modestly higher on Friday after a choppy session. The mood remained positive almost right through the day's session thanks to data showing a sharp surge in the nation's industrial output, and on hopes the Federal Reserve will start cutting interest rates in September.
Lindt & Spruengli, Swiss Re, Julius Baer, Logitech International, Novartis, UBS Group and Nestle gained 0.6 to 1%.
Sika, Swiss Life Holding, Sonova, Givaudan, Swisscom and Geberit posted modest gains.
Straumann Holding and Swatch Group lost 1.3% and 1.22%, respectively. VAT Group ended nearly 1% down. SGS ended 0.53% down.
The benchmark SMI ended with a gain of 38.51 points or 0.32% at 12,188.73. The index, which climbed to 12,222.01 around mid morning, briefly slipped into negative territory around mid afternoon before recovering to close higher.
Data from the Federal Statistical Office said Swiss industrial production surged 7.3% year-over-year in the second quarter, reversing a 2% fall in the first quarter. Further, this was the biggest increase since the first quarter of 2021, when production had risen the same 7.3%.
The output produced in the manufacturing sector was 6.8% higher compared to last year versus a 3.2% decline in the previous quarter.
Data showed that the declining trend in construction output ended in the second quarter and advanced 0.8% compared to last year after a 2.9% decline in the second quarter.
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