Swiss Market Ends Lower On Growth Concerns
2024-11-10
1370
(fxcue news) - Swiss stocks tumbled on Friday, weighed down data showing a slowdown in growth, and uncertainty about Fed interest rate cuts following hawkish comments by the central bank chair Jerome Powell.
The benchmark SMI closed down 156.61 points or 1.33% at 11,627.04.
Data from the State Secretariat for Economic Affairs, or SECO, said gross domestic product adjusted for sports events increased 0.2% in the third quarter, according to flash estimate. In the second quarter, the Swiss GDP adjusted for sporting events grew 0.5%.
The country's producer and import price index decreased 0.3% in October after a 0.1% decline in September, Swiss Federal Statistical Office data showed. On a yearly basis, producer and import prices fell 1.8%.
Lonza Group closed down 8.3%. VAT Group ended nearly 4% down. Straumann Holding, Roche Holding and Lindt & Spruengli lost 2.29%, 2.22%, and 2.08%, respectively.
Givaudan, Alcon, Nestle, SGS, Logitech International, Novartis, Partners Group and Sika lost 1 to 2%. Kuehne + Nagel, Sonova and Schindler Ps declined nearly 1%.
Holcim, ABB, Swisscom, UBS Group and Richemont also ended weak.
Swatch Group climbed about 2.25%. Sandoz Group gained 1%. The company announced that it has secured marketing authorization from the European Commission for Afqlir, its biosimilar to Eylea, indicated for treating various retinal diseases.
Swiss Re gained nearly 1%. Adecco and Zurich Insurance Group also closed on firm note.
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