Swiss stocks tanked on Monday, as worries about rising inflation and higher interest rates raised concerns about growth, prompting investors to exit counters.
Worries about the impact of severe lockdown restrictions in China’s Shanghai, and disappointing data from China showing a marked slowdown in the country’s export growth in April further dented sentiment.
Markets across Asia and Europe tumbled, and the U.S. market is down sharply as well.
The benchmark SMI ended with a loss of 286.24 points or 2.44% at 11,444.18, the day’s low.
Logitech, Holcim, Sika, Credit Suisse and Lonza Group lost 5.4 to 6.2%. Alcon, Givaudan and Richemont ended lower by 4 to 4.6%.
Geberit, UBS Group, Swiss Life Holding, ABB, Nestle, Zurich Insurance Group and Partners Group also ended sharply lower. Novartis shed 1.52%. Roche Holding ended flat.
In the Mid Price Index, Bachem Holding plunged 8.8%. Sonova lost 7.7%. Straumann Holding, Dufry, Temenos Group, Tecan Group, VAT Group, AMS, BB Biotech, Adecco and PSP Swiss Property shed 5 to 6.6%.
Most of the markets across Europe ended sharply lower. The pan European Stoxx 600 plunged 2.9%. The U.K.’s FTSE 100 shed 2.32%, Germany’s DAX ended 2.15% down and France’s CAC 40 tumbled 2.75%, while Switzerland’s SMI dropped 2.44%.
Swiss Market Ends Sharply Lower
2022-05-09 17:03:59
