Swiss stocks turned in a weak performance on Tuesday as concerns about the outlook for Federal Reserve’s interest rates weighed on sentiment.
Data on U.S. personal income and spending, which includes readings on inflation said to be preferred by Fed, due later in the week is in focus for clues about the outlook for interest rates.
Data showing an acceleration in Germany’s headline inflation added to concerns about interest rates.
The benchmark SMI ended down by 60.77 points or 0.51% at 11,793.73, slightly off the day’s low of 11,783.62.
In Swiss economic news, a report from UBS & CFA Society said the Swiss UBS investors’ sentiment gauge rose to 18.2 in May of 2024 from 17.6 in the previous month, pointing to the seventh consecutive period of improvement to the highest level since September of 2021.
SIG Group, Swatch Group and Lonza Group lost 2.5 to 2.8%. Sandoz Group ended lower by about 2.2%, while Lindt & Spruengli and Schindler Ps, both ended nearly 2% down.
SGS, UBS Group, Swiss Life Holding, Geberit, Richemont, Alcon, Partners Group, Holcim and Straumann Holding lost 0.9 to 1.6%. Julius Baer, Novartis and VAT Group also ended notably lower.
ams OSRAM AG lost 5.2%. Barry Callebaut, Georg Fischer, Meyer Burger Tech, Adecco, Temenos Group and Galenica Sante also declined sharply.
Swiss Re gained about 1.4%. Zurich Insurance Group, Logitech International and Roche GS posted modest gains.
Market Analysis
Swiss Market Ends Weak Again
2024-05-29 17:49:51
