The Switzerland market ended notably lower on Wednesday after languishing in negative territory right through the day’s session, as investors reacted to weak economic data, digested a slew of corporate earnings announcements, and looked ahead to some key U.S. economic data due later in the week.
The benchmark SMI ended with a loss of 132.87 points or 1.1% at 11,967.70. The index touched a low of 11,952.43 and a high of 12,093.33.
UBS Group shares dropped 4.53% despite the banking giant reporting a significant uptick in its third-quarter performance, driven by cost-cutting and robust loan income. The bank swung to a net profit of $1.43 billion in the third quarter from a year-ago loss of $711 million.
In the fourth quarter, however, UBS anticipates a mid-single digit decline in net interest income in its global wealth management business and a low single-digit fall in its personal and corporate banking division.
Swatch Group ended down 3.42%. Straumann Holdings, Sika and Schindler Ps lost 2.08%, 1.82% and 1.71%, respectively.
Logitech International, Partners Group, Sonova, Richemont, Alcon, Kuehne + Nagel, Julius Baer, Lonza Group, VAT Group and Roche Holding closed down 1 to 1.6%. Lindt & Spruengli ended nearly 1% down.
Sandoz Group climbed 3.7%. SIG Group ended with a modest gain of about 0.3%.
Results of a survey by the KOF Swiss Economic Institute showed that a measure signaling future turning points in the Swiss economy weakened notably in October as the recovery of the economy is very uncertain.
The economic barometer dropped to 99.5 in October from a downwardly revised 104.5 in September. Meanwhile, economists had forecast a score of 105.1.
Although it is still within the medium-term average range, for the first time since January of this year it is no longer above the 100 mark, the KOF said.
Swiss Market Ends Notably Lower
2024-10-30 17:59:59
