Swiss Market Ends Weak Again
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(RTTNews) - For the second consecutive day, the Switzerland market languished in red right through the day's session, as weak earnings updates from U.S. technology majors Microsoft Inc., and Meta Platforms, and weak euro zone inflation data hurt sentiment and sent stock prices drifting down south on Thursday.
The mood was extremely cautious with investors looking ahead to Swiss inflation data and retail sales report, due on Friday. A reading on the country's manufacturing activity in the month of October is due as well.
The benchmark SMI ended down 174.78 points or 1.46% at 11,792.92. The index touched a low of 11,745.30 in the session.
Swisscom lost 5.05% and Partners Group ended 3.71% down. Julius Baer, UBS Group, VAT Group, Sonova and Roche Holding ended lower by 2 to 2.5%.
Alcon, Logitech International, Novartis, Swatch Group, ABB, SIG Group, Straumann Holding, Givaudan, Swiss Life Holding, Richemont, Nestle, Zurich Insurance, and Holcim lost 1 to 1.9%.
Avolta ended nearly 2.5% down, despite the company confirming its medium-term targets after reporting strong third-quarter results.
Geberit bucked the trend and moved up by about 4.7%. The company booked a year-over-year rise in third-quarter net income and net sales to 150 million francs and 762 million francs, respectively, from 148 million francs and 728 million francs.
Eurozone inflation accelerated more than expected in October on food and energy prices but it remained within the target of the European Central Bank, bolstering the case for a gradual monetary policy easing.
The harmonized index of consumer prices posted an annual growth of 2%, the flash estimate from Eurostat showed. Inflation was forecast to rise to 1.9% from 1.7% in September.
Core inflation that excludes energy, food, alcohol and tobacco, remained unchanged at 2.7% in October. The rate was seen at 2.6%.
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