Swiss Market Ends On Firm Note On Strong Economic Data

(RTTNews) - The Switzerland market closed on a strong note on Friday, in line with markets across Europe, as upbeat results from top U.S. firms Intel and Amazon, and data showing an unexpected drop in Swiss consumer price inflation helped underpin sentiment.

The benchmark SMI closed up 174.28 points or 1.48% at 11,967.20. The index scaled a low of 11,842.98 and a high of 11,991.87 intraday.

Julius Baer and Lonza Group both gained about 3.1%. Logitech International and UBS Group climbed 2.52% and 2.11%, respectively.

Straumann Holding, Roche Holding, Swatch Group, Novartis, Sonova and Holcim gained 1.6 to 2%. Nestle, Lindt & Spruengli, Swiss Life Holding, Swisscom, VAT Group, Swiss Re, ABB, SGS and Sika advanced 1 to 1.5%.

Richemont, Zurich Insurance, Givaudan, Schindler Ps, Kuehne + Nagel and Alcon also posted solid gains.

Geberit ended down 1%, and SIG Group drifted down 0.32%.

Data from the Federal Statistical Office said Switzerland's consumer price inflation eased unexpectedly in October to the lowest level in more than three years.

The consumer price index rose 0.6% on a yearly basis in October, slower than the 0.8% rise in September. Economists had expected the inflation to remain stable at 0.8%.

On a monthly basis, consumer prices edged down 0.1% in October after falling 0.3% in the previous month. Prices were expected to remain flat.

Another report from the same office said retail sales in Switzerland rose 2.2% year-on-year in September 2024, below the expected 2.5% increase, slowing from a downwardly revised 2.7% growth in August. On a monthly basis, retail sales decreased 0.5%, following a downwardly revised 0.1% rise in August.

Switzerland's procure.ch Manufacturing PMI held steady at 49.9 in October 2024, unchanged from September and hovering just below the growth threshold of 50, slightly above forecasts of 49.8, according to procure.ch & UBS.