Swiss Market Ends On Weak Note

(RTTNews) - The Switzerland stock market retreated after a positive start Wednesday morning, and after moving along the unchanged line for a long time, slipped into the red in the final hour to eventually close on a weak note.

Worries about inflation and rising interest rates, and largely disappointing economic data from Europe, weighed on the market.

The benchmark SMI, which climbed to 11,692.66 at the start, ended the session with a loss of 117.26 points or 1.01% at 11,494.12, the day's low.

Partners Group declined 3.6%. Lonza Group and Sika both ended lower by about 2.4%. SGS shed about 2% and Nestle lost 1.6%, while Givaudan, Alcon, Roche Holding, Credit Suisse and Swiss Re lost 1 to 1.25%.

ABB, UBS Group and Swisscom ended modestly higher.

In the Mid Price Index, Tecan Group and Straumann Holding lost 5.47% and 5%, respectively. Sonova, Schindler Ps, Zur Rose, Bachem Holding, Kuehne & Nagel and Temenos Group closed lower by 2 to 2.6%.

On the economic front, a report from procure.ch and Credit Suisse said that the Manufacturing PMI for Switzerland fell to 60 in May of 2022 from 62.5 in the previous month, missing market expectations of 61.