Swiss Market Ends Notably Lower On Rate Hike Concerns
(RTTNews) - The Switzerland stock market ended notably lower on Friday, in line with markets across Europe, after Fed Chair Jerome Powell said in his speech at the Jackson Hole symposium that the central bank's efforts to combat inflation will cause "some pain."
Powell reiterated the Fed's resolve to bring inflation back to its 2% target, declaring that the "economy does not work for anyone" without price stability. He added that the central bank would use its tools "forcefully" to bring demand and supply into better balance.
The benchmark SMI ended with a loss of 121.72 points or 1.1% at 10,942.16, slightly off the day's low of 10,930.37.
Logitech, Richemont, Sika, Givaudan, Lonza Group, Alcon, Partners Group and Credit Suisse ended lower by 2 to 3.25%.
UBS Group, Geberit, Nestle, ABB and SGS also closed notably lower.
In the Mid Price index, Straumann Holding, SIG Combibloc, AMS, Dufry and VAT Group lost 3.2 to 4%.
Sonova, Swatch Group, Ems Chemie Holding, Barry Callebaut, Georg Fischer, Bachem Holding, BB Biotech and Lindt & Spruengli shed 2 to 3%.
Zur Rose gained more than 2%, bouncing back after suffering a severe setback in the previous session.
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