Swiss Market Ends On Firm Note On Strong Economic Data

RTTNews | 6h 8min ago
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.

read more
Pound Firms Against Majors

Pound Firms Against Majors

The pound moved up against its major counterparts in the New York session on Friday.
RTTNews | 9h 9min ago
U.S. Construction Spending Inches Slightly Higher In September

U.S. Construction Spending Inches Slightly Higher In September

Reflecting an increase in spending on public construction, the Commerce Department released a report on Friday showed an uptick by U.S. construction spending in the month of September. The report said construction spending crept up by 0.1 percent to an annual rate of $2.149 trillion in September after inching up by 0.1 percent to a revised rate of $2.146 trillion in August.
RTTNews | 9h 52min ago
U.S. Manufacturing Index Unexpectedly Dips To Lowest Level In Over A Year

U.S. Manufacturing Index Unexpectedly Dips To Lowest Level In Over A Year

A report released by the Institute for Supply Management on Friday showed U.S. manufacturing activity unexpectedly contracted at a modestly faster rate in the month of October. The ISM said its manufacturing PMI fell to 46.5 in October from 47.2 in September, with a reading below 50 indicating contraction. Economists had expected the index to inch up to 47.6.
RTTNews | 10h 8min ago
CPSC Recalls: Polaris ROVs, Floating Wall Theaters, Charge Case Accessory, Backpack Sprayers

CPSC Recalls: Polaris ROVs, Floating Wall Theaters, Charge Case Accessory, Backpack Sprayers

The U.S. Consumer Product safety Commission or CPSC has announced recalls including Polaris Industries Inc.'s Ranger XP Kinetic Recreational Off-Road Vehicles or ROVs, Manhattan Comfort Inc.'s Floating Wall Theater Entertainment Centers and Panels, Humane Inc.'s Charge Case Accessory for Ai Pin, Harbor Freight Tools' Bauer 4-Gallon Battery-Powered Backpack Sprayers, ...
RTTNews | 10h 15min ago
U.S. Employment Inches Up By 12,000 Jobs In October, Far Less Than Expected

U.S. Employment Inches Up By 12,000 Jobs In October, Far Less Than Expected

With increases in healthcare and government jobs partly offset by decreases in temporary and manufacturing jobs, the Labor Department released a report on Friday showing employment in the U.S. edged only slightly higher in the month of October. The Labor Department said non-farm payroll employment crept up by 12,000 jobs in October compared to economist estimates for the addition of 113,000 jobs.
RTTNews | 11h 5min ago
U.S. Employment Inches Up Far Less Than Expected In October

U.S. Employment Inches Up Far Less Than Expected In October

With increases in healthcare and government jobs partly offset by decreases in temporary and manufacturing jobs, the Labor Department released a report on Friday showing employment in the U.S. edged only slightly higher in the month of October.
RTTNews | 11h 53min ago