Swiss Market Ends On Strong Note

(RTTNews) - The Switzerland market ended on a strong note on Thursday, in line with markets across Europe, on rising hopes about an interest rate cut by the Federal Reserve in September after data showed a drop in U.S. consumer price inflation.

The benchmark SMI ended with a gain of 104.59 points or 0.86% at 12,255.78. The index touched a high of 12,292.48.

Sandoz Group climbed nearly 3.5%. Straumann Holding gained almost 3%. Julius Baer, Geberit and Lonza Group ended higher by 2 to 2.5%.

Alcon gained nearly 2%. Holcim, Richemont, Sonovoa, Sika, Roche Holding and Novartis ended higher by 1 to 1.5%.

Swatch Group, Schindler Ps, UBS Group, Givaudan and Partners Group also closed higher.

Lindt & Spruengli ended more than 3% down. VAT Group and SIG Group closed lower by 1.31% and 1.15%, respectively.

Barry Callebaut shares tanked nearly 12%, after the company warned of challenges ahead due to supply turbulence and cocoa-related price increases. The company reported a year-over-year rise in sales revenue to 7.32 billion francs from 6.29 billion francs in the nine months ended May 31.

The Labor Department said U.S. consumer price index slipped by 0.1% in June after coming in unchanged in May. Economists had expected consumer prices to inch up by 0.1%.

Excluding food and energy prices, core consumer prices crept up by 0.1% in June after rising by 0.2% in May. Core prices were expected to increase by another 0.2%.

The report also said the annual rate of consumer price growth slowed to 3% in June from 3.3% in May. Economists had expected the pace of price growth to decelerate to 3.1%. The annual rate of core consumer price growth also slowed to 3.3% in June from 3.4% in May. The pace of growth was expected to remain unchanged.