Swiss Market Ends Notably Lower On Weak Global Cues

(RTTNews) - The Switzerland stock market ended notably lower on Tuesday, in line with markets across Europe, as worries about growth and uncertainty about the likely pace of Fed interest rate cuts weighed on sentiment.

Investors also digested the latest batch of Swiss economic data.

The benchmark SMI, which dropped to a low of 12,293.90, ended down by 103.29 points or 0.83% at 12,348.19.

Partners Group shares dropped 9.2% after its first-half results missed expectations.

VAT Group ended down 3.6% and Julius Baer drifted down 3.01%. Sandoz Group, Roche Holdings and Roche GS closed lower by 2 to 2.4%.

UBS Group, ABB, SIG Group, Kuehne + Nagel, Novartis, Straumann Holding, Lonza Group, Holcim and Swatch Group lost 1 to 1.5%.

Givaudan climbed 1.52%. Sonova gained 1.32%, while Swiss Life Holding, Swiss Re, Nestle and Schindler Ps advanced 0.8 to 1.1%. Lindt & Spruengli and Swisscom posted modest gains.

Switzerland's economic growth accelerated in the second quarter as initially estimated on strengthening manufacturing and services output, data from the State Secretariat for Economic Affairs, or SECO, showed. Gross domestic product grew 0.5% sequentially after posting 0.3% growth in the previous two quarters. The rate came in line with the flash estimate.

Switzerland's consumer price inflation eased more-than-expected in August to the lowest level in five months, the Federal Statistical Office reported.

The consumer price index rose 1.1% on a yearly basis in August, slower than the 1.3% rise in July. The expected increase was 1.2%. Further, this was the lowest inflation since March, when prices had risen 1%.