The Swiss stock market began the new trading week with a loss on Monday. The market got off to a weak start this morning, but managed to recover some ground in the afternoon.
Investors fled to safe havens ahead of a summit of Eurozone finance ministers later today, in Brussels. Data from China overnight showed that consumer price inflation slowed to 2.2 percent in June, from 3 percent in May.
Switzerland's unemployment rate remained unchanged in June, data released by the State Secretariat for Economic Affairs (SECO) showed Monday. The seasonally adjusted unemployment rate remained stable at 2.9 percent in June. The figure for May was revised down from 3 percent. Economists were looking for a jobless rate of 3.2 percent.
The Swiss Market Index fell by 0.37 percent Monday and finished at 6,160.78. The Swiss Leader Index declined by 0.65 percent and the Swiss Performance Index lost 0.38 percent.
The weak Chinese number put pressure on shares of retailers and luxury goods companies. Shares of Swatch dropped by 2.16 percent and Richemont dropped by 3.31 percent.
by RTT Staff Writer
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