The Swiss stock market finished in negative territory on Thursday. Global economic concerns weighed on the market today, as investors await the release of the second quarter GDP result from China. Concerns over a slowdown in the world's second biggest economy had a negative impact on markets today.
Investors were disappointed by the FOMC minutes released late Wednesday in the U.S. Many had been hoping for a third round of quantitative easing. There was also disappointment over the decision from the Bank of Japan to leave its quantitative easing essentially unchanged. A surprise interest rate cut from South Korea overnight also heightened concerns.
The Swiss Market Index fell by 0.44 percent Thursday and finished at 6,147.57. The Swiss Leader Index declined by 0.80 percent and the Swiss Performance Index lost 0.58 percent.
The luxury goods companies continued to come under pressure, due to concerns over China. Richemont dropped by 4.2 percent and Swatch declined by 4.0 percent.
Cyclicals were also among the negative performers on Thursday. Nobel Biocare fell by 3.8 percent in the wake of the index adjustment by the SIX Swiss Exchange. Lonza lost 3.1 percent and Adecco fell by 2.7 percent. Holcim declined by 1.5 percent and Clariant finished down by 1.6 percent.
by RTT Staff Writer
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