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The Swiss Stock Market Dropped As Trade War Escalates

The Swiss stock market ended Wednesday's session firmly in negative territory. Global equity markets were under pressure after the trade war between the U.S. and China escalated.

U.S. President Donald Trump has ordered U.S. Trade Representative Robert Lighthizer to begin the process of imposing tariffs of 10 percent on an additional $200 billion of Chinese imports.

The move comes after the U.S. imposed a 25 percent tariff on $34 billion worth of Chinese imports last Friday, leading China to retaliate by imposing tariffs on $34 billion worth of U.S. exports.

The Swiss Market Index decreased by 0.98 percent Wednesday and finished at 8,682.93. The Swiss Leader Index dropped 1.02 percent and the Swiss Performance Index lost 0.88 percent.

The luxury goods companies were hard hit by trade war worries. Richemont declined 2.3 percent and Swatch Group fell 2.1 percent.

Among the index heavyweights, Novartis dropped 1.3 percent, Roche surrendered 0.8 percent and Nestle slid 0.1 percent.

Julius Baer weakened by 2 percent, Credit Suisse decreased 1.8 percent and UBS lost 1.6 percent.

SGS finished lower by 1.4 percent, while Sika and Adecco weakened by 1.2 percent each. Lafargeholcim was another notable loser, falling 1.8 percent.

by RTTNews Staff Writer

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