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Swiss Market Ends Lower Again

The Switzerland stock market ended lower on Wednesday, despite recovering from a week start and seeing a spell in positive territory around mid afternoon.

While renewed optimism about U.S. interest rate cuts lifted sentiment around mid afternoon, lingering concerns about global growth slowdown weighed on stocks.

The benchmark SMI ended down 23.78 points, or 0.24%, at 9,937.56. The index scaled a low of 9,905.51 and a high of 10,003.64 in the session.

The index settled with a loss of 32.76 points, or 0.33%, at 9,961.34 on Tuesday.

Swiss Re shares ended lower by about 2.5%. Zurich Insurance, Swisscom, Sika and Swiss Life Holding lost 0.5 to 0.7%.

Novartis ended lower by about 0.5%. Novartis said on Tuesday that it would make its generic pre-filled epinephrine shots immediately available in local pharmacies across the United States, as a shortage of Mylan NV's EpiPen emergency allergy shot drags on due to manufacturing problems.

Lonza Group moved up 1.1%. UBS Group, LafargeHolcim and Credit Suisse gained 0.4 to 0.8%.

Midcap stock AMS surged up nearly 6%. GAM Holding gained 4.8% after the company said it expects assets under management to have stabilised as the end of the first half, reiterating it would finish liquidating its absolute return funds by the middle of July.

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