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Swiss Market Retreats After Scaling New High, Settles Slightly Weak

The Switzerland benchmark hit a new peak Monday morning after a firm start, but suffered a setback of sorts in the final hour and eventually ended the session with a marginal loss.

The mood was cautious with investors digesting the latest batch of economic data from the U.S., China and the euro area.

The benchmark SMI ended down 14.45 points, or 0.14%, at 10,059.37, after hitting a record high of 10,109.29 in early trades.

Credit Suisse gained about 2.5% after the lender said it had successfully closed the transfer of Credit Suisse InvestLab to Allfunds Group.

UBS Group shares moved up 2.33%. According to reports, the bank and Brazilian lender Banco do Brasil SA are in advanced talks about an investment banking joint venture.

Richemont, Swiss Re, Adecco, LafargeHolcim, Swiss Life Holding, ABB, Swatch Group, Sika and Zurich Insurance Group gained 1 to 1.8%

Nestle declined more than 2%. Alcon shares ended lower by about 1.7%. Roche Holding and Swisscom settled lower by 0.9% and 0.8%, respectively.

Novartis declined by about 0.4%. The drugmaker announced positive data for migraine medicine Aimovig. It said the data show 77% of the patients who underwent treatment experienced at least a 50% reduction in monthly migraine days.

In economic news, Switzerland's jobless rate remained stable in August, data from the State Secretariat for Economic Affairs, or SECO, showed on Monday.

The unemployment rate remained unchanged at seasonally adjusted 2.3% in August. On an unadjusted basis, the jobless rate held steady at 2.1%.

The number of unemployed increased by 1,974 from the previous month to 99,552 in August. Compared to previous year, unemployment decreased by 8,341.

The jobless rate among youth aged between 15 and 24, came in at 2.5% versus 2.1% in July.

The Chief Executive Officer of Switzerland stock exchange has warned that the British government should be ready to act to protect its financial services industry against measures from the European Union.

It is widely feared that the spat between the European Union and Switzerland is a portent of things to come for Britain.

Foreign Exchange Reserves in Switzerland decreased to 767114 CHF Million in August from 767910 CHF Million in July of 2019.

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