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Swiss Market Ends On Buoyant Note

The Switzerland stock market ended on a buoyant note on Monday, reacting positively to comments from U.S. Federal Reserve Chairman Jerome Powell, news about a potential coronavirus vaccine, and on hopes about more stimulus from central banks and governments.

The market stayed firm right through the session. The benchmark SMI ended up 257.67 points, or 2.72%, at 9,740.77, rising steadily after a firm start.

Credit Suisse soared more than 10%. Adecco surged up 8.6%. UBS Group and Alcon moved up 6.9% and 6.75%, respectively, while ABB, Swiss Re, Richemont, LafargeHolcim and Swiss Life Holding gained 5 to 6%.

Zurich Insurance Group, SGS, Geberit, Swatch Group, Lonza Group and Givaudan also ended with strong gains.

Roche Holding missed out on the rally and ended lower by about 0.7%.

In the midcap section, Dufry zoomed 11.4% and Flughafen Zurich jumped 10.7%. OC Oerlikon Corp, Georg Fischer, AMS, BB Biotech and Julius Baer gained 7 to 8%.

BB Biotech, Julius Baer, Sonova, Straumann Holding, Bucher Industries and Baloise Holding ended stronger by 5 to 5.6%. Vifor Pharma, trading ex-dividend, slipped 1.25%.

Markets across Europe surged higher today. Among the major indices in Europe, the U.K.'s FTSE 100 ended 4.29% up, Germany's DAX surged up 5.67% and France's CAC 40 jumped 5.16%. The pan European Stoxx 600 climbed up 4.07%.

Federal Reserve Chairman Jerome Powell said on Sunday that the economic downturn could last another year and a half, but this will not be another Great Depression.

"It's going to be a very sharp downturn," Powell said on CBS' "Face the Nation" that aired on Sunday. He said the U.S. would have a slow recovery from what he called "biggest shock" that the economy's had in living memory.

However, he added, "It should be a much shorter downturn than you would associate with the 1930s."

Traders were also betting on hopes of more stimulus from governments and central banks, and on optimism about a potential coronavirus vaccine sometime soon after biotech firm Moderna said its experimental vaccine had produced antibodies in all 45 trial participants.

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