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Swiss Market Ends Weak

The Switzerland stock market ended weak on Wednesday, even as other major markets in Europe closed on a firm note thanks to some positive earnings news and on optimism about U.S. lawmakers agreeing on a stimulus package.

The benchmark SMI ended down 64.07 points or 0.63% at 10,097.97, almost near the day's low. The market spent most part of the session till about mid afternoon in positive territory.

Novartis slid 1.48%, Swisscom and Nestle both ended lower by about 1.25%, and Roche Holding declined 1.2%.

Adecco moved up 1.7%. Swatch Group ended nearly 1% up, while UBS Group, Richemont, LafargeHolcim and Geberit gained 0.4 to 0.7%.

In the midcap section, Sunrise Communications declined by about 1%. Vifor Pharma ended down 0.75% and Helvetia lost 0.4%.

Dufry gained about 5.6%. AMS moved up 3.4% and Clariant gained nearly 2%. Straumann Holding, Temenos Group, Ems Chemie Holding, OC Oerlikon Corp, Bucher Industries and VAT Group ended higher by 1 to 1.7%.

The other major markets in Europe closed notably higher. The U.K.'s FTSE 100 climbed 1.14%, France's CAC 40 ended up 0.9% and Germany's DAX gained 0.47%. The pan European Stoxx 600 advanced 0.49%.

Finally, there is some optimism that U.S. lawmakers will reach an agreement on a new coronavirus relief bill. According to reports, Democratic leaders said they continue to make progress toward an agreement after meeting with Trump administration officials on Tuesday.

"We're making progress," said Senate Minority Leader Chuck Schumer, D-N.Y. "We really went down issue by issue by issue, slogging through them,"

The comments from Schumer come after Senate Majority Leader Mitch McConnell, R-Ken., indicated he would support any agreement between Democrats and the White House.

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