Swiss Market Ends Notably Lower

The Switzerland stock market ended notably lower on Wednesday, in line with markets across Europe, as weak data out of China raised concerns that global economic growth is slowing down due to the impact of the surge in coronavirus cases.

The benchmark SMI ended down by 112.45 points or 0.93% at 11,984.83.

Richemont shares declined more than 4%. Swatch Group ended lower by 3% and Credit Suisse shed about 2.4%. Geberit, Sika, Lonza Group and ABB lost 1 to 1.7%.

Roche Holding ended 0.7% down after announcing it has no plan to enter legal disputes with drug makers such as Hetero over patent rights.

Alcon moved up by about 0.8% and UBS Group gained 0.26%.

Among the stocks in the Swiss Mid Price Index, Dufry drifted down 6.25%. AMS ended lower by 3.3%, while Temenos Group, Logitech, Schindler Ps, Ems Chemie Holding, PSP Swiss Property, Cembra Money Bank, Vifor Pharma and Schindler Holding lost 1.4 to 2.5%.

Kuehne & Nagel rallied 2.8%. Lindt & Spruengli N climbed 1.65%.

Meanwhile, the number of new coronavirus cases in Switzerland is increasing, with the country reporting 2,604 new cases today, up from 1,991 new cases on Tuesday.

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