Plus   Neg

Swiss Stocks End Higher Again

Swiss stocks ended higher on Tuesday, extending gains from previous session, amid renewed optimism about U.S.-China trade deal and easing fears about another U.S. government shutdown.

The benchmark SMI ended up 58.78 points, or 0.65%, at 9,127.40, after scaling a low of 9,091.29 and a high of 9,143.75 in the session.

On Monday, the index ended up 65.21 points, or 0.72%, 9,068.62.

The Swatch Group shares rallied 3.7%, Adecco Group surged up 3% and Richemont gained nearly 3%. On Monday, Richemont announced that is sales in the third quarter ended 31 December 2018 increased by 25% at actual exchange rates and by 24% at constant exchange rates.

Credit Suisse ended 1.7% up and Lonza Group gained 1.3%. Roche, Novartis and Zurich Insurance gained 0.5 to 0.8% on strong volumes.

AMS gained 5.2% and Logitech International advanced 2.8%. Dufry and Georg Fischer both ended higher by about 2.1%.

Ahead of a high level meeting between U.S. and Chinese officials on Thursday and Friday, investors are hoping that the two countries will move closer toward striking a trade deal ahead of the March 1 deadline.

U.S. Trade Representative Robert Lighthizer, Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He are scheduled to discuss on trade issues.

On border security funding issue, the U.S. congressional negotiators reached an agreement late on Monday to avoid a new government shutdown and provide finance for the construction of new barriers along the U.S.-Mexico border.

The agreement reportedly includes $1.4 billion for physical barriers on the border, well short of the $5.7 billion President Donald Trump has demanded for construction of a border wall.

Democrats have also purportedly agreed to drop their demand to reduce the number of illegal immigrants who can be detained by Immigration and Customs Enforcement.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT