{"id":22594,"date":"2022-06-08T17:00:48","date_gmt":"2022-06-08T17:00:48","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2022\/06\/08\/swiss-market-ends-on-weak-note-14\/"},"modified":"2022-06-08T17:00:48","modified_gmt":"2022-06-08T17:00:48","slug":"swiss-market-ends-on-weak-note-14","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2022\/06\/08\/swiss-market-ends-on-weak-note-14\/","title":{"rendered":"Swiss Market Ends On Weak Note"},"content":{"rendered":"
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Save for a few minutes at the start, the Switzerland stock market was down in negative territory on Wednesday amid rising worries about global economy<\/span> after the World Bank and the Organization for Economic Cooperation and Development slashed global growth forecasts.<\/p>\n

Data showing a drop in Swiss unemployment rate helped limit market’s downside.<\/p>\n

The benchmark SMI ended with a loss of 66.79 points or 0.58% at 11,467.39, up from the day’s low of 11,411.43. The index touched a high of 11,549.67 at the start.<\/p>\n

UBS Group ended lower by 2.6%. Swiss Re, Swiss Life Holding, Zurich Insurance Group, SGS, ABB, Nestle and Sika shed 1.25 to 1.6%.<\/p>\n

Partners Group, Givaudan and Swisscom lost 0.7 to 1%, while Geberit ended lower by about 0.5%.<\/p>\n

Credit Suisse plunged more than 7% after a profit warning, but rebounded as the session progressed to eventually close with a strong gain of about 3.8%. The stock rallied on reports that U.S.-based State Street is planning a takeover bid for the lender.<\/p>\n

In the Swiss Mid Price Index, Kuehne & Nagel tanked more than 7%. Schindler Holding, Schindler Ps, Flughafen Zurich and Julius Baer lost 2 to 2.5%, while Dufry ended nearly 2% down.<\/p>\n

BB Biotech and Tecan Group climbed 3.65% and 3.25%, respectively. Bachem Holding gained about 1.5%, while Georg Fischer advanced nearly 1%.<\/p>\n

Data released by the State Secretariat for Economic Affairs, or SECO, showed the unadjusted unemployment rate in Switzerland dropped to 2.1% in May from 2.3% in the previous month.<\/p>\n

The number of registered unemployed decreased by 6,387 persons to 98,004 in May from 104,391 in the prior month.<\/p>\n

The youth unemployment rate, which is applied to the 15-24 age group, decreased to 1.5% in May from 1.6% in April.<\/p>\n

Meanwhile, the seasonally adjusted jobless rate held steady at 2.2% in May, which was also in line with economists’ forecast. <\/p>\n<\/p>\n

Market Analysis<\/p>\n<\/div>\n