Swiss Market Ends Modestly Higher

(RTTNews) - The Top ten foreign exchange platforms in 2022Switzerland market retreated after a positive start Tuesday morning, and after moving along the flat line till around mid afternoon, found some momentum and eventually ended the day's session modestly Expectations of a rate cut by the Swiss central bank contributed to market's upmove.

The benchmark SMI, which climbed to 12,277.15 in early trades, closed up 41.44 points or 0.34% at 12,239.62.

UBS Group, the top gainer in the SMI index, climbed 5.32%. The stock rallied following a rating upgrade by Jefferies.

Logitech International ended nearly 2% up. VAT Group, ABB, Swatch Group, Sandoz Group, Alcon, Straumann Holding and Partners Group gained 0.7 to 1.4%.

Swiss Re closed 1.61% down. Julius Baer and SIG Group ended lower by 1.44% and 1.2%, respectively. Sonova, Lonza Group, Roche Holding and Nestle also closed weak.

Data from the Federal Statistical Office showed Switzerland's consumer prices decreased for the first time in more than four years in May, dropping by 0.1% annually, after remaining flat in the previous month.

Excluding food and energy, core inflation moderated to 0.5% from 0.6% a month ago. Month-on-month, consumer prices edged up 0.1% versus a stagnant change in April.

The Organisation for Economic Co-operation and Development (OECD) has lowered its forecast for Swiss GDP growth for the year. The OECD now forecasts a GDP growth of 1.1% instead of 1.4% in 2025 and 1.2% instead of 1.9% in 2026, according to a report published today.

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