Swiss Stock Market Mixed; SMI Tops 12,500 as US Shutdown Looms
The Swiss stock market saw a mix of gains and losses today. Alcon led the gains with a 2.3% increase, while Holcim was the laggard, down by 1.7%. The SMI index broke above 12,500 points for the first time since April, trading at 12,512.65 points at 11:05 am. Meanwhile, the US government shutdown has cast uncertainty over the market.
Alcon's 2.3% gain made it the top performer on the Swiss stock market today. Holcim, despite positive recommendations from Goldman Sachs and Jefferies ahead of its interim report, struggled, ending the day down by 1.7%. Barry Callebaut's stock initially surged on delisting rumors but reversed course after talks were reportedly called off.
Roche and Novartis also performed well, up by 1.4% and 1.3% respectively, boosted by a US drug price deal. Clariant, however, faced pressure from an ongoing 'ethylene lawsuit', leading to a 1.1% drop in its stock. Partners Group and UBS were the leading winners in the SMI, both up by 1.5%.
The US government shutdown has led to the cancellation of the US jobs report, increasing macroeconomic uncertainty. Daniel Lüchinger, CIO of GKB, has warned that a prolonged political stalemate in the US could trigger profit-taking on the stock market.
Today's trading session saw the SMI index rise above the 12,500 point mark for the first time since April. While Alcon and others made gains, Holcim and Clariant faced losses. The US government shutdown has added uncertainty to the market, with experts warning of potential profit-taking if the stalemate continues.
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