Swiss Market Ends Slightly Weak
BRUSSELS (dpa-AFX) - The Switzerland stock market recovered after a mild early setback Thursday morning, and despite holding in positive territory for a long time thereafter, slipped in the final minutes to end the session with a marginal loss.
Profit taking after recent gains contributed to the slightly lower close. Investors also reacted to data showing the country s exports grew at a softer pace in the month of April.
The benchmark SMI, which hit a fresh record high at 11,408.61, ended the day at 11,340.27, down 8.47 points or 0.07%.
Swiss Life Holding, UBS Group and Credit Suisse gained 1.7 to 2.1%. ABB, Swiss Re, Richemont, Holcim, SGS and Geberit advanced 0.6 to 1.3%.
European Stocks Close Broadly Higher On Economic Optimism
Investors also digested a slew of economic data and earnings announcements from the euro area.
The pan European Stoxx 600 advanced 0.27%. France s CAC 40 gained 0.69%, while Germany s DAX and the U.K. s FTSE 100 slid 0.28% and 0.1%, respectively. Switzerland s SMI edged down 0.07%.
Among other markets in Europe, Austria, Czech Republic, Finland, Greece, Ireland, Norway, Poland, Portugal, Russia and Sweden ended higher.
Belgium, Denmark, Iceland, Netherlands, Spain and Turkey closed weak.
In the UK market, Antofagasta gained nearly 5%, Glencore climbed 4.6% and Ashtead Group gained 4.4%. Fresnillo, Rolls-Royce Holdings, Melrose Industries, Aviva, M&G and Lloyds Banking Group gained 3 to 4%.
Swiss Exports Growth Slows In April
Exports rose by a real 0.1 percent month-on-month in April, after a 5.1 percent growth in March.
Imports rose 2.2 percent monthly in April, after a 3.7 percent increase in the previous month.
Exports of chemicals and pharmaceuticals, and clothing and footwear declined in April, while imports of chemicals and pharmaceuticals, and energy increased.
In nominal terms, exports remained unchanged in April and imports increased 3.5 percent.
The trade surplus decreased to CHF 3.291 billion in April from CHF 3.873 billion in March.
According to the Federation of the Swiss Watch Industry, watch exports rose 2.0 percent year-on-year in April.
Copyright RTT News/dpa-AFX
May 9, 2021
Mark Bernardo
BLOOMBERG – Over the past year, as many luxury sectors struggled under the weight of the pandemic, a few categories soared in interest and value, prominently including vintage watches. Sotheby’s, for example, reported in December 2020 that its global auction sales of timepieces had reached USD97.5 million last year, with more than 140 online sales totalling USD47.4 million-almost eight times the number of sales and five times the value achieved in 2019.
Meanwhile, exports of new Swiss watches declined by 21.8 per cent in value, according to the Federation of the Swiss Watch Industry, due in part to months-long factory closings. A recovery for watchmakers appears to be happening, and many showed new wares this month at the Watches and Wonders trade show. But there is no doubt that the vintage market is the strongest it’s ever been.
The first China International Consumer Products Expo. - GT
BEIJING (Global Times): On the first working day after the May Day holidays, which generated travel-related spending with year-on-year growth of 138.1 per cent to 113.23 billion yuan (US$17.5 billion), consumers in the world s second largest economy now embraced another shopping feast - the first China International Consumer Products Expo (CICPE).
The expo is scheduled in Haikou, capital of South China s Hainan Province from May 7 to 10.
In a congratulatory letter to the expo, Chinese President Xi Jinping said the event will provide a global consumer boutique display and trading platform, which is conducive to the sharing of opportunities in the Chinese market by all countries, to the recovery and growth of the world economy, and to provide the world with more high-quality consumer products by China.