Swiss Market Ends Sharply Lower
BRUSSELS (dpa-AFX) - After an early plunge, the Switzerland stock market rallied smartly into positive territory Friday morning, but faltered into the red after moving along the flat line for about a couple of hours.
The market eventually ended in the red with several stocks drifting lower as the mood remained bearish amid rising concerns over inflation, and on surging yields on U.S. Treasuries.
The benchmark SMI ended with a loss of 136.65 points or 1.28% at 10,522.22, slightly off the day s low. The index touched a high of 10,686.02 a little before noon.
UBS Group, SGS, LafargeHolcim, ABB, Swisscom, Sika and Zurich Insurance Group lost 2 to 2.7%. Alcon, Swiss Re and Geberit ended nearly 2% down.
European Stocks Close Sharply Lower
BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European markets ended sharply lower on Friday as concerns over inflation and rising U.S. Treasury yields continued to weight on equities.
Bond yields in the U.K. too rose today, lifted by Bank of England Chief Economist Andy Haldane s warning that it will be tough to rein in inflation.
Investors were also digesting a slew of earnings reports and economic data.
The pan European Stoxx 600 declined 1.64%. The U.K. s FTSE 100 ended lower by 2.35%, France s CAC 40 slid 1.39% and Germany s DAX lost 0.67%, while Switzerland s SMI lost 1.28%.
Among other markets in Europe, Austria, Belgium, Czech Republic, Denmark, Finland, Iceland, Ireland, Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden and Turkey all closed notably lower. Greece and Ukraine edged up slightly.
Gross domestic product in the 4th quarter of 2020: a slowdown in recovery admin.ch - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from admin.ch Daily Mail and Mail on Sunday newspapers.
Swiss Franc Appreciates Amid Risk Aversion
BRUSSELS (dpa-AFX) - The Swiss franc climbed against its major opponents during the European session on Friday amid risk aversion, as investors fret about a spike in bond yields and stretched valuation.
European shares fell following a sell-off in Asia, led by the overnight surge in yields amid inflation worries.
The benchmark 10-year Treasury yield soared above 1.6 percent after soft demand at an auction of $62 billion of 7-year Treasury note.
Investors worry that higher inflation could force the central banks to pare back ultra-loose policies, despite their dovish rhetoric.
Data from the State Secretariat for Economic Affairs showed that Switzerland s economic growth eased sharply in the fourth quarter as the restrictions imposed to contain the coronavirus pandemic weighed heavily on the service sector.
Swiss GDP Growth Weakens In Q4 forextv.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forextv.com Daily Mail and Mail on Sunday newspapers.