(RTTNews.com) – The Swiss stock market ended the first session of the new trading week with a gain. A strong performance by financial and cyclical stocks helped the market to overcome some early weakness. Solid economic data from Europe also provided a boost, especially the strong German export data.
The positive opening of the U.S. markets and rising crude oil prices also added to the positive mood among traders Monday. Investors are hoping that the release of the minutes from the most recent meeting of the Federal Revere on Wednesday will provide some further clues on the outlook for interest rates. After the release of the U.S. jobs data last Friday, many traders believe a second Fed rate increase is in the cards before the end of the year.
The Swiss Market Index increased 0.59 percent Monday and finished at 8,172.22. The SMI slipped to an intraday low of 8,059 points this morning. The Swiss Leader Index climbed 0.67 percent and the Swiss Performance Index add 0.56 percent.
Zurich Insurance climbed 0.8 percent and Swiss Life finished up by 0.4 percent.
Richemont jumped 2.3 percent and rival Swatch added 1.1 percent. Actelion advanced 1.2 percent and LafargeHolcim rose 1.4 percent.
Investors continue to keep a close eye on the financial turmoil surrounding Deutsche Bank. The German lender is reportedly still in negotiations with the U.S. Justice Department in an attempt to reduce a fine of $ 14 billion. Credit Suisse increased 0.8 percent and UBS rose 0.1 percent. Julius Baer
also gained 1.1 percent.
Givaudan initially weakened after reporting sales for the first 9 months of the year, but finished up by 0.3 percent. The results were largely in line with expectations.
Index heavyweight Roche climbed 1.1 percent, but Novartis slipped 0.3 percent, after presentations at the ESMO Oncology Congress in Copenhagen.
Syngenta declined 1.1 percent. A Chinese press report stated that ChemChina is still missing up to US$ 15 billion for the planned takeover of the company. Syngenta stated that bridge financing for ChemChina is guaranteed and irrevocable.
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Plantations International