BRUSSELS (dpa-AFX) - The Switzerland market ended weak on Thursday, in line with most of the markets in Europe, after data showing a bigger than expected increase in U.S. consumer price inflation tempered expectations of an early rate cut.
The benchmark SMI, which slipped into the red around late morning, kept edging lower as the session progressed to eventually close with a loss of 101.38 points or 0.9% at 11,153.62.
UBS Group, Richemont, Nestle, Sika, Partners Group and Roche Holding ended down 1.3 to 1.73%.
Geberit and Alcon both shed a little over 1%. Swiss Life Holding, Zurich Insurance Group and Givaudan drifted down 0.85%, 0.71% and 0.62%, respectively.
Lonza Group gained 1.37%, and Kuehne & Nagel advanced 1.3%. Sonova climbed 0.72%, while Swiss Re ended modestly higher.
In the Mid Price Index, Barry Callebaut declined 3.3%. Meyer Burger Tech, Clariant, Ems Chemie Holding, ams OSRAM AG, Sandoz and Swiss Prime Site lost 1 to 2.1%.
VAT Group shares climbed more than 1% in early trades after reporting stronger than expected orders in Q4. However, the stock pared its gains as the day progressed and finally settled with a marginal loss.
The U.S. Labor Department said its consumer price index climbed by 0.3% in December after inching up by 0.1% in November. Economists had expected consumer prices to rise by 0.2%.
The report also showed the annual rate of consumer price growth accelerated to 3.4% in December from 3.1% in November. The annual rate of growth was expected to tick up to 3.2%.
Meanwhile, the annual rate of growth by core consumer prices slowed to 3.9 percent in December from 4.0 percent in November. Economists had expected the pace of core price growth to decelerate to 3.8 percent.
A number of economists have said the data makes the U.S. central bank less likely to cut interest rates in March, with many predicting the central bank will hold off until its May meeting.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
