BRUSSELS (dpa-AFX) - Swiss stocks fell sharply on Thursday, in line with equities across the globe, as U.S. President Donald Trump's sweeping tariff announcement fueled inflation and growth concerns, prompting investors to exit counters.
Switzerland's Federal Council said tariffs are set to hit the nation's key sectors and dampen the growth forecast for its economy, which is projected to grow below average in 2025 and 2026. Machinery, watches, and agricultural goods exports, which will be subjected to the tariffs, are likely to see a sharp downturn.
The benchmark SMI, which stayed well below the flat line right through the day's session, settled with a loss of 308.83 points or 2.45% at 12,279.48, not far off the day's low of 12,252.70.
Logitech International, the biggest loser in the index, plunged 16.5%. The computer peripherals and software company makes most of its sales in the US, and mostly sources its products from countries like China, Vietnam, Thailand and Mexico, according to a Bloomberg report.
VAT Group tanked nearly 11%, while Kuehne + Nagel and UBS Group lost 8.5% and 8.3%, respectively.
Julius Baer, Adecco, Partners Group, Richemont, ABB, Swatch Group and Straumann Holding closed down 6 to 7%.
Holcim ended 5.1% down, while Sika, Alcon, Sonova, SGS and Roche Holding ended lower by 2.8 to 4.6%. Zurich Insurance Group, Sandoz Group and Swiss Re also declined sharply.
Swisscom climbed up 3.7%. Nestle, Lonza Group, Givaudan and Novartis posted moderate gains.
Data from the Federal Statistical Office said Switzerland's consumer price inflation held steady in March after easing to a nearly 4-year low in February.
The consumer price index rose 0.3% on an annual basis in March, the same as in the previous month. Meanwhile, economists had expected inflation to rise to 0.5%.
Core inflation that excludes unprocessed food and energy also remained stable at 0.9%.
On a monthly basis, consumer prices showed a stagnant change in March, after rising 0.6 percent in February.
Copyright(c) 2025 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2025 AFX News
