On Wednesday, the Swiss market commenced with a downturn, but quickly regained traction, steadily climbing throughout the day. Eventually, it closed on an optimistic note as investors anticipated the Swiss National Bank's impending decision on interest rates, expected on Thursday.
Market participants also considered the U.S. consumer price inflation data, which aligned with projections, thus increasing the likelihood of another rate cut by the Federal Reserve.
Expectations are high for the Swiss National Bank to reduce interest rates by 25 basis points. The European Central Bank, also set to declare its monetary policy decisions tomorrow, is forecasted to make a similar rate cut of 25 basis points.
The Swiss Market Index (SMI) wrapped up the session with a gain of 39.48 points or 0.34%, settling at 11,681.87. This marked a recovery from an earlier dip to 11,618.72.
Givaudan saw a surge of 3.54%, while SGS advanced nearly 2.5%. VAT Group and SIG Group also saw increases of 1.09% and 0.9%, respectively. Meanwhile, Lonza Group, Holcim, Julius Baer, Swiss Life Holding, Geberit, Logitech International, and Straumann Holding registered moderate gains.
Conversely, Swiss Re and Adecco both experienced declines of over 2%. Swatch Group, Novartis, UBS Group, Sika, and Sonova registered losses between 1.3% and 1.7%.
Additionally, Sandoz Group, Zurich Insurance Group, Nestle, and Swisscom retreated by 0.8% to 1.2%. Roche Holding and Alcon also ended the day on softer ground.
The material has been provided by InstaForex Company -
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