ZRICH (Dow Jones) – Economic hopes drove the Swiss stock market up sharply on Tuesday. The SMI gained 1.9 percent to 10,034 points. In the 20 SMI values, 19 course winners and one loser faced each other. 72.12 (previously: 63.21) million shares were traded.
Observers pointed to the surprisingly strong German ZEW economic indicator and a record-breaking increase in US retail sales. The data was ranked in the economic data, which has recently been far above expectations.
Previously, one had loosened even further Monetary policy the US central bank brightened the mood on the market. The previous evening, she announced that she was expanding her recently-agreed program to buy US corporate bonds. The news led to a shift in sentiment on Wall Street in late business, even if the announcement only kept a promise previously made.
There was also hope for the next stimulus package from the US government. A $ 1 trillion infrastructure program is under construction, it said. And the fear of a second wave of infections also decreased. Thanks to advances in the search for therapies and vaccines, the countries should then be better prepared.
Meanwhile, analysts are questioning whether the economy will lock down again. The previous day, Morgan Stanley had raised its price target for the S&P 500 index; This was justified, among other things, by the fact that the US economy would no longer shut down due to the political pressure, even during a second wave.
In this mixed situation, cyclicals were sought, especially from the construction and related sectors, who would benefit most from an economic stimulus program. Lafargeholcim increased by 3.4 percent. Sika won 4.3 percent and Geberit 3.3 percent.
Bank stocks were also at the top of the market. CS Group advanced 3.6 percent and UBS 3.2 percent.
Richemont lagged the SMI by 0.1 percent. The luxury goods group has named Philippe Fortunato, former CEO of the French luxury brand Givenchy, which belongs to LMVH, as the new head of its fashion and accessories division. Swatch improved 1.8 percent.
The only loser in the SMI was Givaudan’s share. It gave up 0.3 percent dormant.
Contact the author: maerkte.de@dowjones.com
DJG / cln / ros
(END) Dow Jones Newswires
June 16, 2020 11:41 ET (15:41 GMT)
