The Swiss stock market ended Wednesday's session with a significant gain. The market got off to a positive start, following yesterday's week performance. The release of the U.S. inflation data sparked a quick, but ultimately short lived selloff in the afternoon.
Consumer prices in the U.S. increased by more than anticipated in January, according to a report released by the Labor Department. The consumer price index climbed by 0.5 percent in January after edging up by a revised 0.2 percent in December. Economists had expected consumer prices to rise by 0.3 percent.
Markets on Wall Street opened lower Wednesday, but quickly recovered. The speedy rebound helped the European markets to bounce back as well.
The Swiss Market Index increased by 1.67 percent Wednesday and finished at 8,899.10. The Swiss Leader Index climbed 1.57 percent and the Swiss Performance Index added 1.55 percent.
Credit Suisse jumped 3.8 percent after its fourth quarter net loss narrowed from last year. Julius Baer advanced 1.5 percent, while Partners Group and UBS gained 1.4 percent each.
The index heavyweights all finished in the green. Roche surged 2.1 percent after it was granted accelerated approval status by the FDA for MabThera / Rituxan for the indication pemphigus vulgaris. Novartis climbed 1.6 percent and Nestlé gained 1.5 percent ahead of its earnings report on Thursday.
Clariant sank 2.4 percent after its full year profit fell short of expectations. Looking ahead to 2018, Clariant said it is confident to be able to achieve growth in local currency, as well as progression in operating cash flow, absolute EBITDA and EBITDA margin before exceptional items.
by RTT Staff Writer
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