Thursday, October 21, 2021

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    Swiss market closes at highs for 3 consecutive days

    The Swiss stock market remained strong on Thursday, expanding its recent rise in optimism about growth.

    Investors also summarized the Swiss National Bank’s monetary policy statement. The central bank has left its expanded monetary policy unchanged to ensure price stability and support economic recovery. coronavirusLeading recession.

    Benchmark SMI, which moved in a very tight band between 11,905.00 and 11,978.42, ended with a 101.05 point or 0.85% increase at 11,938.62.

    Richemont was up 3.4% and Logitech was up 2.6%. Credit Suisse rose nearly 2%, while UBS Group, ABB, Givaudan and Partners Group rose 1.2-1.3%.

    Swiss Life Holding, Holcim, Archon, Novartis, Roche Holding and Deer also finished at significantly higher prices.

    In the intermediate price index, AMS rose 3.6%. Zur Rose, VAT Group, Logitech, and Tecan Group increased by 2.5-2.8%.

    Straumann Holding, Dufry, Julius Baer, ​​PSP Swiss Property, Swatch Group and Ems Chemie Holding have also closed with strong profits.

    Adecco, Lindt & Spruengli, Flughafen Zurich, and Temenos Group were significantly sluggish.

    Central bank policy makers have decided to keep the policy rate and interest rate on SNB’s site deposits at -0.75%.

    The Swiss Central Bank reiterated its readiness to intervene in the foreign exchange market as needed to counter the upward pressure on the Swiss franc. Banks reiterated that the Swiss franc was still highly valued.

    Banks have raised inflation expectations because of rising prices for petroleum products and commodities affected by supply bottlenecks.

    The 2021 inflation forecast has been raised from 0.4% to 0.5 and the 2022 inflation forecast has been raised from 0.6% to 0.7%. Inflation in 2023 will be 0.6%, unchanged from previous estimates.

    Banks have observed that the momentum of economic growth has slowed slightly. SNB expects GDP growth in 2021 to be around 3%. In June, SNB expected a higher growth rate of around 3.5%.

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    Swiss market closes at highs for 3 consecutive days

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    The post Swiss market closes at highs for 3 consecutive days appeared first on Eminetra.

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