BRUSSELS (dpa-AFX) - The Swiss stock market ended Thursday's session solidly in negative territory. Traders had their first opportunity to react to yesterday's announcement from the Federal Reserve. However, investors were more concerned over the news that U.S. President Trump has hit China with $50 billion in tariffs.
As expected, the Federal Reserve increased interest rates upon concluding its 2-day policy meeting yesterday. The Fed also revealed that it now plans to raise rates three times in both 2018, 2019 and 2020. That's up from a previous prediction of just two rate hikes in 2019.
The Swiss Market Index decreased by 1.66 percent Thursday and finished at 8,637.87. The Swiss Leader Index dropped 1.85 percent and the Swiss Performance Index lost 1.61 percent.
Julius Baer was among the weakest performing stocks of the session, tumbling 3.8 percent. The private bank announced that it has suspended an employee in connection with an investigation by the Swiss judiciary into arms deals of the Ruag Group in Russia.
UBS dropped 3.4 percent and Credit Suisse surrendered 3.0 percent.
Lonza weakened by 2.9 percent and Logitech fell 2.8 percent. Schindler declined 3.0 percent and Clariant lost 3.4 percent.
The index heavyweights all finished in the red Thursday. Nestlé decreased 0.8 percent, Novartis dropped 1.5 percent and Roche fell 1.2 percent.
Kuehne + Nagel weakened by 0.6 percent and Givaudan surrendered 0.5 percent. Vifor Pharma gained 0.2 percent after Kepler Cheuvreux upgraded its rating on the stock to 'Hold' and increased its price target.
In the broad market, Meyer Burger sank 28 percent after its full year report.
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