BRUSSELS (dpa-AFX) - The Swiss stock market ended the first day of its trading week firmly in the red, following its return from the long Easter holiday weekend. Rising trade tensions between the U.S. and China and yesterday's sell-off on Wall Street contributed to the negative mood among investors.
Investors had their first opportunity to react to the news that China has imposed retaliatory tariffs on 128 products imported from the U.S. Traders are concerned that the move could push the two nations closer to a trade war.
The Swiss Market Index decreased by 1.26 percent Tuesday and finished at 8,630.93. The Swiss Leader Index dropped 1.22 percent and the Swiss Performance Index also lost 1.22 percent.
Trade war concerns weighed on shares of cyclical stocks. Lonza weakened by 2.0 percent, Adecco surrendered 1.9 percent and Schindler lost 1.8 percent. ABB dropped 2.1 percent, despite a $90 million order from Dubai. Aryzta decreased 2.1 percent and Sonova fell 2.4 percent.
UBS dropped 1.7 percent and Credit Suisse lost 1.3 percent. Swiss Re also finished lower by 0.9 percent ahead of tomorrow's investor meeting.
The index heavyweights all finished in the red Tuesday. Nestlé dropped 1.6 percent and Roche fell 1.5 percent. Novartis also finished lower by 0.7 percent.
Copyright RTT News/dpa-AFX