BRUSSELS (dpa-AFX) - The Swiss stock market ended Tuesday's session with a solid increase. Gains were fueled by hopes for a trade agreement between the U.S. and China.
The high level trade discussions entered their second day Tuesday. In a post on Twitter this morning, U.S. President Donald Trump claimed, 'Talks with China are going very well!'
The Swiss Market Index increased by 1.10 percent Tuesday and finished at 8,629.48. The Swiss Leader Index climbed 0.97 percent and the Swiss Performance Index added 1.07 percent.
The index heavyweights all finished in the green. Roche and Novartis advanced 1.9 percent each and Nestle closed higher by 0.5 percent.
Swiss Life gained 3.2 percent after JP Morgan upgraded its rating on the stock to 'Overweight' from 'Neutral.'
Zurich Insurance rose 1.2 percent and Swiss Re added 0.1 percent.
The luxury goods companies rallied on the trade deal optimism. Swath Group increased 2.4 percent and Richemont gained 1.7 percent.
Credit Suisse climbed 1.16 percent, Julius Baer rose 1.14 percent and UBS added 0.6 percent.
Sika AG declined 4 percent after reports that it will buy its French rival Parex in a $2.55 billion deal.
Geberit was another notable loser, falling 3.8 percent.
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