BRUSSELS (dpa-AFX) - The Switzerland stock market ended on a firm note on Monday, in line with markets across Europe, after positive comments from the U.S. and China triggered fresh optimism about a phase one trade deal between the two countries by the end of the year.
The benchmark SMI hit a new all-time high at 10,472.94 and settled slightly below that mark, at 10,468.62, gaining 99.18 points, or 0.96%.
On Friday, the index ended up 31.09 points, or 0.3%, at 10,369.44.
Swatch Group shares advanced 1.72%. Adecco gained 1.63%, Richemont ended up 1.4%, Novartis, Roche Holding, UBS Group and Nestle gained 1 to 1.2%.
Sika ended 1.4% up after the company sait it would acquire Adeplast SA
SGS, Lonza Group, ABB, Geberit, Swisscom, LafargeHolcim and Credit Suisse ended modestly higher.
Among midcap stocks, Dorma Kaba Holding advanced 2.8%. OC Oerlikon Group, Logitech International, Vifor Pharma, Dufry, BB Biotech and Temenos Group gained 1.2 to 1.7%.
Among other major markets in Europe, the U.K. ended notably higher with its key index FTSE 100 rising 0.95%. Germany's DAX and France's CAC 40 gained 0.63% and 0.54%, respectively. The pan European Stoxx 600 ended 1.02% up.
On the trade front, a tabloid run by China's ruling Communist Party discounted 'negative' media reports and said the economic superpowers are 'very close' to a phase one deal.
The state-backed Global Times said on Twitter that China also remains committed to continuing talks for a phase two or even a phase three deal with the United States.
U.S. national security adviser Robert O'Brien said an initial trade deal was still possible by the end of the year. Recently, U.S. President Donald Trump and Chinese President Xi Jinping also made positive comments about a potential trade deal.
Copyright RTT News/dpa-AFX
© 2019 AFX News
