BRUSSELS (dpa-AFX) - The Switzerland market closed weak on Monday as a few stocks tumbled on selling pressure in the final hour of the day's session.
The market got off to a firm start, in line with markets across Europe, as news about the U.S. and European Union agreed on a trade deal over the weekend. However, the mood turned cautious as the day progressed, and the market eventually closed on a weak note.
The benchmark SMI, which climbed to 12,061.08, settled at 11,914.95, losing 40.78 points or 0.34%.
Swatch Group closed 5.51% down. SIG Group ended lower by about 2.8%. Lindt & Spruengli and Julius Baer lost 1.98% and 1.81%, respectively.
Nestle, Richemont, Holcim, Sika, Swisscom, Zurich Insurance, Swiss Life Holding, Givaudan and Straumann Holding closed lower by 0.5 to 1.4%.
VAT Group climbed 1.52%. Sandoz Group ended nearly 1% up. Kuehne + Nagel, Roche Holding and Novartis posted modest gains.
U.S. President Donald Trump announced on Sunday that and EU have 'reached a deal' as per which America will impose a 15% tariff on products coming into the country from EU.
'We have reached a deal. It's a good deal for everybody,' Trump said. EU chief Ursula von der Leyel also reportedly hailed a 'good deal' with America.
In an interaction with media in Scotland, Trump announced that the EU had pledged additional investments of $600 billion in the US, alongside energy purchases amounting to $750 billion.
However, several top officials, including a senior European lawmaker, have criticised the draft trade agreement between the US and EU, warning that the deal could undermine the bloc's economic stability and job security. The lawmaker described the proposed framework as 'unsatisfactory' and 'significantly imbalanced.'
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