BRUSSELS (dpa-AFX) - The Switzerland market ended notably lower on Monday, in line with most of the markets across Europe, as concerns about geopolitical tensions and U.S. President Donald Trump's new tariffs threat rendered the mood bearish.
Geopolitical tensions escalated after U.S. President Donald Trump doubled down on his plan to acquire Greenland.
Trump said NATO had warned Denmark for years about the 'Russian threat' to Greenland and claimed Copenhagen had failed to act. 'Now it is time, and it will be done!!!' Trump wrote in a post on his Truth Social platform ahead of this week's World Economic Forum Annual Meeting in Davos.
The U.S. President's announcement of a 10% tariff on several EU countries from next month, which raises the tariff on all imports to US to 25%, and reports that EU is considering retaliatory move against the U.S. weighed on global stocks.
The Swiss benchmark SMI ended with a loss of 136.55 points or 1.02% at 13,277.04. The index, which stayed weak right through the day, touched a low of 13,242.78.
Among SMI components, only Swisscom (up 1.18%), Lindt & Spruengli (up 0.45%) and Helvetia Baloise Holding (up 0.3%) managed to close on the positive side.
Alcon ended down by 4.35%. Kuehne + Nagel drifted down 3.17%, while Galderma Group, Sonova, Lonza Group, Richemont, Amrize, VAT Group, Straumann Holding and ABB lost 2 to 2.7%.
Partners Group ended nearly 2% down. Julius Baer, Logitech International, Givaudan, UBS Group and Schindler Ps also ended notably lower.
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