OTTAWA (dpa-AFX) - The Switzerland market ended on an upbeat note on Wednesday, like most of the other markets across Europe, as U.S. President Donald Trump's remarks helped ease tensions about the conflict in the Middle East.
Trump said that American forces would leave Iran in 'two or three weeks,' adding that the U.S. does not have to reach a negotiated settlement to end the war with Iran, calling a deal 'irrelevant' because 'everything's been bombed out.'
However, Trump claimed in a Truth Social post this morning that Iran's new regime president has asked for a ceasefire, which he said the U.S. would consider when the Strait of Hormuz is 'open, free, and clear.'
Data showing an increase in Swiss retail sales in the month of February contributed as well to the positive mood in the market.
The Swiss benchmark index SMI ended with a gain of 214.46 points or 1.68% at 12,991.25. The index climbed to a high of 13,042.07 intraday.
ABB climbed 4.81% and Holcim moved up nearly 4.5%. Sandoz Group, Julius Baer and Richemont gained 3.3%- 3.8%, while Partners Group, UBS Group, VAT Group and Kuehne + Nagel ended up by 2.2%-2.7%.
Amrize, SGS, Galderma Group, Lonza Group, Novartis, Sika, Swiss Life Insurance, Straumann Holding, Helvetia Baloise Holding and Alcon also posted strong gains.
Lindt & Spruengli ended down by about 1.7%. Swiss Re closed 0.3% down, while Sonova and Swisscom edged down marginally.
In economic news, Swiss retail sales increased in February after falling at the steepest pace in sixteen months in January, data from the Federal Statistical Office revealed.
In real terms, retail sales in Switzerland rose 0.4% on a monthly basis, reversing a revised 1.6% fall in January. Excluding service stations, total retail sales were 0.5% higher.
The rebound in February was largely driven by the sales of non-food products, which grew 1.5% compared to a 2.4% decrease a month ago. Meanwhile, the decline in the sales of food products eased to 0.7% from 0.9%. Data showed that online sales recovered strongly by 3.6%.
On a yearly basis, retail sales climbed 0.9% in February, in contrast to a 0.6% fall in the previous month, as expected.
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