BRUSSELS (dpa-AFX) - Swiss stocks closed higher on Tuesday, in line with markets across Europe, as easing worries about tech valuations, optimism about U.S.-Iran peace talks and weak oil prices aided sentiment.
Data from the U.S. showing a sharp rise in manufacturing activity in the world's largest economy helped as well.
Despite some uncertainty about Iran and the U.S. engaging in any meaningful talks, there is a bit of optimism about the two countries reaching a deal to reopen the Strait of Hormuz within the next couple of days.
'We are in talks with the Iranians,' U.S. Treasury Secretary Scott Bessent told CNBC's 'Squawk Box.' 'There is a chance we may have a deal today or tomorrow to open the strait and move towards a more normalized position in this conflict.'
Brent crude futures fell to $78.70 a barrel, losing nearly 6%, easing worries about inflation and interest rates.
The benchmark SMI briefly fell below the flat line around mid-morning but kept moving higher thereafter to finally settle at 14,463.23, gaining 91.46 points or 0.64%.
Partners Group and VAT Group moved up 3.3% and 3.1%, respectively. Givaudan, UBS Group and Amrize gained 2%-2.2%. ABB and Holcim climbed nearly 2%.
Logitech International, Geberit, Julius Baer and Sika gained 1.7%-1.85%. Straumann Holding, Alcon, Sonova, SGS and Richemont ended up by 0.75%-1.1%. Galderma Group, Swiss Life Holding, Roche, Sandoz Group and Schindler Ps posted modest gains.
Zurich Insurance ended lower by a little over 1%. Lindt & Spruengli and Lonza Group drifted down 0.86% and 0.68%, respectively. Swiss Re and Nestle edged down marginally.
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