The Switzerland stock market tumbled on Friday, falling for a fourth straight session, as rising tensions between the U.S. and China, and lingering worries about global growth amid the surge in coronavirus cases triggered heavy selling at several counters.
Just days after the U.S. government ordered China to close its consulate in Houston, Texas, China announced the closure of the U.S. consulate in Chengdu, saying it was a “legitimate and necessary response to the unreasonable actions of the United States.”
The benchmark SMI plunged 169.17 points or 1.63% to settle at 10,214.21. The index touched a low of 10,181.30 in the session.
Alcon slid 3.6% and Roche Holding declined 2.8%. Adecco, LafargeHolcim, SGS, ABB and Nestle lost 1.6 to 2.3%.
Novartis shares lost more than 2%. According to reports, the drugmaker’s sickle cell disease treatment Adakveo is likely to get the nod from European reglators after a key committee gave its backing to the drug that booked $36 million (28 million pounds) in first-half U.S. sales.
Among midcap stocks, Temenos Group, Schindler Ps and Logitech lost 4.4 to 4.8%. AMS, Schindler Holding, Vifor Pharma, Straumann Holding and VAT Group ended lower by 3.2 to 4%, while Sonova, OC Oerlikon Corp, Bucher Industries and Doma Karba Holding shed 1.6 to 3%.Swatch Group, Richemont and Sika closed lower by 1.2 to 1.5%, while Lonza Group and Swiss Life Holding lost 0.9% and 0.8%, respectively.
The other major European markets too ended notably lower. The U.K.’s FTSE 100 tumbled 1.41%, Germany’s DAX shed 2.02% and France’s CAC 40 declined 1.54%, while the pan European Stoxx 600 slid 1.7%.