Swiss Market Ends On Firm Note

(RTTNews) - The Swiss stock market ended higher on Tuesday, recovering smartly after the setback in previous session, after the U.S. government decided to temporarily ease some trade restrictions on Huawei.

Markets across Europe moved higher with investors reacting positively to the news about the temporary reprieve to the Chinese telecommunications giant.

Switzerland's benchmark SMI ended up 42.08 points, or 0.44%, at 9,624.16. The index scaled a low of 9,594.50 and a high of 9,636.21 in the session.

On Monday, the SMI ended down 77 points, or 0.8%, at 9,582.08.

Among the other major markets in Europe, Germany ended on a strong note, with its benchmark DAX gaining 0.85%. The U.K.'s FTSE and France's CAC 40 ended higher by 0.25% and 0.5%, respectively. The pan European Stoxx 600 ended 0.44% up.

Adecco, Swatch Group, Lonza Group, Richemont and LafargeHolcim gained 1.3 to 1.7%. Novartis, ABB, Swiss Re, UBS Group and Givaudan also ended on a firm note.

Credit Suisse ended up 1.2%. According to reports, a former Credit Suisse Group official pleaded guilty on Monday to a U.S. charge that she helped launder money from a kickback scheme involving $2 billion in loans to state-owned companies in Mozambique.

In the midcap space, shares of hearing aid maker Sonova Holding jumped more than 6% after the company said that its sales rose by 4.4% to CHF 2.76 billion in 2018-19, thanks to growing business in Europe, the Middle East and Africa. The company reported an 11.7% increase in adjusted EPS at CHF 7.11.

GAM Holding rose 6.75%, Temenos gained nearly 5.5%, AMS gained about 4% and Dufry gained 2.2%.

As per the decision of the U.S. government, the U.S. Commerce Department will now allow the Chinese technology major to purchase US goods in order to maintain existing networks and provide software updates to existing Huawei handsets.

However, Huawei will not be allowed to buy American parts and components to manufacture new products without license approvals.