Swiss Market Ends Sharply Lower As Stocks Fall On Inflation Jitters

(RTTNews) - The Switzerland stock market ended sharply lower on Friday, in line with markets across Europe, as mounting worries about soaring inflation and monetary tightening by global central banks triggered a sell-off.

The benchmark SMI, which tanked to a low of 11,018.56, ended with a loss of 237.81 points or 2.1% at 11,084.62.

All the components of the SMI index ended in negative territory.

Credit Suisse tumbled 5.7%, extending losses after State Street Corp. said it's not pursuing any acquisition or business combination with the Swiss lender.

Holcim, Partners Group, Logitech, Alcon, Sika, Richemont and UBS Group drifted down 3.5 to 4.9%.

ABB, Swisscom, Lonza Group, Swiss Life Holding, Zurich Insurance Group, Geberit and Swiss Re lost 2 to 3%. Givaudan, Novartis and Roche Holding also ended sharply lower.

In the Swiss Mid Price Index, Straumann Holding dropped 5.72%. Zur Rose declined 5.1%, while BB Biotech, Temenos Group, Dufry, Georg Fischer, VAT Group, Adecco, Swatch Group, Tecan Group, AMS, SIG Combibloc, Baloise Holding and Julius Baer lost 2.2 to 4.6%.

Kuehne & Nagel climbed 1.5% and Flughafen Zurich advanced 0.7%. Galenica Sante and Lindt & Spruengli ended marginally up.

Data from the U.S. Labor Department showed consumer prices shot up by more than expected in the month of May raised concerns about the outlook for interest rates.

The data said consumer price index jumped by 1% in May after rising by 0.3% in April. Economists had expected consumer prices to increase by 0.7%.