The Swiss Market Index experienced a decline of 0.16% on Wednesday as market participants assessed the outcomes of the recent US presidential election. Donald Trump returned to the presidency by securing over 270 electoral votes, defeating his Democratic opponent Kamala Harris, as reported by the Associated Press.
Scotiabank noted, "US inflation expectations are moving higher with the 10-year breakeven up by between 7-11bps this morning. FOMC cut pricing is being shaved by several basis points across contracts into next year which may only be the start in my opinion. Trump's policy mixture is a recipe for a higher terminal rate than would otherwise have been the case." In the eurozone, the final HCOB Eurozone Composite PMI Output Index rose to a two-month high of 50 in October, up from 49.6 in September.
This indicates a stagnation within the bloc's economy, as declining business activity in Germany and France offsets growth in other areas of the eurozone. In Switzerland, Barry Callebaut, a manufacturer of chocolate and cocoa products, experienced a 1.23% increase in share price after reporting revenue growth in fiscal 2024, primarily fueled by significant price hikes due to rising cocoa bean prices.
Meanwhile, Sika completed the acquisition of Chema, a Peru-based tile setting materials company. This move is expected to enhance Sika's position in the mortar market and improve its distribution channel presence. However, Sika's stock closed down 0.58%..