The Swiss Market Index closed Friday's trading session down 0.26%, with global markets holding their breath for news on a looming US government shutdown as the deadline ticks closer. US legislators introduced a third spending bill after previous attempts were rejected by several Republicans and President-elect Donald Trump.
The current funding arrangement is set to expire at midnight, putting pressure on both sides to reach an agreement. "The House of Representatives voted down (235-174, with 38 Republicans opposing) a House GOP solo deal to fund the government. A shutdown now appears imminent," said Scotiabank in their latest note.
The bank continued, "Trump waited until the last moment to announce that he desires to cancel concessions previously granted to the Democrats, pushing for a fresh deal that aims to eliminate or at least raise the debt ceiling, while explicitly placing the blame on the Democrats as the new Republican-controlled Congress gathers in January.
The unelected Musk played a pivotal role in Trump's strategy, threatening to undermine GOP members supportive of the agreement." Domestically, the Swiss National Bank (SNBN.SW) reported a staggering decline in the country's current account surplus, which fell to 6.28 billion francs in Q3 from a significantly revised figure of 18.33 billion francs in the previous quarter.
In corporate news, Holcim (HOLN.SW) announced its exit from the Kenyan market by selling its 58.6% stake in Bamburi Cement to the Amsons Group for $100 million, resulting in the stock dropping 1.01%..