The Swiss Market Index demonstrated resilience on Friday by closing at a gain of 0.36%. This performance came during another earnings-heavy day alongside various economic data prints that contributed to overall market sentiment. Recent data from the Swiss National Bank indicated a decline in Switzerland's foreign currency reserves, which fell to 735.37 billion francs in February, down from 736.44 billion francs in January.
This shift in reserves is an important metric for assessing the stability of the Swiss economy in the context of global financial conditions. In the eurozone, seasonally adjusted gross domestic product (GDP) saw a modest increase of 0.2% in the fourth quarter of 2024. This growth follows a 0.4% increase in the prior quarter, according to Eurostat's latest third estimate.
On the employment front, the region experienced a slight rise with the number of employed individuals increasing by 0.1% in the fourth quarter of 2024, following a higher increase of 0.2% in the previous quarter. Shifting focus to the United States, total nonfarm payroll employment reported a positive increase, rising by 151,000 jobs in February.
This marked an improvement from the revised figure of 125,000 in January, although it fell short of market expectations, which had forecasted an addition of 160,000 jobs. Conversely, the unemployment rate edged up to 4.1%, slightly higher than the previous rate of 4%. Market analysts remarked, "The US economy added 151k jobs in February, but with the influence of cryptocurrency trends such as DOGE becoming increasingly felt, there are concerns about potentially renewed softness in the economy in the upcoming months." Additionally, analysts expect that tariffs could contribute to price increases, thereby tightening consumer spending power.
Consequently, these economic dynamics have led analysts to forecast potential interest rate cuts commencing in the third quarter of the year. In the realm of corporate news, Mikron Holding (MIKN.SW) shares recorded a notable jump of 8.11%, buoyed by an impressive year-over-year increase in net sales for 2024, which climbed to 374.1 million francs from 370.2 million francs.
The company is reportedly maintaining a healthy order backlog, indicating steady future demand. Looking ahead to 2025, the Swiss microelectronics manufacturer is optimistic that overall net sales will remain stable, and it anticipates an operating profit margin similar to the 8.5% recorded in 2024. In a different sector, Flughafen Zürich (FHZN.SW) unveiled record financial results for 2024, with its consolidated result soaring to 326.7 million francs compared to 304.2 million francs the previous year, marking a historic high for the company.
For the year 2025, this major Swiss airport operator is forecasting an impressive estimated 32 million passengers, which would set a new record for the airport. Notably, however, they anticipate that consolidated profit for 2025 may be lower than 2024, primarily due to depreciation and interest expenses.
At the close of the trading day, shares of Flughafen Zürich were down 1.57%..