Swiss stock market responds to euro deal
The Swiss stock exchange rose 4.45 per cent on Monday, as part of a general upsurge in share prices, following an emergency euro stabilisation package.
The stock exchange closed just below 6482. The biggest gains were made by Swiss Re, up 10.1 per cent, and by the two major banks, UBS (up 9.27 per cent) and Credit Suisse (8.65 per cent).
European markets as well as Wall Street surged after the rescue plan, worth upwards of €750 billion (SFr1.1 trillion), was reached on Sunday.
The deal is aimed at supporting the euro and the eurozone’s weakest members, who are currently stuggling with debt.
Some other European exchanges rose even more than Zurich. The Euro Stoxx 50, the leading blue-chip index for the eurozone, gained most, up 10.35 per cent on the day.
However, despite the huge stock market rallies, analysts say the deal has merely bought time to tackle deep-seated fiscal problems.
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