Ceasefire drives stock markets higher
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Ceasefire drives stock markets higher
The ceasefire in the Iran-Israel war has visibly eased tensions on the financial markets. The SMI, Switzerland's leading stock market index, has risen above the 12,000 point mark again. The other European stock markets also made significant gains.
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“Investors are becoming more courageous again in view of current developments,” said one trader. In particular, the sharp fall in crude oil prices is helping market participants to take a more positive view of future global economic developments.
The SMI gained around 1.5% to 12,035 points at 9:30am. Meanwhile, the German Dax rose by 1.9% and the French CAC 40 by 1.6%.
The most important indices in Asia also climbed on Tuesday, while futures for Wall Street also pointed to a favourable opening.
+ Switzerland ‘deeply alarmed’ by Middle East escalation
In the SMI, which currently comprises 21 stocks, there are almost only winners. The shares of building materials group Holcim (+6.5%) and its spun-off North American business Amrize (+4.3%) are the clear favourites.
The previous day, Amrize was floated on the stock exchange as an independent company. Various analysts’ comments are now providing support. Sika (+4.0%) is another construction stock that is making significant gains. Only the Swisscom shares are down (-0.1%).
Conversely, oil prices began to slide. A barrel of Brent crude oil currently costs just under $69 (CHF85), down 4% on the previous day.
Translated from German by DeepL/ts
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