Swiss Stock Market Snaps Three-Day Slide

(RTTNews) - The Swiss stock market on Monday wrote a finish to the three-day losing streak in which it had stumbled more than 160 points or 1.5 percent.

The rally was in line with much of the rest of the European markets, which continued to benefit from optimism the Fed will signal a slowdown in monetary policy tightening following its meeting next week. The Fed is widely expected to raise interest rates by another 75 basis points next week, but traders are hopeful the Fed and other central banks will slow the pace of rates hikes beginning in December.

For the day, the SMI jumped 176.93 points or 1.70 percent to finish at 10,595.53 after trading between 10,472.38 and 10,628.79.

Among the individual components, Sika soared 4.41 percent, while Swatch Group tumbled 3.02 percent, UBS Group spiked 2.92 percent, Swiss Life rallied 2.53 percent, Credit Suisse jumped 2.51 percent, Zurich Insurance improved 1.98 percent, Novartis advanced 1.85 percent, ABB gathered 1.26 percent, Swisscom was up 1.00 percent and Roche Holding added 0.85 percent.

In corporate news, the U.S. Food and Drug Administration has granted 510(k) clearance for the cobas SARS-CoV-2 Qualitative PCR test for use on the fully automated cobas 6800 and cobas 8800 Systems, Swiss drug major Roche (RHHBY) said in a statement on Monday.

The company noted that the standalone test is intended for the qualitative detection of SARS-CoV-2, the virus that causes COVID-19 disease, in nasal and nasopharyngeal samples from symptomatic patients who are suspected of having COVID-19 as determined by their healthcare provider.