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Rising krone numbers in Switzerland are causing stock market uncertainty. Initially, the SMI plummeted by nearly two percent.
The SMI opened significantly lower on Wednesday morning.
KEYSTONE
The Swiss Market Index (SMI) reacted to the increase in the number of Crowns with price losses of almost two percent in the first trades. At 10 o’clock the index was trading at around 9680 points. This is the lowest level in more than four months. The German stock index also suffered losses of more than three percent in the morning.
The Federal Council wants to present the new crown measures on Wednesday. In particular, discussions about a mini lockdown are causing traders to panic. Tougher measures would also significantly weaken the already struggling economy, hence fear.
Insurance companies and banks in the dark
As a result, stock prices are deep red on Wednesday morning. The SMI All share prices listed in the Swiss main index are clearly in red. Insurance companies such as Swiss Life and Swiss Re are among the biggest losers, with a decline of around 4 percent. The big banks UBS and Credit Suisse are also losing much more than 3 percent.
The Swiss stock exchange smeared the day before. At close of trading on Tuesday, it was down 1% to 9887.49 meters.
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