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The Swiss market ends significantly lower

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The Swiss stock market opened on a weak note and, despite entering positive territory late in the morning, slipped into the red around mid-day and finally closed significantly lower.

Concerns about rising interest rates rose after Labor Department data showed stronger-than-expected job growth at the world’s largest economy in September.

The benchmark SMI ended with a loss of 82.56 points or 0.79% to 10308.57 points. The index, which rose to 10,439.88 around midday, fell to a low of 10,297.19 later in the session.

Logitech shares fell 5.73%. Partners Group fell 4%, Geberit fell 3.14% and Sonova lost almost 3%.

ABB, Alcon, Givaudan, Richemont, Lonza Group, Sika and Swiss Re were down 1.6-2.1%.

Credit Suisse rose 5.36% after the embattled Swiss lender said it would buy back up to 3 billion Swiss francs ($3 billion) in senior debt securities.

The AMS average price index fell by 10.52%. VAT Group fell 6.45%, Straumann Holding fell 5.3% and Tecan Group lost 4.27%.

Kuehne & Nagel, Zur Rose, Adecco, Clariant, Schindler Holding, Schindler Ps, Georg Fischer and Ems Chemie Holding also fell sharply.

On the economic front, data from the State Secretariat for Economic Affairs (SECO) showed that Switzerland’s unemployment rate fell slightly in September, falling to 1.9% for the month from 2% in August. Economists had expected the rate to remain unchanged at 2.0 percent.

In the same month last year, the unemployment rate was 2.6%.

The youth unemployment rate, which applies to the 15-24 age group, rose to 2.1% in September from 2% in August.

The data also showed that the seasonally adjusted unemployment rate was 2.1% in September, the same as the previous month. This was in line with the expectations of economists.

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