Swiss stock market closes the week in the red

The Swiss Market Index (SMI) closed the week down 4.2%. After the US stock exchange was closed on Monday for a public holiday, the SMI fell every day. The week was marked by concerns about the US economy, which sent markets around the world into a tailspin which even the rather defensive Swiss stock exchange was unable to escape. After a gloomy week, the SMI fell by a further 1.02% to 11,908 points on Friday. + Get the most important news from Switzerland in your inbox The biggest weekly losses among SMI stocks were recorded by Zug-based asset manager Partners Group and the luxury goods group Richemont, each of which lost almost 11%. At Partners Group, disappointing half-year figures were largely responsible, while Richemont shares suffered from the slowing economy and fears that the weakness in demand might not just be temporary. Competitor Swatch also lost almost 8%. The US labour market report on Friday, which was eagerly awaited by investors, also only provided a short-term ...