by Investec Switzerland. Global stock markets are set to close largely unchanged this week. The Swiss Market Index (SMI) underperformed after data showed that Switzerland’s economy barely grew in the first quarter of this year. © Michael Flippo | Dreamstime.com Sentiment swung between optimism and pessimism on mixed economic data while investors awaited announcements from the European Central Bank (ECB) and the OPEC meetings. Global stocks came under pressure mid-week after the release of Chinese manufacturing data added to fears of a deepening industrial slowdown. Sentiment was however bolstered after an encouraging economic report from the US Federal Reserve said that inflation pressures grew slightly across the United States last month. Oil prices also supported markets as the OPEC failed to agree on output targets and as Saudi Arabia pledged not to flood the market with more fuel. On Thursday, the ECB left rates unchanged and maintained its quantitative easing program. ECB President Mario Draghi said that the door is wide open to further easing in the future if needed. Oil fluctuated around the per barrels after OPEC members failed to agree a new output ceiling. In Switzerland, reports showed that GDP for the first quarter grew just 0.1%. Year-on-year, the Swiss economy grew 0.7% after government consumption fell 0.8%.
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Global stock markets are set to close largely unchanged this week. The Swiss Market Index (SMI) underperformed after data showed that Switzerland’s economy barely grew in the first quarter of this year.
© Michael Flippo | Dreamstime.com
Sentiment swung between optimism and pessimism on mixed economic data while investors awaited announcements from the European Central Bank (ECB) and the OPEC meetings. Global stocks came under pressure mid-week after the release of Chinese manufacturing data added to fears of a deepening industrial slowdown. Sentiment was however bolstered after an encouraging economic report from the US Federal Reserve said that inflation pressures grew slightly across the United States last month. Oil prices also supported markets as the OPEC failed to agree on output targets and as Saudi Arabia pledged not to flood the market with more fuel.
On Thursday, the ECB left rates unchanged and maintained its quantitative easing program. ECB President Mario Draghi said that the door is wide open to further easing in the future if needed. Oil fluctuated around the $50 per barrels after OPEC members failed to agree a new output ceiling.
In Switzerland, reports showed that GDP for the first quarter grew just 0.1%. Year-on-year, the Swiss economy grew 0.7% after government consumption fell 0.8%.
Company news was light this week. Credit-Suisse said that it plans to issue 75.5 million shares as a result of scrip dividend elections for the financial year 2015. In other news, Roche received approval from the FDA for its new blood tests that can detect gene mutations in non-small cell lung cancer patients.