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Swiss stock market dips as labor data and tech sector woes weigh down indices
The Swiss stock market experienced a slight decline, with the SMI closing 0.24% lower at 12,593.34 points, marking its first loss after six weeks of gains. Swisscom and Holcim saw gains amid merger rumors, while financial stocks like Julius Baer and Partners Group faced significant losses. The US labor market data influenced investor sentiment, with employment growth slightly below expectations but a drop in the unemployment rate to 4%.
finma investigates swiss fund management over questionable bond transactions
The Financial Market Authority is conducting enforcement proceedings against Swiss Fund Management AG, linked to questionable transactions involving illiquid bonds associated with investor Marco Garzetti. The investigation, initiated in May 2024, revealed that over a third of fund units were sold to clients of BZ Berater Zentrum AG, raising concerns about potential harm to those clients. Garzetti, who previously attempted to acquire GAM, has challenged the investigation's oversight in court, but the ruling mandates that Swiss Fund Management cover the full investigation costs.
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