Stock markets start another recovery attempt
Published: Wednesday, Aug 7th 2024, 10:30
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The Swiss stock market, together with the other European stock exchanges, made a further attempt to recover on Wednesday. After the global turmoil on the financial markets, some calm has returned, according to stock market analysts. However, the mood remains nervous and the situation fragile.
Investors in both the USA and Japan had bought up shares again in the morning, and the Japanese central bank had also calmed the mood, it was said. However, certain counter-movements after such a crash are normal and not necessarily a sign of a return to normality, it was said in qualification.
Risk factors such as geopolitics or the US elections in November would continue to exist, traders said. It is therefore quite possible that some market participants will use recoveries to reduce their positions. The coming days are therefore likely to remain volatile.
The SMI, Switzerland's leading index, was trading 1.1% higher at 11,631 points at around 10 a.m.. All blue-chip stocks are up with the exception of Swisscom shares, which are down slightly (-0.1 percent).
The other European stock markets are also on the rise: Germany's leading index, the Dax, is up 0.5 percent, the French CAC 40 is up 0.7 percent and the British FTSE 100 is up 0.8 percent.
In contrast, the franc, which has been sought after as a "safe haven" in recent days, has weakened somewhat against the major currencies: the euro is trading at CHF 0.9357, almost half a centime higher than on Tuesday afternoon. At 0.8564, the US dollar is also trading firmer than the previous day.
©Keystone/SDA
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