21 August 2015
Brought to you by Investec Switzerland.
The Swiss Market Index (SMI) has had a difficult week, following global equity markets lower on Friday morning on continued fears around Chinese growth, sluggish economic data and the uncertainty around the Federal Reserve’s rate hike schedule.
Friday’s release of the weakest Chinese manufacturing data since the global financial crisis accelerated losses in riskier assets and suggests the Chinese economy will need further policy support to stem a deepening slowdown. In Swiss company news, Novartis AG agreed to buy the rights to an experimental drug against multiple sclerosis from GlaxoSmithKline Plc for as much as $1 billion.
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