Tue, 8 April
9.1 C
Yerevan
USD: 391.14 RUB: 4.55 EUR: 428.65 GEL: 142.05 GBP: 501.60
spot_img

Swiss stock market ends thursday’s session in heavy loss

YEREVAN, January 16. /ARKA/. The Swiss stock exchange ended Thursday’s session with a heavy loss after the Swiss National Bank unexpectedly decided to discontinue its currency ceiling, Vestifinance.ru reports.

The announcement sparked a very turbulent trading session, with an 80 percent increase in the volatility index. The Swiss Market Index declined by 8.67 percent Thursday and finished at 8,400.61.

Swatch, the world’s biggest maker of Swiss watches, dropped 17 percent as of 3:37 p.m. in Zurich, on track for the biggest decline in more than two decades, Bloomberg reports. Holcim Ltd. (HOLN), the world’s biggest cement maker, slid 13 percent. Nestle SA (NESN), the world’s largest food company, which gets about 98 percent of its revenue from outside Switzerland, declined as much as 11 percent, the biggest intraday drop in more than 17 years.

“Words fail me! Jordan is not only the name of the SNB president, but also of a river and today’s SNB action is a tsunami; for the export industry and for tourism, and finally for the entire country,” Swatch Chief Executive Officer Nick Hayek was quoted by Reuters as saying in his email statement on Thursday.

It is worth to be added that this has stricken hard not only at private companies, but also at the Swiss National Bank has been stricken. –0–

spot_img

POPULAR

Armenia discusses bankruptcy reforms with ADB and AFD

Reforms of Armenian legislation in the field of bankruptcy were discussed at a meeting between Deputy Minister of Justice of Armenia Tigran Dadunts and representatives of the Asian Development Bank (ADB) and the French Development Agency (AFD).

Average AMD/USD exchange rate in March was 1.9% lower than a year ago

In March 2025, the average AMD/USD exchange rate was 392.8, which is 1.9% lower than in March 2024 (400.4 AMD), the National Statistical Committee reports.

Banks and SMEs discuss prospects for cooperation (VIDEO)

The Union of Armenian Banks, in collaboration with the German-Armenian Fund, brought together representatives of the financial sector to conduct an important dialogue between banks and SMEs, summarize the past year, and plan for future work.

Dollar, Euro And Ruble Exchange Rates Slightly Decrease Against Dram

The average market exchange rate of the US dollar to the Armenian dram on April 4, 2025, dropped by 0.1 points compared to April 3 and amounted to AMD 391.22.

Draft law on crypto assets to be submitted to Armenian parliament in coming weeks – Deputy Chairman of Central Bank

The draft law on crypto assets, developed by the Central Bank of Armenia in the context of European norms, will be submitted to the Armenian parliament in the coming weeks, said Deputy Chairman of the Central Bank Armen Nurbekyan.

LATEST NEWS

spot_imgspot_imgspot_img