Swiss Stocks Rise as China’s Economic Growth Accelerates
Swiss stocks rose for a second day, extending the biggest weekly rally in six weeks, as a report showed growth in China, the world’s second-largest economy, accelerated for the first time in three quarters.
Schindler Holding AG (SCHP) climbed 4.3 percent after the elevator maker said it plans to spend as much as 1.06 billion Swiss francs ($1.18 billion) in a modified share buyback offer. Sulzer AG (SUN) rebounded from its lowest price in almost a year as Berenberg Bank recommended that investors buy the stock.
The Swiss Market Index (SMI) advanced 0.3 percent to 8,054.7 at 9:30 a.m. in Zurich. The gauge has risen 1.5 percent this week as U.S. lawmakers reached an agreement to end the fiscal impasses and avoid a government debt default. It has surged 18 percent so far in 2013 as central banks around the world pledged to leave interest rates low for a prolonged period. The broader Swiss Performance Index also gained 0.3 percent today.
The volume of shares changing hands in SMI-listed companies was more than double the average of the last 30 days, according to data compiled by Bloomberg.
China’s economy grew 7.8 percent in the three months through September from a year earlier, the National Bureau of Statistics said today in Beijing, matching the median estimate in a Bloomberg News survey. The government has set an annual growth target of 7.5 percent for this year.
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