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"The [EU] leaders have now defined the end point that they want to reach"
- Thomas Mayer, chief economist at Deutsche Bank AG
Swiss stock rose on Friday after 26 EU member countries agreed to sign a new treaty aimed at deeper fiscal union and to provide 200 billion euro to the International Monetary Fund.
The Swiss blue-chip index SMI, a measure of the largest and most actively traded companies, rose 0.97%, or 55.75 points, to 5,793.57. The broader Swiss Performance Index gained 0.89%, or 46.46 points, to 5,239.85.
"The leaders have now defined the end point that they want to reach," said Thomas Mayer, chief economist at Deutsche Bank AG. "The good news is that there's change to the approach. In the past, the summits were mostly focusing on the near-term problem. Now they have decided to move ahead."