"Worries about Europe still hang as a specter, ready to fall without a warning"
- Manish Singh, the London-based head of investment at Crossbridge Capital
Swiss stocks edged higher on Friday after German business confidence rose and U.S. companies reported better than expected earnings.
The Swiss blue-chip index SMI, a measure of the largest and most actively traded companies, rose 0.55%, or 34.01 points, to 6,237.79. The broader Swiss Performance Index gained 0.49%, or 27.93 points, to 5,737.83.
"There seems to be a tug-of-war between better first-quarter corporate earnings sending a positive signal and concern regarding the European debt crisis as a negative," said Manish Singh, the London-based head of investment at Crossbridge Capital.
"There is a clear lack of conviction in the market. For every piece of good news, there is always a negative that overrides it. Worries about Europe still hang as a specter, ready to fall without a warning."
© Dukascopy Bank