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"At the beginning of this new year there seems to be more optimism than pessimism toward coordinated political efforts to solve the euro crisis"
- Alessandro Fezzi, senior market analyst at LGT Capital Management AG
Swiss stocks closed higher for the first time in four days as a meeting of German Chancellor Angela Merkel with International Monetary Fund Chief Christine Lagarde boosted optimism that law makers are searching for new solutions to solve the sovereign debt crisis.
The Swiss blue-chip index SMI, a measure of the largest and most actively traded companies, gained 1.06%, or 63.24 points, to 6,050.78. The broader Swiss Performance Index advanced 1.06%, or 57.21 points, to 5,447.56.
"Financial markets will closely watch any meeting on the political level," said Alessandro Fezzi, senior market analyst at LGT Capital Management AG in Pfaeffikon, Switzerland.
"At the beginning of this new year there seems to be more optimism than pessimism toward coordinated political efforts to solve the euro crisis. However, a quick fix cannot be expected."