Bin Laden's death in a shootout with U.S. forces in Pakistan on Sunday ended a nearly 10-year worldwide hunt for the mastermind of the September 11 attacks and prompted equity investors to believe global risk threats might reduce.
Swiss Re, the world’s second-largest reinsurer, and Holcim Ltd, the world’s second-biggest cement maker, led gains in the benchmark Swiss Market Index. Clariant AG rallied after Bank Vontobel recommended buying the stock. Actelion Ltd. sank after a U.S. court awarded Asahi Kasei Pharma Corp. up to $547 million in an ongoing litigation.
This has been the ultimate safe haven. If people are getting more adventurous, perhaps money will come out of treasuries, which means that actually it could cost the U.S. government more in interest going forward.
At 0735 GMT, the FTSEurofirst 300 index of top European shares was up 0.3 percent at 1,160.03 points after touching 1,162.05, the highest since early March. The Euro STOXX 50 -- an index of the euro zone's top blue chips -- was up 0.3 percent at 3,021.50 points.
Actelion slumped as much as 6.5 percent to 47.66 francs, the biggest retreat in more than six months. “The company is disappointed, but respectful of the jury‘s verdict in this ongoing litigation,” Actelion said following the jury’s ruling. One of its major shareholders also criticized the handling of the company’s disclosure among other reporting requirements.
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