Shares of Switzerland finally show good results, but this can be not so good news for Europe, Bloomberg reports.

Swiss Market Index, which was among worst-performing indexes of developed Europe this year, jumped since late June against indexes of the region. While investors are concerned about slowing economic growth and trade war risks, two-year boom of cyclical shares in Europe starts shading. It is an advantage for defensive Swiss market.

Swiss shares also grow since economic data for the country beats forecasts, and currency is not strengthening as much as it was expected. Defensive nature of Swiss market goes to franc, which is considered safe haven, as well as to sector composition of the market, which includes such healthcare giants as Roche Holding AG and Novartis AG.