SWISS DAYBOOK: Zurich Financial, UBS, Kuoni, Barry Callebaut

Zurich Financial Services AG (ZURN), Switzerland’s biggest insurer, said third-quarter profit was $1.24 billion.

That compared with the $810 million average estimate of seven analysts surveyed by Bloomberg.

EQUITIES: *UBS plans to close its asset-backed securities unit, Handelszeitung reported, without saying where it got the information. *Kuoni said third-quarter net profit was 58.2 million francs, little changed compared with a year earlier. Sales rose 37 percent to 1.73 billion francs *Barry Callebaut said full-year earnings before interest and tax rose to 360.6 million francs, topping analysts’ estimates *Swiss Prime Site said nine-month profit climbed to 191.7 million francs *Novartis has stopped deliveries of certain medicines to Celesio AG’s subsidiary GEHE Pharma Handel GmbH *Kaba Holding raised its Ebitda margin target to 18 percent by 2014 to 2015

ECONOMY/POLITICS: *Swiss President Micheline Calmy-Rey said the SNB’s currency cap was a “decisive step” *Swiss Economy Minister Johann Schneider-Ammann said the franc remains “massively overvalued” and welcomed remarks by Swiss National Bank President Philipp Hildebrand on the currency *The Swiss central bank is resisting calls from executives and politicians to further weaken the franc amid investor demand for a haven from the region’s sovereign debt crisis *SNB will issue federal bond results at 11:30 a.m.

MARKETS: *The benchmark SMI declined 1.3 percent to 5,607.85 *The SPI fell 1.4 percent to 5,105.57 *The Stoxx Europe 600 Index dropped 1.7 percent to 236.34 *The MSCI Asia-Pacific Index slumped 3.2 percent at 7:27 a.m. Zurich time *Euro-franc traded at 1.2355 at 7:27 a.m. Swiss time

To contact the reporters on this story: Elena Logutenkova in Zurich at; Corinne Gretler in Zurich at

To contact the editor responsible for this story: Matthias Wabl at

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