Swiss stocks fell, paring the fourth consecutive weekly gain for the Swiss Market Index (SMI), after reports showed that China’s exports and imports slowed, heightening concern that the global economy is slowing.
Transocean Ltd. (RIGN), the world’s largest offshore-rig contractor, dropped as the shares most linked to economic expansion slid and oil retreated in New York. Nestle (NESN) SA, the heaviest stock in the SMI, declined 1.1 percent after yesterday rising the most in 11 months.
The benchmark SMI slipped 0.3 percent to 6,483.44 at the close in Zurich, paring this week’s increase to 0.3 percent. The gauge has climbed 13 percent from its 2012 low on June 4 as policy makers eased repayment terms for Spanish lenders and central banks took steps to stimulate economic growth. The broader Swiss Performance Index lost 0.4 percent today.
“Fairly disappointing trade and new loans data out of China have renewed worries that China’s slowdown might be more pronounced than originally feared,” Markus Huber, head of German sales trading at ETX Capital in London, wrote. “So far this week’s market action -- a consolidation at high levels -- doesn’t come as much of a surprise, especially after the impressive run up of the previous couple of weeks.”
The volume of shares changing hands on SMI-listed companies was 20 percent lower than the average of the last 30 days, according to data compiled by Bloomberg.
China’s export growth collapsed with outbound shipments increasing 1 percent in July from a year earlier, the country’s customs bureau said. Economists in a Bloomberg News survey had predicted growth of 8 percent. Exports climbed 11.3 percent at an annual pace in June.
Imports into the world’s second-largest economy rose 4.7 percent. Analysts had projected a gain of 7 percent after they increased 6.3 percent in June.
A separate release showed new local-currency lending of 540.1 billion yuan ($85 billion) last month, which was lower than all 30 estimates in a Bloomberg News survey. Banks lent 919.8 billion yuan in June.
Reports yesterday showed China’s industrial-output growth unexpectedly slowed to a three-year low and inflation cooled in July, while retail sales missed estimates.
Transocean retreated 0.5 percent to 47.50 Swiss francs as oil fell the most in a week in New York.
Nestle lost 1.1 percent to 60.40 francs. The stock climbed yesterday after the world’s biggest food company reported first- half sales growth that beat analysts’ estimates.
Bucher Industries AG (BUCN) slid 3.7 percent to 166.50 francs. UBS AG cut its recommendation on the stock to neutral from buy after the maker of agricultural and street-sweeping machinery yesterday reported a decline in first-half new orders.
Interroll Holding AG (INRN) climbed 4.5 percent to 352.75 francs. The producer of components for storage said that net sales increased 7.5 in the first half to 147.4 million francs ($151 million).
Phoenix Mecano AG (PM) slipped 2.1 percent to 479.75 francs. The seller of mechanical components said first-half gross sales fell 3.3 percent to 267 million euros.
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