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Swiss Stocks Decline for a Fourth Day as Adecco Retreats

Swiss stocks declined for a fourth day as Adecco (ADEN) SA, the world’s biggest supplier of temporary workers, dropped.

Adecco slid 2.7 percent after HSBC Holdings Plc downgraded the shares. ABB Ltd. (ABBN) fell 1.6 percent. UBS AG and Credit Suisse Group AG (CSGN) both fell more than 1 percent.

The Swiss Market Index (SMI) lost 0.6 percent to 7,671.05 at 10:51 a.m. in Zurich. The benchmark measure has still rallied 12 percent this year as U.S. lawmakers agreed on a compromise budget and data fueled optimism that the world’s biggest economy is recovering. The broader Swiss Performance Index also dropped 0.6 percent today.

The volume of shares changing hands in SMI-listed companies was 53 percent greater than the average of the last 30 days, according to data compiled by Bloomberg.

The Federal Reserve releases its Beige Book report at 2 p.m. in Washington. The survey analyzes economic conditions in 12 U.S. districts. Fed Chairman Ben S. Bernanke said on April 8 that “the economy is significantly stronger than it was four years ago, although conditions are clearly still far from where we would all like them to be.”

Adecco slid 2.7 percent to 48.38 Swiss francs, its lowest price this year. The stock was cut to neutral from overweight at HSBC, which said growth at staffing companies is anaemic.

ABB, the world’s largest maker of power transformers, fell 1.6 percent to 20.37 francs.

UBS AG and Credit Suisse Group AG, Switzerland’s two largest banks, fell 1.6 percent to 14.77 francs and 1.1 percent to 26.16 francs, respectively.

Sonova Holding AG (SOON) retreated 3.8 percent to 106 francs. The hearing-aid maker said it will reassess provisions for legal claims after a Kentucky court awarded a plaintiff $7.3 million for an implant covered by a voluntary recall in 2006.

Panalpina Welttransport Holding AG (PWTN) added 3.5 percent to 90.85 francs, halting three days of losses. The freight- forwarding company was raised to overweight from equal weight at Morgan Stanley, meaning that investors should hold more of the shares than are represented in benchmark indexes.

To contact the reporter on this story: Tom Stoukas in Athens at

To contact the editor responsible for this story: Andrew Rummer at

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