Swiss Stocks Erase Advance as Richemont, Baer Retreat

Swiss stocks erased earlier gains as shares of Cie. Financiere Richemont SA and Julius Baer Group Ltd. (BAER) retreated.

The benchmark Swiss Market Index fell 0.1 percent to 8,312.16 at 11:04 a.m. in Zurich, having previously climbed as much as 0.4 percent. The gauge closed yesterday at its highest level since January 2008. The Swiss Performance Index dropped less than 0.1 percent today.

Federal Reserve Chairman Ben S. Bernanke is due to deliver testimony to Congress at 10 a.m. in Washington on the outlook for the world’s biggest economy.

“The key point we are looking for from Mr Bernanke is what is happening on the growth side,” Steven Saywell, a currency strategist at BNP Paribas SA in London, told Francine Lacqua on Bloomberg Television. “Are we getting sufficient growth in the economy and employment? We think we are not there yet, and Mr Bernanke is going to have to see more evidence.”

To contact the reporter on this story: Sarah Jones in London at sjones35@bloomberg.net

To contact the editor responsible for this story: Andrew Rummer at arummer@bloomberg.net

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