Swiss Stocks Slip From Six-Week High as Roche Declines
Stock Chart for Roche Holding AG (ROG)
Stocks in Switzerland fell from their highest level in more than six weeks as investors awaited monthly reports on German confidence and U.S. industrial output.
Roche Holding AG (ROG), which constitutes 17 percent of the Swiss Market Index, lost 1.5 percent. Actelion Ltd. slid 1.7 percent.
The SMI lost 0.4 percent to 7,964.11 at 9:58 a.m. in Zurich. The equity benchmark advanced 2.6 percent last week as Federal Reserve Chairman Ben S. Bernanke said the U.S. economy still needs stimulus measures from the central bank. The broader Swiss Performance Index declined 0.5 percent today.
German investor confidence increased in July, a report may show at 11 a.m. in Mannheim, Germany. The ZEW Center for European Economic Research’s index of investor and analyst expectations rose to 40 this month from 38.5 in June, economists surveyed by Bloomberg predicted.
In the U.S., output at factories, mines and utilities advanced 0.3 percent in June after stagnating in May, according to the median estimate of economists. The Federal Reserve will release the data at 9:15 a.m. New York time.
In Switzerland, Novartis AG and Actelion are among SMI-listed companies reporting results this week. The SMI (SMI) is trading at 15 times projected earnings, compared to 15.65 times in May, which was the highest level since December 2009.
The volume of shares changing hands in SMI-listed companies was 32 percent lower than the 30-day average today, according to data compiled by Bloomberg.
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