Swiss Stocks Retreat to Three-Week Low Before U.S Data

Swiss stocks declined to a three week low, dragging the benchmark Swiss Market Index to a second straight week of losses, as investors awaited a U.S. report on consumer sentiment.

Noble Biocare Holding AG slid 4.2 percent after UBS AG downgraded its recommendation on the maker of dental implants. Novartis AG (NOVN) fell 0.8 percent. Galenica AG (GALN) surged 7.7 percent after winning approval from the U.S. Food and Drug Administration for its Injectafer drug to treat anemia.

The SMI (SMI) slid 0.3 percent to 7,841.21 at 10:33 a.m. in Zurich. The index has dropped 1.1 percent this week, heading for its biggest decline in more than a month. The broader Swiss Performance Index also fell 0.3 percent today.

The volume of shares changing hands in SMI-listed companies was 25 percent less than the average of the past 30 days, according to data compiled by Bloomberg.

In the U.S, economists forecast a final reading of 84 for the Thomson Reuters/University of Michigan preliminary index of consumer sentiment in July. The preliminary reading was 83.9, down from 84.1 in June. The report is due at 9:55 a.m. New York time.

To contact the reporter on this story: Tom Stoukas in Athens at astoukas@bloomberg.net

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

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