Swiss Stocks Little Changed; UBS Gains on Profit, Capital
Stocks in Switzerland were little changed, with the benchmark Swiss Market Index heading for a monthly gain, as UBS AG (UBSN) advanced after posting an increase in second-quarter profit.
UBS rose 2.1 percent after also saying it has surpassed its year-end target for reducing risk-weighted assets. Clariant AG (CLN) added 1.2 percent after quarterly earnings beat estimates. Bucher Industries AG (BUCN) climbed the most in three weeks after reporting higher first-half profit. Novartis AG (NOVN), which accounts for 19 percent of the SMI (SMI), declined.
The SMI lost 0.1 percent to 7,803.97 at 9:45 a.m. in Zurich. The equity benchmark is heading for a 1.6 percent gain in July as the U.S. central bank said it remains flexible on the pace of asset purchases. The SMI halted nine straight months of gains in June. The broader Swiss Performance Index slipped less than 0.1 percent today.
The volume of shares changing hands in SMI-listed companies was 3.5 percent higher than the average of the past 30 days, according to data compiled by Bloomberg.
The European Central Bank and the Bank of England announce policy decisions on Thursday, while the Federal Reserve concludes its two-day meeting tomorrow.
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