Swiss Stocks Little Changed; SMI Heads for Weekly Loss
Swiss stocks were little changed, even as the benchmark index headed for weekly and monthly losses, as investors awaited a report on euro-area economic confidence.
Zurich Insurance Group AG (ZURN), Switzerland’s largest insurer whose chairman quit, rose 1.4 percent. Clariant AG (CLN) added 0.9 percent. Nestle SA (NESN), the world’s biggest food company, advanced 0.6 percent.
The Swiss Market Index (SMI) increased less than 0.1 percent to 7,766.72 at 9:35 a.m. in Zurich. The measure is heading for its biggest weekly loss since November 2012 amid concern that any military action by the U.S. against Syria may escalate into a larger conflict. The SMI lost 0.7 percent this month. The broader Swiss Performance Index increased 0.2 percent today.
A report at 11 a.m. in Brussels may show euro area economic confidence rose to the highest level since March 2012. The index of executive and consumer sentiment climbed to 93.8 in August, from 92.5 in July, economists forecast in a Bloomberg survey.
Data in the U.S. may show business activity in the world’s biggest economy expanded in August. The MNI Chicago Report’s business barometer increased to 53 from 52.3 in July, according to the median forecast of 53 economists in a Bloomberg survey.
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