Swiss Stocks Decline as SMI Pares Second Weekly Advance
Swiss stocks dropped, with the benchmark Swiss Market Index (SMI) paring its weekly advance, as investors awaited a report on U.S. retail sales to gauge the pace of recovery in the world’s largest economy.
Credit Suisse Group AG (CSGN) slipped 1.2 percent, halting a four-day rally as a gauge of European lenders declined.
The Swiss Market Index retreated 0.2 percent to 8,018.5 at 9:37 a.m. in Zurich. The equity benchmark has surged 18 percent this year as central banks around the world pledged to leave interest rates low for a prolonged period of time. It has gained 0.9 percent this week. The broader Swiss Performance Index also fell 0.2 percent today.
U.S. data at 8:30 a.m. in Washington today will probably show that retail sales rose at a faster pace in August. Purchases climbed 0.5 percent after increasing 0.2 percent in July, according to the median projection of 84 economists surveyed by Bloomberg News.
The report is one of the last pieces of data before the Federal Reserve meets on Sept. 17-18 to discuss whether to reduce the pace of its monthly bond purchases. Fed Chairman Ben S. Bernanke has said that the central bank may consider slowing stimulus measures if the economy continues to grow in line with its forecasts.
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