Switzerland Stocks Fall Ahead of Federal Reserve Meeting

Swiss stocks declined for a second day as investors awaited news from a two-day policy-setting meeting of the Federal Reserve in the U.S. that starts today.

Credit Suisse Group AG (CSGN) and Julius Baer Group Ltd. lost 1.4 percent and 1.1 percent, respectively. Cie. Financiere Richemont SA, the world’s largest jewelry maker, fell 1.6 percent.

The SMI (SMI) retreated 0.4 percent to 8,000.01 at 10:12 a.m. in Zurich. The measure has still surged 17 percent this year as central banks around the world pledged to leave interest rates low for a prolonged period of time. The broader Swiss Performance Index lost 0.3 percent today.

The Federal Open Market Committee meets Sept. 17-18 and economists in a Bloomberg survey this month forecast policy makers will reduce the monthly pace of bond purchases by $10 billion, to $75 billion. That’s down from expectations of a $20 billion reduction in a July survey.

To contact the reporter on this story: Alexis Xydias in London at axydias@bloomberg.net

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

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.