Swiss Stocks Decline From Five-Month High on Downgrades

Swiss stocks declined from a five-month high as analysts downgraded stocks from Adecco SA (ADEN) to Credit Suisse Group AG (CSGN) amid concern that potential for further price gains is low.

Adecco, the world’s largest supplier of temporary workers, dropped 2.8 percent after UBS AG recommended selling the shares. Credit Suisse fell 2 percent after JPMorgan Chase & Co. downgraded its rating for Switzerland’s second-biggest bank.

The SMI (SMI) slid 0.2 percent to 8,216 at 9:49 a.m. in Zurich. The equity benchmark has climbed 2.4 percent so far in October as U.S. lawmakers reached an agreement to reopen the partially closed government and avoid a sovereign default. The broader Swiss Performance Index also lost 0.2 percent today.

The volume of shares changing hands in SMI-listed companies was 19 percent greater than the average of the past 30 days, according to data compiled by Bloomberg.

In the U.S., a Commerce Department report at 8:30 a.m. New York time may show that orders for durable goods increased 2.3 percent in September, after a 0.1 percent gain in the previous month, according to the median estimate of 67 economists in a Bloomberg News survey.

In Germany, a report at 10 a.m. in Munich may show the Ifo institute’s business climate index climbed to 108 this month from 107.7 in September, according to the median forecast in a Bloomberg News survey. That would be the highest level since April 2012. A measure of expectations will also increase, while a gauge of current conditions will remain unchanged, the survey predicted.

To contact the reporter on this story: Corinne Gretler in Zurich at cgretler1@bloomberg.net

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

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