Swiss Stocks Erase Advance as UBS, Credit Suisse Retreat

(Corrects spelling of Eveline Widmer-Schlumpf in second paragraph.)

Swiss stocks erased their advance as UBS AG (UBSN) and Credit Suisse Group AG (CSGN) extended losses, while investors awaited a report that may confirm Germany’s manufacturing industries expanded at a faster pace last month.

UBS and Credit Suisse each declined more than 2.5 percent as Swiss Finance Minister Eveline Widmer-Schlumpf said lenders may have to pull out of investment banking if their leverage ratios increase. Dufry AG (DUFN) climbed 1.7 percent after the operator of duty-free shops reported increased revenue. Addex Therapeutics Ltd. advanced 1.9 percent.

The SMI slipped 0.1 percent to 8,216.89 at 9:51 a.m. in Zurich, erasing a gain of as much as 0.5 percent. The gauge rallied 2.6 percent in October, completing its biggest two-month advance since the beginning of the year, as U.S. lawmakers agreed on a new budget to avoid a sovereign default and end a partial government shutdown. The broader Swiss Performance Index also climbed 0.3 percent today.

The volume of shares changing hands in companies listed on the SMI (SMI) was more than double the average of the past 30 days, data compiled by Bloomberg show.

In Germany, a report from Markit Economics at 9:55 a.m. Frankfurt time may confirm that manufacturing in Europe’s largest economy expanded last month. The purchasing managers’ index rose to 51.5 from 51.1 in September, according to the median economist estimate in a Bloomberg survey.

In the U.S., a Commerce Department report at 10 a.m. in Washington may show that factory orders rose 1.8 percent in September, according to the median forecast of 45 economists in a Bloomberg News survey.

To contact the reporter on this story: Corinne Gretler in Zurich at

To contact the editor responsible for this story: Andrew Rummer at

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