Nestle SA (NESN) contributed the most to the drop in the Swiss Market Index (SMI), as a gauge of European food and beverage companies retreated. Cie. Financiere Richemont SA fell 0.8 percent after Hugo Boss AG postponed its profitability target. Orascom Development Holding AG (ODHN) declined 2.5 percent after reporting nine-month loss widened.
The SMI slipped 0.4 percent to 8,268.87 at 9:48 a.m. in Zurich. The gauge rallied 0.7 percent yesterday as Iran’s commitment to limit its nuclear program reduced political risks for investors and pushed oil prices lower. The Swiss Performance Index also slid 0.4 percent today.
In the U.S., the S&P/Case-Shiller index of house prices in 20 cities probably increased 13 percent in the year through September from 12.8 percent in the 12-month period through August, according to the median forecast in a Bloomberg survey of economists. S&P releases the report at 9 a.m. New York time.
Data at 10 a.m. may show that confidence among U.S. consumers increased in November. The Conference Board’s index rose to 72.6 this month from 71.2 in October, according to the median forecast in a Bloomberg survey of economists.
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