Swiss Stocks Are Little Changed Before U.S. Manufacturing

Stocks (SMI) in Switzerland were little changed, after the benchmark Swiss Market Index posted a third month of gains, as investors awaited data on U.S. manufacturing.

Kuoni Reisen Holding AG (KUNN) retreated 1.1 percent after Vontobel Holding AG cut its recommendation on the shares. Swisscom AG added 0.7 percent as Nomura Holdings Inc. raised its rating on the country’s biggest phone company. Credit Suisse Group AG (CSGN), Switzerland’s second-biggest bank, gained 0.6 percent.

The SMI advanced less than 0.1 percent to 8,266.85 at 10:11 a.m. in Zurich. The gauge climbed 0.4 percent in November, extending this year’s gains to 21 percent. The broader Swiss Performance Index declined less than 0.1 percent today.

In the U.S., a report at 10 a.m. New York time may show the Institute for Supply Management’s index of manufacturing fell to 55.1 in November, from 56.4 a month earlier. Readings above 50 signal expansion.

A Credit Suisse purchasing managers’ index of Swiss manufacturing climbed to 56.5 in November from 54.2 a month earlier. That exceeded the 54.4 median estimate of economists in a Bloomberg survey.

The volume of shares changing hands in SMI-listed companies was 28 percent lower than the 30-day average, data compiled by Bloomberg show.

To contact the reporter on this story: Namitha Jagadeesh in London at njagadeesh@bloomberg.net

To contact the editor responsible for this story: Cecile Vannucci at cvannucci1@bloomberg.net

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