Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Swiss Stocks Decrease; UBS Shares Advance, Roche Holding Falls

Updated on

June 7 (Bloomberg) -- Swiss stocks closed down after swinging between gains and losses as investors contemplated whether a 9.7 percent slide in equities from this year’s high means forecasts for profits growth are outweighing concern about Europe’s debt crisis.

The Swiss Market Index of the biggest and most actively traded companies fell 0.1 percent to 6,291.04 at the close of trading in Zurich, having swung between gains of 0.6 percent and losses of as much as 1 percent. The benchmark measure has tumbled 9.7 percent from its 2010 high on April 15 on concern European nations will struggle to reduce budget deficits without hurting the global economy. The broader Swiss Performance Index decreased 0.2 percent to 5,534.94 today.

“Equities are starting to look oversold compared to bonds,” David Shairp, a global strategist at JPMorgan Asset Management in London, wrote in a report today. “The main risks have been the same all year. The pattern of markets has reflected whether too much or too little concern has been factored in regarding these risks. We remain cautious for now.”

Earnings across Europe’s benchmark Stoxx Europe 600 Index companies are projected to grow 56 percent this year, according to Bloomberg data.

UBS AG advanced 0.5 percent to 14.72 Swiss francs and Credit Suisse Group AG advanced 0.8 percent to 43.26 francs. Cie Financiere Richemont SA, the world’s biggest jewelry maker, climbed 0.6 percent to 38.88 francs. Roche Holdings AG lost 1.2 percent to 160 francs and Julius Baer Group Ltd. declined 0.6 percent to 32.55 francs.

To contact the reporters on this story: Adam Haigh in London at ahaigh1@bloomberg.net; Antonio Ligi in Zurich at aligi@bloomberg.net;

To contact the editors responsible for this story: David Merritt at dmerritt1@bloomberg.net; Benedikt Kammel at bkammel@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.