Nov. 3 (Bloomberg) -- Swiss Re Ltd., the world’s second-biggest reinsurer, said third-quarter profit was $1.35 billion.
That compared with the $539 million average estimate of nine analysts surveyed by Bloomberg.
EQUITIES: *Swatch Group AG Chief Executive Officer Nick Hayek said China may account for about 20 percent of the 10 billion Swiss francs in annual sales that the watchmaker has the potential to reach in three to four years, L’Hebdo reported *Geberit AG said it expects full-year earnings before interest, tax, depreciation and amortization to decline due to the strong franc and higher raw material costs *Panalpina said earnings before interest, tax, depreciation and amortization fell to 54.2 million francs from 59.4 million francs a year earlier and lowered its market growth expectations for 2011 *Georg Fischer AG is not growing as strongly as in the first half of the year, Handelszeitung cited Chief Executive Officer Yves Serra as saying in an interview *Pictet said assets under management rose about 1 percent in the third quarter.
ECONOMY/POLITICS: *UBS publishes its real estate bubble index at 8 a.m. *Swiss National Bank Governing Board member Jean-Pierre Danthine speaks at the SNB’s money market event in Geneva
MARKETS: *The benchmark SMI rose 0.4 percent to 5,611.05 *The SPI increased 0.4 percent to 5,099.69 *The Stoxx Europe 600 Index gained 0.9 percent to 237.22 *The MSCI Asia-Pacific Index declined 1.1 percent at 7:22 a.m. Zurich time *Euro-franc traded at 1.2136 at 7:X23 a.m. Swiss time
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