Sept. 24 (Bloomberg) -- Swiss stocks were little changed as a report showed U.S. consumer confidence decreased this month and investors awaited a speech by a Federal Reserve official.
Burckhardt Compression Holding AG tumbled 7.3 percent after the supplier to oil and gas companies cut its 2013 operating-profit margin guidance. Schindler Holding AG climbed 1 percent after naming a new chief executive officer. Evolva Holding SA jumped 3.4 percent.
The Swiss Market Index slipped 0.1 percent to 8,047.02 at the close of trading in Zurich. The measure climbed 0.8 percent last week after the Federal Reserve refrained from reducing its $85 billion of monthly asset purchases. It is heading for a 4.7 percent quarterly gain and 18 percent annual advance. The Swiss Performance Index also lost 0.1 percent today.
“We’re back to the way things were before the Fed meeting, with market participants closely watching U.S. economic data and analyzing every word by Fed speakers,” Thomas Lehr, an investment strategist at Credit Suisse in Zurich, said in a telephone interview. “We expect sideways trading with a negative tendency and don’t think that will change in the short-term as we see no real catalysts for a substantial upmove and after the large gains we’ve seen recently, the market has run out of steam.”
In the U.S., a report showed the Conference Board’s consumer-confidence index slipped to 79.7 this month from a revised 81.8 in August. That compared with the median forecast of economists in a Bloomberg News survey that called for a drop to 79.9.
Separate data showed that manufacturing in the region covered by the Fed Bank of Richmond stagnated this month. The factory index, which covers North Carolina, South Carolina, the District of Columbia, Maryland, Virginia and most of West Virginia, dropped to 0 in September from 14 last month.
Fed Bank of Kansas President Esther George addresses the Chicago Fed’s payments symposium at noon local time, after European markets close.
In Germany, a report showed that business confidence increased in September less than forecast. The Ifo institute’s business-climate index, based on a survey of 7,000 executives, advanced to 107.7 from a revised 107.6 in August, falling short of the median economist forecast of 108.
Burckhardt slumped 7.3 percent to 358.25 francs, the most in more than two years. The company said its operating profit margin will be in the lower third of the target range of 15 percent to 20 percent because of specification alterations for two compressor-system projects.
“The fact that the issues incurred in a new application market and a new compressor type makes us clearly more cautious,” Fabian Haecki, an analyst at Vontobel Holding AG, wrote in a note to clients today. “We actually believe that project risks have structurally gone up.”
Schindler gained 1 percent to 138.10 francs. The elevator maker named Silvio Napoli to replace Juergen Tinggren as chief executive officer, putting a director with experience in Asia at the helm after cutting its profit target last month.
Evolva rose 3.4 percent to 92 centimes. The biotechnology company said the U.S. Defense Threat Reduction Agency selected it for negotiations on as much as $14.7 million in funding for its GC-072 compound, an antibiotic that has shown utility in preclinical studies against bacterial pathogens.
The volume of shares changing hands in SMI-listed companies today was 14 percent lower than the average of the past 30 days, data compiled by Bloomberg show.
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