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Swiss Stocks Are Little Changed on Spanish Factory Data

Dec. 2 (Bloomberg) -- Stocks in Switzerland were little changed, after the benchmark Swiss Market Index posted a third month of gains, as a measure of Spanish manufacturing unexpectedly contracted, while a U.S. factory index increased.

Kuoni Reisen Holding AG retreated 3.1 percent after Vontobel Holding AG cut its recommendation on the shares. Credit Suisse Group AG advanced 0.7 percent.

The SMI fell 0.1 percent to 8,257.32 at the close of trading in Zurich. The gauge climbed 0.4 percent in November, extending this year’s gains to 21 percent as central banks around the world pledged to keep interest rates low for a prolonged period to support the economic recovery. The broader Swiss Performance Index lost 0.1 percent today.

“A busy week crammed with economic indicators and events warrants some hesitation,” Ishaq Siddiqi, a market strategist at ETX Capital in London, wrote in a note today.

Spanish manufacturing in November contracted for the first time in four months. The Purchasing Managers Index fell to 48.6, the lowest since May, from 50.9 from October, London-based Markit Economics said today. It’s the first reading under 50, which divides expansion from contraction, since July. Economists had forecast a figure of 51.1.

In the U.S., the Institute for Supply Management’s factory index rose to 57.3 in November from 56.4 a month earlier, a report from the Tempe, Arizona-based group showed today. The median projection in a Bloomberg survey of 77 economists called for a drop to 55.1.

Swiss Manufacturing

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 33 percent lower than the 30-day average, data compiled by Bloomberg show.

Kuoni declined 3.1 percent to 386.75 Swiss francs. Vontobel cut its recommendation on Switzerland’s biggest travel company to hold from buy, citing the stock’s strong annual performance relative to the broader index and the potential effects of political turmoil on its Egyptian business. Kuoni has surged 41 percent so far this year, compared with 21 percent for the SMI.

Givaudan SA dropped 1.1 percent to 1,265 francs, for the worst performance on the equity benchmark. The world’s largest flavorings maker has still advanced 32 percent this year, the biggest gain since at least 2001.

Credit Suisse, Switzerland’s second-biggest bank, rose 0.7 percent to 27.18 francs, for the best performance on the SMI.

To contact the reporter on this story: Namitha Jagadeesh in London at

To contact the editor responsible for this story: Cecile Vannucci at

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