Swiss Stocks Drop as BOJ Delays Fed-Style Stimulus Plan
Kuehne & Nagel International AG slid 2.1 percent after Credit Suisse Group AG recommended selling the company’s shares.
The Swiss Market Index (SMI) lost 0.5 percent to 7,297.56 at 9:45 a.m. in Zurich. The gauge has still rallied 7 percent in 2013, the best start to a year since the measure was formed in 1988. The broader Swiss Performance Index dropped 0.4 percent today.
The volume of shares changing hands in SMI-listed companies was 19 percent lower than the average of the last 30 days, data compiled by Bloomberg showed.
The Bank of Japan delayed its new open-ended asset purchases program until the next year, disappointing some investors. The central bank plans monthly buying of 13 trillion yen ($145 billion) of securities from January 2014.
Bank of Japan Governor Masaaki Shirakawa and six of his nine fellow board members voted for a 2 percent inflation target, to be achieved “at the earliest possible time.” This pace of price increases has not been sustained in Japan since the early 1990s.
Purchases of previously owned houses in the U.S. climbed to a 5.1 million annual rate in December, the strongest since November 2009, economists said before a report from the National Association of Realtors figures at 10 a.m. Washington time.
In the euro area, finance ministers seek an agreement in the first half of this year on how and when the 500 billion-euro European Stability Mechanism can bypass governments and provide direct help to banks.
Kuehne & Nagel (KNIN) fell 2.1 percent to 110.10 francs after Credit Suisse downgraded the stock to underperform from outperform, meaning investors should sell the shares.
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