Swiss Stocks Drop Before U.S. Consumer-Sentiment Data
UBS AG (UBSN) slid 0.9 percent after a U.S. court order required the bank to give records relating to Wegelin & Co. as part of a probe into tax evasion. Novartis AG (NOVN) dropped as a ruling prevented its Sandoz unit from selling a generic drug in the U.S. until August 2014.
The Swiss Market Index lost 0.6 percent to 7,439.45 at 10:35 a.m. in Zurich. The gauge has still rallied 9 percent in 2013, the best start to a year since the measure was formed in 1988. The broader Swiss Performance Index also retreated 0.6 percent today.
A report at 10 a.m. in New York may show confidence among U.S. consumers declined for a third month. The Conference Board’s index of sentiment fell to 64 in January from 65.1 in December, economists said before the report.
American Home prices increased 5.5 percent in the 12 months through November, the most since 2006, economists projected a report from S&P/Case-Shiller will show.
In Germany, consumer confidence will increase in February due to a stable labor market and higher income expectations, Gfk SE said. The Nuremberg-based market research company forecast today that its consumer-sentiment index, based on a survey of about 2,000 people, will rise to 5.8 from a revised 5.7 in January.
UBS fell 0.9 percent to 16.16 Swiss francs. U.S. District Judge William H. Pauley III authorized the Internal Revenue Service to serve a summons on UBS. The tax agency seeks records of Wegelin’s correspondent account at UBS. Wegelin admitted on Jan. 3 that it helped taxpayers hide more than $1.2 billion in assets from the IRS.
Novartis AG, Europe’s biggest drugmaker, fell 0.6 percent to 62.30 francs as a gauge of the region’s health-care stocks slid for a fourth day.
Allergan Inc. won a U.S. appeals court ruling yesterday that prevented Teva Pharmaceutical Industries Ltd. and Novartis AG’s Sandoz unit from selling a generic version of the glaucoma treatment Lumigan until August 2014.
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