Swiss Stocks Drop for Third Day Before U.S. Jobs Report
Swiss stocks retreated for a third day, after falling the most in five weeks yesterday, as investors awaited a monthly report on employment in the U.S.
Cie. Financiere Richemont SA slipped 1 percent. Dufry AG (DUFN) gained 0.7 percent after it signed a contract to run duty-free shops at a Brazilian airport.
The Swiss Market Index (SMI) lost 0.2 percent to 7,747.2 at 10:01 a.m. in Zurich. The equity benchmark dropped 1.4 percent yesterday as European Central Bank President Mario Draghi warned of risks to the euro area’s economic recovery in the second half. The gauge is headed for a weekly drop of 0.9 percent. The broader Swiss Performance Index also fell 0.3 percent today.
The number of stocks changing hands in the SMI was 21 percent lower than the average of the past 30 days, according to data compiled by Bloomberg.
Today’s non-farm payrolls data may show employers in the world’s largest economy hired a net 190,000 workers in March and the unemployment rate held at a four-year low of 7.7 percent, according to the median forecasts in Bloomberg surveys. That compares with an increase of 236,000 in February.
Richemont, the maker of the Cartier brand, fell 1 percent to 72.70 francs. Swatch Group AG (UHR), the biggest maker of Swiss watches, dropped 0.7 percent to 536 francs.
Nestle SA, the world’s largest food company which accounts for 23 percent of the SMI, slid 1 percent to 68.05 francs.
Dufry gained 0.7 percent to 117 francs. The Swiss operator of duty-free stores in airports signed a 10-year contract to operate shops at Brazil’s Viracopos International Airport.
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