Swiss Stocks Decline From Five-Month High on Downgrades
Adecco, the world’s largest supplier of temporary workers, dropped 2.8 percent after UBS AG recommended selling the shares. Credit Suisse fell 2 percent after JPMorgan Chase & Co. downgraded its rating for Switzerland’s second-biggest bank.
The SMI (SMI) slid 0.2 percent to 8,216 at 9:49 a.m. in Zurich. The equity benchmark has climbed 2.4 percent so far in October as U.S. lawmakers reached an agreement to reopen the partially closed government and avoid a sovereign default. The broader Swiss Performance Index also lost 0.2 percent today.
The volume of shares changing hands in SMI-listed companies was 19 percent greater than the average of the past 30 days, according to data compiled by Bloomberg.
In the U.S., a Commerce Department report at 8:30 a.m. New York time may show that orders for durable goods increased 2.3 percent in September, after a 0.1 percent gain in the previous month, according to the median estimate of 67 economists in a Bloomberg News survey.
In Germany, a report at 10 a.m. in Munich may show the Ifo institute’s business climate index climbed to 108 this month from 107.7 in September, according to the median forecast in a Bloomberg News survey. That would be the highest level since April 2012. A measure of expectations will also increase, while a gauge of current conditions will remain unchanged, the survey predicted.
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