Swiss Stocks Retreat as Geberit, Julius Baer Shares Drop
Swiss stocks slipped, extending their loss this week, as Geberit (GEBN) AG and Julius Baer Group Ltd. declined and a report showed that Switzerland’s manufacturing industry expanded at a slower-than-expected pace last month.
Geberit fell 1.3 percent after the maker of toilets yesterday rallied to the highest price since its initial public offering in 1999. Julius Baer lost 1.8 percent after Deutsche Bank AG lowered its rating for Switzerland’s third-largest wealth manager. ABB Ltd. slid 1.1 percent.
The Swiss Market Index lost 0.4 percent to 8,203.52 at 10:11 a.m. in Zurich, extending its decline this week to 0.6 percent. The gauge rallied 2.6 percent in October, completing its biggest two-month advance since the beginning of the year, after U.S. lawmakers agreed on a new budget to avoid a sovereign default and end a partial government shutdown. The broader Swiss Performance Index also retreated 0.4 percent.
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