Swiss Stocks Decline From Six-Month High; Richemont Drops
Stocks in Switzerland slipped, with the benchmark Swiss Market Index falling from its highest level in almost six months, as Adecco SA (ADEN) and Cie. Financiere Richemont SA slid, offsetting gains in Sonova Holdings AG.
Adecco, the world’s largest provider of temporary workers, fell 1.6 percent. Richemont, the owner of the Cartier brand, retreated 0.9 percent. Sonova advanced 1.1 percent as a report from Citigroup Inc. said the world’s biggest hearing-aid maker may be increasing its share of the cochlear implants market.
The SMI (SMI) lost 0.5 percent to 8,310.19 at 9:48 a.m. in Zurich. The measure has surged 22 percent this year, heading for the biggest annual rally since 2005, as central banks around the world pledged to leave interest rates low for a prolonged period. The Swiss Performance Index slid 0.5 percent today.
A report today will probably show investor confidence in Germany, Europe’s largest economy, increased to a four-year high in November. A gauge of investor and analyst expectations, which aims to predict economic developments six months in advance, rose to 54 this month from 52.8 in October, economists predicted before the ZEW Center for European Economic Research releases the data at 11 a.m. in Mannheim. That would be the highest reading since October 2009.
To contact the reporter on this story: Alan Soughley in Singapore at firstname.lastname@example.org
To contact the editor responsible for this story: Cecile Vannucci at email@example.com