Swiss Stock Market Tumbles On Monday

(RTTNews) - The Swiss stock market shook off a higher open on Monday and finished firmly in the red, closing under water for the third straight session.

The market has now lost more than 180 points or 1.8 percent in the last three days after closing higher in the previous four sessions.

The SMI sank 144.80 points or 1.38 percent to finish at 10,348.44 after trading between 10,336.32 and a 52-week high of 10,551.51.

Among the actives, Swatch plummeted 2.89 percent, while Novartis plunged 1.80 percent, Roche tumbled 1.56 percent, Compagnie Financiere Richemont skidded 1.50 percent, Zurich Insurance dropped 1.22 percent, Credit Suisse and UBS Group both retreated 0.95 percent, ABB sank 0.91 percent, Lafarge Holcim lost 0.47 percent and Swiss Life fell 0.34 percent.

The losses were in line with the rest of Europe after disappointing economic numbers from the United States.

Traders also reacted to President Donald Trump's plans to reinstate tariffs on metal imports from Brazil and Argentina.

Germany's Dax plunged 271.70 points or 2.05 percent to 12,964.68, while London's FTSE lost 60.59 points or 0.82 percent to 7,285.94 and the CAC 40 in France tumbled 118.42 points or 2.01 percent to 5,786.74.

In Swiss economic news, Switzerland's retail sales grew for a second straight month in October, but at a slower pace, data from the Federal Statistical Office showed on Monday.

Working-day adjusted retail sales annual growth more than halved to 0.7 percent in October from 1.6 percent in September. In August, sales fell 0.5 percent.

On a monthly basis, retail sales rose 1.0 percent in October, after a 0.2 percent fall in the previous month. Sales rose for the first time in four months.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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