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Swiss Stocks Edge Down For Third Day

Swiss stocks stocks turned lower Friday, edging into negative territory for a third straight session amid renewed concerns about the global economy.

The benchmark SMI was down 0.48 percent to 6,219.36. The SLI was down 0.49 percent to 951.30. The SPI slipped 0.40 percent to 5,699.01.

Drug maker Roche was down 1.3 percent.

Sanofi lost an appeal against Roche's unit Genentech and U.S. biotech Biogen Idec over two top-selling cancer treatments, Rituxan and Avastin.

Credit Suisse says it is cooperating with a probe into whether some investment banks manipulated Libor. Shares were down 0.2 percent.

Credit Suisse CEO Brady Dougan in 2011 had his pay cut 69 percent from 2010, reflecting the firm's financial performance and fall in share price.

Richemont SA said it will end its share buy-back program. The stock slipped 2 percent in early dealing.

by RTTNews Staff Writer

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