The Swiss stock market kicked off the trading week with a notable decline. Weaker than expected economic data from both Europe and China weighed on the market. Concerns about the political future of Europe were also at the forefront, after the first round of the French presidential election.
There were no economic reports from the United States on Monday. The negative performance of the U.S. stock markets provided no help to the market in the afternoon. Investors will be watching for a number of important earnings releases later today.
The Swiss Market Index dropped by 1.97 percent Monday and closed at 6,114.83. The Swiss Leader Index declined by 2.00 percent and the Swiss Performance Index finished lower by 1.20 percent.
Bank stocks were under pressure on Monday. Shares of Julius Baer declined by 3.4 percent. Credit Suisse dropped by 2.6 percent and UBS fell by 2.3 percent.
Index heavyweight Nestle agreed to acquire Pfizer's baby food division for nearly 12 billion USD. The stock finished lower by 2.8 percent. Roche declined by 1.5 percent and Novartis closed down by 0.6 percent.
by RTT Staff Writer
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