The Swiss stock market, like the rest of the European markets, was pulled lower at the end of the trading week due to the weaker than expected U.S. employment report for April. The U.S. economy added 115,000 jobs in the month, which was below the predictions of most economists, who had forecast 165,000 new jobs.
Several other factors contributed to the weakness in the markets Friday. The lower than expected Eurozone private sector report was one factor, as was the sharp decline in the oil market. Investors were also cautious ahead of the elections in France and Greece, which will be held over the weekend.
The Swiss Market Index fell by 0.67 percent Friday and finished at 6,056.79. The Swiss Leader Index declined by 1.08 percent and the Swiss Performance Index lost 0.82 percent.
Swiss Re climbed by 1.5 percent Friday, although the stock had been up as much as 3 percent earlier in the session. The company reported better than expected quarterly earnings.
Other financial stocks were weak on Friday. Shares of Swiss Life fell by 2.7 percent. The company is expected to report earnings next week. Julius Baer declined by 2.3 percent and Credit Suisse finished lower by 1.4 percent.
by RTT Staff Writer
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