The Swiss stock market closed to the downside again on Thursday. The market turned in a positive performance during the first half of the session, but reversed direction after several weaker than expected economic reports from the United States.
The U.S. reported an unexpected increase in weekly jobless claims Thursday and a lower than expected increase in private sector employment. The U.S. first quarter GDP result was downwardly revised, which was in line with expectations. The Chicago PMI result declined sharply, reaching its lowest level since September of 2009.
The Swiss Market Index fell by 0.89 percent Thursday and closed at 5,850.18. The Swiss Leader Index lost 1.09 percent and the Swiss Performance Index declined by 0.88 percent.
Financial stocks were under pressure Thursday, especially shares of the big banks. Credit Suisse dropped by 2.2 percent and UBS finished down by 2.1 percent. Swiss Life also ended the session lower by 1.3 percent.
Cyclicals were among the weakest performers during Thursday's trading session. Transocean declined by 3.7 percent and Holcim lost 3.6 percent. Lonza weakened by 2.7 percent and Adecco fell by 2.1 percent.
by RTT Staff Writer
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