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The Swiss Stock Market Dropped Following Afternoon Sell-Off

The Swiss stock market ended Tuesday's session in the red after a weak performance in the second half of the day. The late weakness was due in part to today's U.S. inflation report. The tepid result has investors betting that the Federal Reserve will be limited to three rate hikes this year, which caused a drop in the value of the U.S. dollar.

Traders were also concerned over the news that President Donald Trump plans to replace Secretary of State Rex Tillerson with CIA Director Mike Pompeo.

The Swiss Market Index decreased by 1.00 percent Tuesday and finished at 8,880.92. The Swiss Leader Index dropped 1.15 percent and the Swiss Performance Index lost 0.91 percent.

Dufry dipped 0.1 percent ahead of its annual report on Thursday. Shares of Geberit also decreased 0.3 percent.

Richemont declined 0.3 percent, Clariant fell 0.5 percent and Kuehne + Nagel weakened by 0.7 percent.

Financial stocks were under pressure Tuesday. Credit Suisse dropped 1.4 percent and UBS surrendered 1.9 percent. Julius Baer also finished lower by 1.6 percent.

Aryzta weakened by 3.5 percent, extending its losses from the previous session.

Lonza fell 2.5 percent, Sonova lost 2.1 percent and LafargeHolcim lost 1.9 percent. Swiss Re also closed down by 1.1 percent. Vifor Pharma also slid 1.3 percent.

The index heavyweights all finished in the red Tuesday. Novartis declined 1.2 percent, Roche dropped 0.7 percent and Nestlé lost 0.4 percent.

by RTT Staff Writer

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