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The Swiss Stock Market Pulled Back On Broad Weakness

The Swiss stock market ended Wednesday's session firmly in negative territory. The sharp sell-off on Wall Street yesterday had a negative impact on investor sentiment.

Traders were also concerned that the initial positive reaction to the trade truce reached by the U.S. and China at the G20 summit over the weekend was overdone. There is skepticism and confusion about the truce after China promised action but gave no details on the tentative truce.

The Swiss Market Index decreased by 1.60 percent Wednesday and finished at 8,939.96. The Swiss Leader Index dropped 1.58 percent and the Swiss Performance Index lost 1.50 percent.

Adecco was among the weakest performing stocks of the session, sinking 3.3 percent. Lafargeholcim dropped 2.6 percent and ABB fell 2.4 percent.

Roche declined 1.8 percent. The company was granted priority review by the U.S. FDA for Tecentriq immunotherapy in combination with chemotherapy, for the treatment of extensive-stage small cell lung cancer.

Novartis decreased 1.6 percent and Nestle lost 1.3 percent.

UBS weakened by 1.7 percent, Credit Suisse fell 1.5 percent and Julius Baer finished lower by 1.4 percent.

Zurich Insurance and Swiss Life forfeited 1.9 percent each and Swiss Re slid just over 1 percent.

Richemont surrendered 1.5 percent and rival Swatch Group lost 1.1 percent.

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