The Swiss stock market extended its weekly losses on Friday, tracking yesterday's steep losses among other European markets.
The Swiss market was closed yesterday, when German and French shares were hammered by concerns about Greece and the sluggish U.S. economy.
Today's dismal jobs news from the U.S. did nothing to cheer investors, but indications Greece is closer to a deal for additional funding from the European Union and International Monetary Fund helped restore calm.
Reports said that Greece has agreed to 6.4 billion euros in austerity measures in return for a lifeline that will allow it to meet its financial obligations through 2013.
The Swiss blue-chip index SMI lost 88.83 points, or 1.37 percent, to 6407.64. With the loss, the benchmark SMI is down slightly for the year to date.
The SLI index today slid 1.35 percent to 999.62, and the SPI index fell 1.25 percent to 5902.92.
Credit Suisse shares slipped 1.35 percent after a New York judge tossed out MBIA's fraud charges against the Swiss banking giant. The judge also dismissed MBIA's request for punitive damages.
Rival UBS lost 2.2 percent, while Zurich Financial declined 1.18 percent.
In the health care sector, Roche was down 0.81 percent after a study showed its Tarceva drug extended the time a lung cancer patient could live without the disease getting worse.
Novartis shed 1.57 percent, enjoying little benefit from positive statements by the U.S. Food and Drug Administration for its blood pressure medicine Diovan. After concerns were raised last July, the FDA saw no evidence of an increased cancer risk from use of the drug.
Biotech company Addex shares rose 4.5 percent after Chief Executive Vincent Mutel resigned. Andre Mueller, chairman of the board, will act as executive chairman and lead an operational subcommittee of directors to manage the transition until a new CEO is appointed.
In economic news, U.S. employment rose far less than expected in May to record its weakest reading since September, driving the jobless rate to 9.1 percent.
The U.S. economy showed a net gain of 54,000 jobs in May, far lower than the 170,000 predicted by most economists and well short of the addition of 232,000 jobs in April.
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May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.