The Swiss stock market began the trading week with a decline Tuesday, following the 4-day weekend for the Easter holiday. The disappointing U.S. jobs report released on Good Friday weighed on investors. The loss of momentum in Chinese imports and exports increased concerns about the growth prospects of the second-largest economy.
Concerns over the situation in both Italy and Spain also contributed to Tuesday's negative mood and the nervousness among investors. Yields of Italian and Spanish government bonds have continued to increase. Investors will be watching the beginning of the U.S. earnings reporting season very closely, beginning tonight with Alcoa's report.
The Swiss Market Index declined by 1.66 percent Tuesday and finished at 6,061.43. The Swiss Leader Index fell by 2.21 percent and the Swiss Performance Index lost 1.56 percent.
Financial stocks performed poorly on Tuesday, especially the shares of the big banks. UBS sank by 5.0 percent and Credit Suisse fell by 3.6 percent. Julius Baer also finished lower by 2.9 percent.
The defensive heavyweights also finished in the red Tuesday. Nestle fared better than the rest, with a loss of just 0.5 percent. Roche dropped by 1.7 percent and Novartis lost 0.9 percent.
by RTT Staff Writer
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