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The Swiss Stock Market Tumbled On Broad Weakness

The Swiss stock market ended the first day of the new trading week sharply lower. Continued concerns over the trade dispute between the U.S. and China and the weak performance of the equity markets last week weighed on investor sentiment.

The Swiss Market Index decreased by 2.17 percent Monday and finished at 8,551.02. The Swiss Leader Index dropped 2.36 percent and the Swiss Performance Index lost 2.14 percent.

Index heavyweight Novartis dropped 2.4 percent. Barclays downgraded its rating on the stock to "Underweight" from "Equal weight."

Nestle also weakened by 2 percent and Roche lost 1.4 percent.

Julius Baer sank 4.2 percent. Reuters reported that the bank is in discussions to transfer its Venezuelan book of business to Spain's Banco Santander.

UBS declined 3.1 percent and Credit Suisse fell 2.5 percent.

Swatch Group decreased 3.3 percent and rival Richemont lost 3 percent.

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