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The Swiss Stock Market Pulled Back As Bank Stocks Dropped

The Swiss stock market dropped late Wednesday morning, but pared its losses in the afternoon. Despite the recovery, the market ended the day with a modest loss.

Geopolitical concerns had a negative impact on investor sentiment Wednesday, after North Korea threatened to cancel an historic meeting between leader Kim Jong Un and President Donald Trump.

The Swiss Market Index decreased by 0.23 percent Wednesday and finished at 8,973.88. The Swiss Leader Index dropped 0.37 percent and the Swiss Performance Index lost 0.29 percent.

The weak performance of the bank stocks weighed on the market Wednesday. Credit Suisse and UBS both declined by 1.6 percent and Julius Baer weakened by 1.1 percent.

Credit Suisse has agreed to invest $250 million in Israeli healthcare fund aMoon II. Meanwhile, Appaloosa LP revealed that it has taken a 7.0 million share stake in UBS.

Swisscom and Swiss Life both decreased by 0.9 percent. Zurich Insurance and Swiss Re fell by 0.5 percent each.

Among the index heavyweights, Novartis surrendered 0.3 percent and Nestle dipped 0.05 percent. Meanwhile, Roche gained 0.2 percent.

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