The Swiss stock market pulled back on Friday. The market was weighed down by the poor performance of both financial stocks and the economically sensitive cyclicals. Disappointing U.S. economic news and financial results also dragged the Swiss market lower.
The U.S. GDP result showed an increase of 2.8%, but the number came in below expectations. The better than expected U.S. consumer sentiment result was better than expected, but failed to lighten the session's negative mood. The lower than expected quarterly results from Ford Motor and the lowered guidance from Procter & Gamble were also viewed with disappointment.
The Swiss Market Index fell by 52 points to 6,033 on Friday, a loss of 1.10% for the day. The Swiss Leader Index dropped by 0.97% and the Swiss Performance Index lost 0.93%.
Financial stocks came under pressure on Friday. Shares of UBS and Credit Suisse both declined by 0.9%. Swiss Re fell by 2.0%, ZFS dropped by 2.2% and Swiss Life closed lower by 0.6%.
The defensive heavyweights extended their recent losses Friday. Roche declined by 1.9% after Citigroup removed the stock from its "Best Ideas List." Novartis also fell by 1.2%.
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