The Swiss stock market ended Tuesday's session firmly in the red, along with the rest of the European markets. The main reason for today's weakness was investor disappointment in the decision by the Bank of Japan to not expand its stimulus measures.
The German Constitutional Court is holding a two-day hearing to decide whether the ECB's bond buying program called the Outright Monetary Transactions (OMT) violates the German law. The Court stated Tuesday that the success of the bond-purchase program of the ECB will have no impact on the ruling.
The Swiss Market Index declined by 1.51 percent Tuesday and finished at 7,613.01. The Swiss Leader Index fell by 1.56 percent and the Swiss Performance Index lost 1.49 percent.
Luxury goods companies turned in a weak performance, due to concerns of slowing growth rates in China. Richemont dropped by 3.4 percent and Swatch decreased by 2.1 percent.
The index heavyweights all finished to the downside Tuesday, pressuring the overall market. Roche declined by 1.6 percent and Novartis lost 1.0 percent. Nestle also finished lower by 1.5 percent.
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