Stocks in Switzerland dropped, reversing earlier gains, as investors awaited the outcome of the Federal Reserve meeting for signals on stimulus measures.
Adecco SA (ADEN), Novartis AG (NOVN) and Credit Suisse Group AG led declining shares on the benchmark Swiss Market Index.
The SMI fell 0.3 percent to 7,674.84 at 9:36 a.m. in Zurich, reversing an initial gain of 0.4 percent. The gauge has retreated 8.7 percent since May 22, when Fed Chairman Ben S. Bernanke said the central bank could trim bond purchases if the economy showed sustainable improvement. The broader Swiss Performance Index also lost 0.3 percent today.
The Federal Open Market Committee concludes its two-day policy meeting today, with Fed Chairman Ben S. Bernanke scheduled to speak after the close of European equity markets. The Stoxx 600 has lost 5.5 percent since May 22, when Bernanke said the U.S. central bank could pare stimulus measures if the world’s largest economy improves sustainably.
The volume of shares changing hands in SMI-listed companies was 15 percent lower than the average of the past 30 days, according to data compiled by Bloomberg.
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