BRUSSELS (dpa-AFX) - The Swiss stock market suffered heavy losses again Thursday and extended its losing streak to a third session. The market slipped into negative territory before noon and continued to lose ground for the remainder of the day. The weak performance of the U.S. equity markets weighed on investor sentiment, as uncertainty about the outlook for U.S. monetary policy persists.
Investors are eagerly awaiting Federal Reserve Chair Janet Yellen's speech later today. Traders are hoping for additional clarity as to when the U.S. central bank plans to raise interest rates.
The Swiss Market Index declined by 2.01 percent Thursday and finished at 8,278.07. The Swiss Leader Index dropped by 2.24 percent and the Swiss Performance Index lost 2.03 percent.
The biggest decliner Thursday was Schindler, which sank by 6.8 percent. The elevator manufacturer is faced with a police investigation for embezzlement and possible corruption in the Chinese market. Two executives from Schindler China were picked up for questioning by Chinese authorities.
The index heavyweights all suffered substantial declines. Novartis decreased by 2.2 percent and Nestlé weakened by 1.8 percent. Roche also declined by 1.4 percent.
Transocean surrendered 4.1 percent and LafargeHolcim lost 3.7 percent. The building materials group extended its weakness from the prior session on continued concerns for the economic outlook in emerging markets.
Aryzta tumbled by 3.5 percent Thursday. Luxury goods companies Swatch and Richemont also dropped on concerns over China. Swatch fell by 3.2 percent and Richemont lost 2.2 percent.
Copyright RTT News/dpa-AFX