BRUSSELS (dpa-AFX) - The Swiss stock market ended Thursday's session solidly in negative territory. The market got off to a positive start, but came under increasing pressure over the course of the session. Shares of Credit Suisse and Clariant were in focus following their financial reports.
Investors had their first opportunity to react to yesterday's statement from the Federal Reserve, which was released after the European close. The Fed held steady on interest rates but opened the possibility of a rate hike in September, noting that 'near-term risks to the economic outlook have diminished.'
The Swiss Market Index decreased 1.54 percent Thursday and finished at 8,095.07. The Swiss Leader Index dropped 1.54 percent and the Swiss Performance Index lost 1.33 percent.
Credit Suisse was the biggest loser of the session, sinking 5.0 percent. The bank's second quarter profit came in better than expected, but its outlook was cautious.
Shares of rival UBS weakened by 2.1 percent. The bank is expected to report its results on Friday. Julius Baer also ended the session lower by 2.0 percent.
Clariant fell 3.6 percent. The specialty chemical maker reported a decline in its first-half profit, hit by higher restricting costs. The company confirmed its 2016 outlook, but also referenced the increasingly difficult economic environment.
Swiss Re dropped 2.0 percent ahead of its report on Friday. Commerzbank has rated its shares as a 'Reduce.' Zurich Insurance surrendered 1.3 percent.
Index heavyweight Novartis sank 2.0 percent, which weighed on the overall market. Roche declined 1.5 percent and Nestle lost 1.0 percent.
In the broad market, Logitech jumped 14 percent after its first quarter profit exceeded expectations.
Copyright RTT News/dpa-AFX