BRUSSELS (dpa-AFX) - The Swiss stock market ended the first trading day of the new week in the red. A number of factors weighed on investor sentiment Monday, including continued concerns over a potential trade war.
Investors were in a cautious mood ahead of Wednesday's policy statement from the Federal Reserve, as well as the upcoming announcement from the Bank of England on Thursday. The weak performance on Wall Street also weighed on sentiment in the afternoon, especially the drop in shares of social media giant Facebook.
The Swiss Market Index decreased by 0.80 percent Monday and finished at 8,811.33. The Swiss Leader Index dropped 0.76 percent and the Swiss Performance Index lost 0.70 percent.
The weak performance of the index heavyweights pressured the overall market Monday. Nestlé and Novartis declined by 0.8 each, while Roche lost 0.3 percent.
UBS weakened by 1.7 percent, Credit Suisse surrendered 1.6 percent and Julius Baer fell 1.2 percent. Swiss Re decreased 1.5 percent, while Zurich and Baloise dropped 1.4 percent each.
ABB fell 1.6 percent after some cautious comments from Liberum.
Sonova was among the weakest performing stocks of the session, with a loss of 1.9 percent.
Swatch climbed 2.2 percent after Morgan Stanley upgraded its rating on the stock to 'Overweight' from 'Equal weight.' Shares of Richemont added 0.5 percent.
In the broad market, shares of Sunrise dropped 1.9 percent after Citigroup issued a 'Sell' recommendation on the stock.
Copyright RTT News/dpa-AFX