FRANKFURT (dpa-AFX) - The Swiss stock market turned lower again on Tuesday, reversing gains from the previous session after spending the entire session in the red.
The market opened in negative territory, and the losses only accelerated amidst the uncertainty of new Brexit talks and Wednesday's release of minutes of the U.S. Federal Reserve's monetary policy meeting.
The SMI lost 59.66 points or 0.58 percent to finish at 10,168.40 after trading between 10,142.46 and 10,257.94.
Among the actives, Credit Suisse Group plummeted 2.04 percent, while UBS Group tumbled 1.30 percent, ABB skidded 0.83 percent, Lafarge Holcim retreated 0.75 percent, Swisscom advanced 0.71 percent, Zurich Insurance sank 0.71 percent, Novartis dropped 0.68 percent, Swiss Life collected 0.43 percent, Swatch Group fell 0.20 percent and Swiss Re rose 0.11 percent.
The losses were in line with other major European markets, which slipped on simmering tensions between the United States and China after the Trump administration said it will further tighten restrictions on Huawei Technologies in a bid to limit the company's access to electronic components.
Germany's DAX slipped 38.90 points or 0.30 percent to 12,881.76, while London's FTSE sank 50.82 points or 0.83 percent to 6,076.62 and the CAC 40 in France fell 33.88 points or 0.68 percent to 4,938.06.
In corporate news, Geberit Group (GBERY.PK, GBERF.PK) reported that its second-quarter net income dropped to 131.0 million Swiss francs from last year's 173.2 million francs, impacted by the COVID-19 pandemic and negative currency developments. On a per share basis, net income was 3.64 Swiss compared to 4.80 Swiss in the prior year. Quarterly sales declined to 670.5 million francs from 797.0 million francs in the previous year.
Copyright RTT News/dpa-AFX