Swiss Stocks Fall As China Rattles Luxuries

(RTTNews) - Swiss stocks fell sharply Tuesday, following global markets into the red after China's surprising currency devaluation.

The Chinese government caused the yuan's biggest one-day loss since 1994, when it unified official rate with market rates.

The move makes foreign goods such as Swiss luxury brands more expensive for Chinese consumers.

The Swiss Market Index dropped 0.91 percent to 9,424.41.

Swatch shares plunged 5.1 percent, Richemont fell 4.1 percent.

Banks Julius Baer and UBS also fell, alothough losses were less pronounced.

Human resource provider Adecco declined 3.6 percent after reporting second-quarter results.