Swiss Stocks Slide As Europe Woes Mount

(RTTNews) - Swiss stocks tumbled Monday, with losses accelerating in the final hour of trading amid mounting concerns the euro zone will fall into recession.

The Swiss Market Index lost 2.05 percent to 8,712.82, falling from a 7-year peak above 9,200 seen earlier in December.

Transocean's free fall continued, with the oil services company dropping another 3.3 percent on speculation that an epic fall in crude oil prices will limit exploration.

Roche and Novartis shares were down more than 2.3 percent each. That's despite positive news on drugs in development by Roche.

Big banks struggled, with UBS, Credit Suisse and Julius Baer all losing further ground.

Lonza was flat despite an upgrade from UBS. Molecular Partners rallied 5 percent on a ratings upgrade from UBS.