The Swiss Stock Market Fell Tuesday, Snapping Recent Gains

(RTTNews) - The Swiss stock market snapped its recent winning streak on Tuesday. Financial stocks and cyclicals were among the weakest performers. However, shares of Sonova continued to build on its gains from the previous session.

Investors are looking forward to the release of the minutes from the most recent FOMC meeting on Wednesday. They are hoping for further clues to when the Federal Reserve plans to start tapering its stimulus measures.

The Swiss Market Index declined by 0.61 percent Tuesday and finished at 8,300.12. The Swiss Leader Index fell by 0.62 percent and the Swiss Performance Index lost 0.60 percent.

UBS dropped by 1.5 percent Tuesday and Credit Suisse fell by 0.9 percent. However, Julius Baer managed a modest gain of 0.2 percent. Zurich Insurance declined by 1.4 percent and Baloise lost 0.9 percent. while Swiss Re rose by 0.4 percent, after Nomura upgraded it to "Buy" from "Reduce."

Among the cyclical stocks, Adecco dropped by 1.9 percent. Dufry and Sika both declined by 1.3 percent each and ABB lost 1.2 percent. Sonova increased by 3.5 percent, adding to yesterday's gains following its half year report.