The Swiss Stock Market Pulled Back Ahead Of Fed Announcement

(RTTNews) - The Swiss stock market ended Wednesday's session in the red. Following yesterday's technical rebound, most investors remained on the sidelines ahead of a decision on U.S. interest rates. Concerns over Greece also continued to weigh on sentiment. Eurozone finance ministers are set to meet in Luxembourg on Thursday, where the subject of Greece will be in focus.

The U.S. Federal Reserve will conclude its 2-day monetary policy after the European close today. The Fed is widely expected to leave interest rates unchanged, but traders will be paying close attention to any hints regarding the timing of the first interest rate hike.

The Swiss Market Index declined by 0.65 percent Wednesday and finished at 8,906.69. The Swiss Leader Index fell by 0.77 percent and the Swiss Performance Index lost 0.65 percent.

Aryzta dropped by 2.3 percent Wednesday. Berenberg downgraded its rating on the stock to "Hold" from "Buy" and cut its price target to 57 CHF from 78 CHF.

Julius Baer declined by 2.1 percent. Andreas Venditti, an analyst at Vontobel, does not believe that the bank will be acquired, despite numerous takeover rumors. UBS fell by 1.4 percent, due to an investigation into exchange rate manipulation in South Korea. Credit Suisse also finished down by 0.6 percent.

The index heavyweights all finished to the downside Wednesday, which weighed on the overall market. Roche decreased by 0.7 percent and Novartis surrendered 0.4 percent. Nestle also finished with a loss of 0.6 percent.

Notable declines were also turned in by Lonza, which fell by 1.8 percent, and by Schindler, which lost 1.4 percent.

Sika and Galenica both climbed by 0.3 percent each, while Swisscom added 0.1 percent.

Ascom advanced by 0.9 percent. The company's CEO stated in an interview that the company is on track to achieve its annual targets. He also made positive comments regarding the Myco smartphone.

Gurit increased by 3.2 percent, extending its gains from the previous trading session.