Swiss Stocks Hit 4-week Low, Transocean Still In Free Fall

(RTTNews) - Swiss stocks tumbled Friday, joining a pan-European rout amid anxiety over the global economy.

The Swiss Market Index dropped 1.8 percent to 8,895.35, its lowest since mid-November. This week's losses have taken the SMI from a 7-year peak set earlier in December.

Losses were widespread, but economically sensitive stocks like luxury good makers Richemont and Swatch were hit especially hard.

Rival luxury group Kering announced on Friday the departure of the brand's two top execs amid slumping sales of Gucci products. Gucci's chief executive, Patrizio di Marco, left, will step down in January, and its creative director, Frida Giannini, will leave in February.

Transocean shares continued to plunge along with oil prices. The oil services provider fell more than 5 percent as U.S. crude hit a 5-year low.

Novartis said its psoriasis drug topped J&J's Stelara in a late-stage study. Still, shares were lower on the day.

Credit Suisse led banks lower with a 3 percent loss, while UBS fell 1.7 percent.

Food giant nestle eased 1.6 percent on concerns about demand from Asia.