Swiss Stocks Lower As European Recovery Fizzles

(RTTNews) - Swiss stocks edged lower in thin trade Monday, with downbeat remarks from European Central Bank President Mario Draghi fueling concerns about the euro zone economy.

Speaking to lawmakers, Draghi said the euro zone recovery "is losing momentum" and that risks for the economy were "to the downside."

"Therefore, we stand ready to use additional unconventional instruments within our mandate, and alter the size and / or the composition of our unconventional interventions should it become necessary to further address risks of a too prolonged period of low inflation," Draghi said.

The Swiss Market Index slipped 0.26 percent to 8,817.52.

Transocean continued its downtrend, losing nearly 3 percent. Cement maker Holcim dropped 2 percent and banking giant UBS was down 1.5 percent.

UBS lost an appeal and must pay a 1.1 billion-euro ($1.4 billion) security deposit required by French investigators, a Paris court ruled.

Credit Suisse lost 0.65 percent and Julius Baer dropped 0.50 percent.

Julius Baer is interested in acquiring Royal Bank of Scotland's Coutts International business but will not enter a bidder war, a Swiss paper reported on Sunday.

Sulzer, which had announced non-exclusive talks to buy Dresser Rand, lost over 4 percent in Zurich.

Hochdorf Group has signed an agreement to acquire 60 percent of Uckermaerker Milch GmbH. Shares rose 4.9 percent.