Swiss Stocks Slip Ahead Of Fed Announcement

(RTTNews) - Swiss stocks turned in another lackluster performance as drug maker Actelion failed to build on yesterday's huge gains.

The U.S. Federal Reserve is scheduled to announce its monetary policy decision later today. The central bank is widely expected to hold interest rates unchanged, while it is expected to continue trimming the size of its asset purchase program by another $10 billion.

The Swiss Market Index (SMI) declined slightly by 0.12 percent to 8657.27 points, with drug makers Novartis and Roche joining Actelion in the red.

Actelion shares lost 3 percent. The stock jumped 15 percent in the previous session after Actelion said a Phase III trial showed Selexipag reduced the risk of morbidity or mortality from a pulmonary arterial treatment.

Novartis edged down 0.2 percent in Zurich. The Swiss drugmaker expects restructuring to be more profitable.

Sonova lost 0.4 percent on an analyst note of concern about its valuation.

Large banks Credit Suisse and UBS were little changes, while Julius Baer lost 0.56 percent. On Thursday, the Swiss National Bank (SNB) will present its annual Financial Stability Report.