Swiss Stocks Tumble In Widespread Sell-off

(RTTNews) - Swiss stocks fell along with other European markets Tuesday, hurt by signs that the global economic recovery has slowed.

With Europe in a prolonged malaise and China hitting a rough patch, investors have been selling off equities at an accelerated pace for the past month.

The Swiss Market Index lost 1.85 percent, one of its worst daily performance in months.

Transocean was the lone bright spot, picking up 4 percent.

Novartis and Roche were hammered, losing 3.2 percent and 2.75 percent, respectively.

Novartis announced it is partnering with Bristol Myers Squibb to evaluate new lung cancer therapies.

UBS is planning to restructure its asset management business in France, according to reports. Shares slipped 1.7 percent.

Implenia said one of its joint ventures won a road construction contract worth around 96 million. The stock was down 1.55 percent.