The Swiss Stock Market Fell On Caution Ahead Of Central Bank Meetings

(RTTNews) - The Swiss stock market ended the first day of the new trading week with a modest decline. Disappointing German business confidence data, falling crude oil prices and weak U.S. housing data had investors in a negative mood.

Investors also adopted a cautious attitude ahead of two important central bank meetings this week. The Bank of Japan and the U.S. Federal Reserve are both expected to conclude their respective policy meetings. The Fed is widely expected to leave interest rates unchanged, but traders are likely to keep a close eye on the accompanying statement for clues about the outlook for the next meeting in June.

The Swiss Market Index decreased 0.36 percent Monday and finished at 8,079.89. The market hit an intraday low of 8,046. The Swiss Leader Index fell 0.40 percent and the Swiss Performance Index lost 0.32 percent.

Shares of the two pharma heavyweights were in focus Monday. Novartis is looking to sell its 13.5 billion Swiss francs stake in its rival Roche. Novartis rose 0.3 percent, while Roche dropped 1.2 percent.

Credit Suisse weakened by 2.6 percent, ahead of its General Assembly on Friday. The company received a lot of press over the weekend. Among the subjects of the reports were the severance packages of various top managers and the impending class action due to the recent capital increase. Shares of UBS rose 0.1 percent.

Galenica surrendered 0.6 percent. The company stated that Vifor Fresenius Medical Care has submitted a marketing authorization application for European approval of Patiromer.

Actelion gained 2.0 percent after some positive comments from JPMorgan. LafargeHolcim dropped 2.0 percent, after Goldman Sachs downgraded it to "Neutral."

Lonza closed higher by 1.1 percent and Schindler added 1.0 percent. Sonova rose 0.6 percent and SGS climbed 0.7 percent.

Clariant declined 1.1 percent, while Geberit and Swiss Re both fell 0.8 percent.