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"Most of the ECB response addresses liquidity issues and aims at easing credit"
- Manish Singh, head of investment at Crossbridge Capital
Swiss stock declined on Thursday after the European Central Bank's President Mario Draghi rejected speculations that the bank will step up bond purchases.
The Swiss blue-chip index SMI, a measure of the largest and most actively traded companies, fell 0.49%, or 28.42 points, to 5,737.82. The broader Swiss Performance Index declined 0.65%, or 34.13 point, to 5,193.39.
"Most of the ECB response addresses liquidity issues and aims at easing credit," said Manish Singh, head of investment at Crossbridge Capital. "For investors concerned about sovereign debt, this is not enough. However, it's positive as it's a step in the right direction."