"Even though the Greek problem is pretty much taken care of, it's a never-ending story"
- John Plassard, director at Louis Capital Markets SA
Swiss stocks plunged on Tuesday to a one-month low after a report showed the euro area economy contracted 0.3 per cent in the fourth quarter.
The Swiss blue-chip index SMI, a measure of the largest and most actively traded companies, fell 1.73%, or 106.38 points, to 6,047.53. The broader Swiss Performance Index tumbled 1.83%, or 102.59 points, to 5,517.53.
"The lowering of the Chinese growth target yesterday and the coming PSI D-Day in Greece leads to some profit taking after a good two months," said Benno Galliker, a trader at Luzerner Kantonalbank in Lucerne, Switzerland, referring to private sector involvement, or PSI.
© Dukascopy Bank