"The global uncertainties and weakening of the global economy are weighing on market..."
- Benno Galliker, a trader at Luzerner Kantonalbank AG
Swiss stocks tumbled on Monday, as investors are waiting for a German court ruling on Wednesday, with expectations high for the Federal Open Market Committee to announce another round of bond-buying on Thursday.
The Swiss blue-chip index SMI, a measure of the largest and most actively traded companies erased 0.45 per cent to 6,507.87. The broader Swiss Performance Index declined 0.34 per cent to 6,024.80.
"The global uncertainties and weakening of the global economy are weighing on market," said Benno Galliker, a trader at Luzerner Kantonalbank AG in Lucerne, Switzerland.
"Risk appetite is likely to be on the way up, but we have to clear some hurdles, and the things in Europe have to go according to plan. The key issue this week is the approval of the ESM by the German constitutional court," said Hans Peterson, global head of investment strategy at SEB private banking.
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