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"Markets are very irritated"
- Christoph Riniker, head of strategy research at Julius Baer Group Ltd.
Swiss stocks dropped on Tuesday after Greek prime minister George Papandreou decided to put the latest bailout package for the nation to a public referendum. The Swiss blue-chip index SMI, a measure of the largest and most actively traded companies, lost 2.49%, or 142.70 points, to 5,588.57. The broader Swiss Performance Index dropped 2.58%, or 134.23 points, to 5,077.68.
"Papandreou surprisingly decided to let the Greeks vote on the rescue package," said Christoph Riniker, head of strategy research at Julius Baer Group Ltd. in Zurich. "Consequently, markets are very irritated, which leads to substantially lower prices."
Swiss Federal Statistical Office is to announce change in month on month inflation for October on Monday.