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"Events last week did not change things fundamentally"
- Luca Bindelli, a senior investment strategist at Credit Suisse Asset Management
Swiss stocks declined on Monday after Moody's Investors Service hinted that last week's agreement between EU member states failed to introduce fundamental measures to combat the crisis.
The Swiss blue-chip index SMI, a measure of the largest and most actively traded companies, declined 0.80%, or 46.48 points, to 5,747.09. The broader Swiss Performance Index shed 0.94%, or 49.25 points, to 5,190.60.
"Events last week did not change things fundamentally," said Luca Bindelli, a senior investment strategist at Credit Suisse Asset Management in Zurich.
"What would have changed things would have been more bold movements towards a fiscal union and closer integration: something that was a bit more credible in terms of enforceability."