© Dukascopy
|
"Expect a bumpy road towards solving the issues faced by the EU"
- Asset-allocation team at Societe Generale SA
Swiss stocks plunged on Monday as some investors are worried that larger bailout fund will not prevent Europe's debt crisis from spreading. The Swiss blue-chip index SMI, a measure of the largest and most actively traded companies, lost 1.70%, or 99.36 points, to 5,753.30. The broader Swiss Performance Index advanced 2.29%, or 118.70 points, to 5,297.06.
"Don't be too greedy," wrote Societe Generale SA asset-allocation team in Paris in a report on Monday. "Expect a bumpy road towards solving the issues faced by the EU, as the sovereign debt market is still dislocated."
Swiss Federal Statistical Office is to announce change in year on year September retail sales later this day. Economists expect the reading to advance 2.3%.