"Our advice is to sell any rally as long as the macro backdrop doesn't improve"
- Emanuel Cau, a strategist at JPMorgan
Swiss stocks edged lower for the first time in a week on Thursday as the Swiss National Bank said Credit Suisse Group AG and UBS AG need to raise additional capital this year.
The Swiss blue-chip index SMI, a measure of the largest and most actively traded companies, fell 0.61%, or 36.18 points, to 5,908.51. The broader Swiss Performance Index erased 0.66%, or 36.48 points, to 5,495.71.
"The SNB's comments on Credit Suisse only added to the uncertainties on the market that have been and will be present until we see the outcome of the Greek new elections," said Christoph Riniker, head of strategy research at Julius Baer Group Ltd. in Zurich.
"Hence investors will be on the sell side in the short term. We need to see some confirmations before we'll see a calming of the markets."
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