"The political environment in Europe has not improved over the weekend and we've had some weaker-than-expected macro data that is clearly disappointing"
- Moonen, a senior strategist at ING Investment Management
Swiss stocks ended Monday's session lower after manufacturing in the euro zone contracted more than forecast.
The Swiss blue-chip index SMI, a measure of the largest and most actively traded companies, retreated 1.97%, or 122.96 points, to 6,114.83. The broader Swiss Performance Index erased 1.20%, or 68.92 points, to 5,668.91.
"There is every reason for this market to correct today," said Patrick Moonen, a senior strategist at ING Investment Management in the Hague.
"The political environment in Europe has not improved over the weekend and we've had some weaker-than-expected macro data that is clearly disappointing. The overall market sentiment has turned bearish, but I am not at all concerned that this is more than a correction."
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