"[…] but the minutes give the impression the Fed will wait for clearly worse economic indicators before finding the majority for further measures"
- Thomas Haerter, Chief Strategist at Swisscanto Asset Management AG in Zurich
Swiss Stocks fell significantly, as the minutes released by the Fed discouraged investors.
The Swiss Market Index SMI, a measure of the largest and most actively traded companies, fell 0.8% to 6,127.78, the biggest decline since June 25. The broader Swiss Performance Index dropped 0.9 %.
"Investors expected the Fed's wording to hold out the prospect of further QE, but the minutes give the impression the Fed will wait for clearly worse economic indicators before finding the majority for further measures," said Thomas Haerter, Chief Strategist at Swisscanto Asset Management AG in Zurich
"In addition, the current reporting season looks like it won't help support the market in light of bad macro data, and that we'll see at least slight disappointments."
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