Thursday, July 28, 2011

Swiss Stocks Decline for Fifth Day; Credit Suisse, Logitech Fall

July 28 (Bloomberg) -- Swiss stocks declined for a fifth day as Credit Suisse Group AG reported earnings that missed estimates and amid signs U.S. economic growth is slowing as the nation struggles to resolve an impasse on its debt ceiling.

Credit Suisse, the second-biggest Swiss bank, and Logitech International SA, the world's largest maker of computer mice, dropped more than 2.5 percent after worse-than-expected results. Clariant AG, the biggest maker of printing-ink chemicals, fell to its lowest price in 11 months.

The Swiss Market Index, a measure of the largest and most actively traded companies, retreated 1.1 percent to 5,838.26 at 12:17 p.m. in Zurich. The gauge has fallen 13 percent from this year's high on Feb. 18 as concern mounted that the European debt crisis will spread from Greece to Italy and Spain. The broader Swiss Performance Index lost 1.2 percent today.

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