Swiss Stocks Pause On Path Toward Record Highs

(RTTNews) - Swiss stocks inched lower Monday, easing from 7-year highs amid lingering concerns about the health of the euro zone economy.

The Swiss Market Index was down 0.34 percent to 9,181.24, staying away from an all-time high above 9,400 from back in 2007.

Big banks were in focus along with oilfield services provider Transocean, whose shares plunged another 5.5 percent as crude oil prices hit a 5-year low.

Credit Suisse AG may downsize its prime brokerage business, according to reports. Shares slipped 0.5 percent.

UBS said its chairman of asset management John Fraser will leave the bank to lead the Australian Treasury at year's end. The stock was down fractionally.

Novartis said its Sandoz breast cancer drug showed similar efficacy as Amgen's Neupogen. Novartis lost 0.2 percent.

Bucher rose 2 percent after its board named Belimo Chief Executive Jacques Sanche as its new CEO. Longtime CEO Philip Mosimann was recommended for chairman of the board.