Swiss Stocks Slide After Downbeat German Data

(RTTNews) - Swiss stocks turned lower on Friday amid concerns about the pace of the euro zone economic recovery.

Downbeat private sector growth figures from Germany kept investors in a cautious frame of mind.

The Swiss Market Index was down 0.66 percent, as major banks and drug makers struggled throughout the session.

Syngenta lost 1.8 percent to continue its slump.

Sulzer AG dropped 2 percent. Vontobel Holding AG reduced its earnings-per-share estimates on the pumpmaker for 2014, 2015 and 2016.

Roche said it will enter an exclusive partnership with Inception Sciences Inc. and Versant Ventures to develop new multiple sclerosis treatment. The stock fell 1.5 percent.

Swiss food giant Nestle aims to boost its share of direct commodity purchases to control costs. Shares were unchanged.

Germany's private sector expanded at the slowest pace in eight months in June. Flash survey data from Markit Economics revealed that despite softening to the weakest in eight months, the pace of growth remained above the long-run series average.