The Swiss Stock Market Slipped Beneath The 8,000 Point Level

(RTTNews) - The Swiss stock market declined for the third straight session Thursday. The losses dragged the market below the 8,000 point level for the first time since the summer. Investor sentiment was negatively impacted by the weaker than expected trade data out of China.

Traders also had their first opportunity to react to the minutes from the Federal Reserve's September meeting, which were released after the European close yesterday. The minutes showed a divided Fed and many traders are expecting an interest rate hike in December.

The Swiss Market Index decreased 0.85 percent Thursday and finished at 7,999.93. The Swiss Leader Index dropped 1.08 percent and the Swiss Performance Index lost 0.78 percent.

Financial stocks were under heavy pressure Thursday. UBS forfeited 3.4 percent and Credit Suisse weakened by 3.2 percent. Julius Baer also finished lower by 2.5 percent.

Insurance stocks also turned in a weak performance. ??Zurich Insurance declined 2.0 percent, Bâloise fell 1.3%) and Swiss Life surrendered 1.2 percent.

The weak Chinese trade data sparked concerns over the health of the global economy. The concerns weighed heavily on shares of cyclical stocks. LafargeHolcim dropped 3.1 percent and Adecco fell 2.3 percent. Dufry decreased 2.0 percent and SGS shares weakened by 1.9 percent.

The index heavyweights fared better than most Swiss stocks, but still finished in the red. Roche fell 0.6 percent and Novartis lost 0.4 percent. Shares of Nestlé also finished lower by 0.5 percent.

The luxury goods companies were among the few positive stocks Thursday. Richemont rose 1.9 percent and Swatch jumped 4.6 percent. The stocks have been gaining ground since Tuesday, when French competitor LVMH reported strong results.

In the broad market, Gurit sank 6.5 percent after UBS downgraded its rating on the stock to a "Sell."