Swiss Stocks Continue to Fall
BuffaloReport (Milan) – SNB decision still put pressure on Swiss Stock market.
On Friday, the second day after the decision of SNB to scrap a 3 year old cap on CHF price, Swiss stocks continue to go down. Swatch and Richemont have the highest losses up to 6,3%. Markets have concerns on the profits of Swiss exporters and some huge banks have reviewed their forecasts.
Nowadays, about 40% of Eurozone export goes to Eurozone countries. And such a decision, made by SNB on yesterday, may lead Swiss companies to losses.
SMI index shows decline of the Swiss stock market in total. Today it was down by 4,3%.
The other problem is that the ECB may implement its QE programme next Thursday. Markus Huber from Peregrine&Black thinks that speculations on those events may provide further EUR fall and rise of CHF. And this will create more troubles to Swiss export to the Eurozone countries.