Swiss Stocks Slide On Economic Jitters

(RTTNews) - Swiss stocks edged lower on Friday, ending a rough week on another downbeat note amid concerns about European economic growth.

The Swiss Market Index slipped 0.35 percent to 8,277.78, but continues to outperform most other European markets. The SMI is up more than 3 percent year-to-date, with the Euro Stoxx 50 measure of blue chip European stocks is down about 3 percent.

In corporate news, Novartis failed in attempts to thwart the US Department of Justice's investigations into possible kickbacks.

A federal judge has ruled that the US can continue its probe into allegations that the company may have given kickbacks to boost the sales of its drugs covered by Medicare and Medicaid.

Novartis shares lost 1 percent, the worst performance on the SMI.

Nestle lost 0.8 percent, but big banks did well. UBS added 2.2 percent and Credit Suisse rose 0.75 percent.

Thurgauer Kantonalbank said first-half profit rose 17.5 percent to 58 million francs. Shares slipped 1.6 percent.