Swiss Stocks Slightly Lower As European Economic Outlook Worsens

(RTTNews) - Swiss stocks raced lower in the final hour Tuesday's session, giving back early gains to finish in the red for a second day.

Despite today's losses, Swiss shares continued to outperform other major European markets.

The Swiss Market Index slipped 0.38 percent to 8,718.02, finding resistance after nearing 6-year highs last week.

Investors were cautious after The European Commission lowered the euro area growth forecast for 2015 to 1.1 percent from 1.7 percent predicted in May. The outlook for this year has been cut to 0.8 percent from 1.2 percent.

In corporate news, former head of UBS wealth management Raoul Weil has been cleared of tax fraud after a U.S. court ruled that he had not worked to hide billions of dollars from the IRS.

UBS lost 0.54 percent.

Transocean plunged 7.4 percent as crude oil prices dropped to 3-year lows.

Burckhardt Compression said it sees significantly higher 2014 net income. Shares were flat.

Looser said net income was slightly higher in the first nine months of the year. The stock rose 6.9 percent.

Starrag issued a downbeat forecast for new orders. Shares fell 2 percent.