The Swiss Stock Market Pulled Back After U.S. Employment Report

(RTTNews) - The Swiss stock market returned to action Friday, following yesterday's Ascension Day holiday. The market was under pressure in early trade and slipped beneath 7,700 points following the release of the U.S. employment report. A recovery followed, on investor hopes that the Fed will keep rates unchanged in June, but the market still finished in negative territory.

Employment in the U.S. climbed by much less than expected in April, the Labor Department revealed on Friday. Non-farm payroll employment rose by 160,000 jobs in April compared to economist estimates for a jump of about 200,000 jobs.

The Swiss Market Index decreased 0.22 percent Friday and finished at 7,735.60. The SMI ended the trading week with an overall loss of 2.8 percent. The Swiss Leader Index dropped 0.23 percent Friday and the Swiss Performance Index lost 0.10 percent.

Credit Suisse declined 1.3 percent. After rival UBS disappointed investors with its quarterly report, investors were reluctant to take positions in Credit Suisse ahead of its report on Tuesday. UBS rose 0.5 percent, but Julius Baer dropped 1.6 percent.

Kuehne + Nagel weakened by 3.2 percent, after it began trading on an ex-dividend basis and LafargeHolcim fell 1.7 percent. The luxury goods companies were also under pressure due to comments from Goldman Sachs. Swatch surrendered 0.9 percent and Richemont dropped 1.1 percent.

Among the index heavyweights, Roche dropped 1.1 percent and Novartis fell 0.8 percent. However, Nestlé ended the session with a gain of 0.7 percent.