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Swiss stocks briefly plunge over 3%

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10:44 CEST+02:00

Swiss stocks briefly plunged over three percent in nervous Friday morning trade, tracking losses in other key markets ahead of the release of key US jobs data.

The Swiss Market Index later recovered somewhat to stand down 2.76 percent at 0908 GMT.  

Bank stocks were hardest hit, with Julius Baer down 5.53 percent, UBS slipping 4.03 percent and Credit Suisse dropping 3.73 percent.  

Amid the unease in the markets, investors sought out the Swiss franc. In late morning trade the refuge currency strengthened against major currencies to 1.1088 francs against the euro and 0.7789 against the dollar.

 

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