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Stock markets plunged into turmoil
The Swiss stock market turned red on Thursday after the Swiss National Bank shocked investors by scrapping the franc peg to the euro, wiping $100bn off the value of Switzerland's stock market.
The SNB's decision to abandon the three year ceiling sparked a near 30pc surge in the franc against the European currency, a sudden increase in volatility that in turn triggered a bout of equity market turbulence.
Shares in IG dropped by 6.2pc to 695p after the company said in a stock exchange statement that it was not able to close a hedge position due to the market disclocation.
The Swiss Market Index suffered its biggest one day fall since 1988, while the pan European Stoxx 600 erased a morning gain to briefly fall as much as 2pc before surging to trade up as much as 4pc.
Watchmaker Swatch Group collapsed by 15pc prompting its chief executive Nick Hayek to make an impassioned statement that the decision to end the minimum exchange rate on the Swiss franc was a for the Alpine country.
fail me! Mr Hayek said in a statement. is not only the name of the SNB president,the oyster perpetual datejust replica, but also of a river and today's SNB action is a tsunami; for the export industry and for tourism, and finally for the entire country," Hayek said.
Swatch chief executive Nick Hayek called the move a "tsunami"
Rival watchmaker Richemont and owner of luxury brands Dunhill and Van Cleef Arpels has spent most of Thursday as Switzerland biggest loser after it shed 16.4pc.
Luxury watchmakers have already been battling weakening sales in Asia, where a clampdown on bribery has hit demand, and the strong franc will be even more of a challenge. Timepieces make up more than a tenth of the country total exports, led by brands including Rolex, Swatch Omega and Richemont Cartier.
Chocolate maker Nestle has fallen by more than 10pc with analysts warning the company behind Kit Kats and Nescafe has the bulk of its central costs in Switzerland.
Banks UBS, Credit Suisse and Julius Baer have also been smashed after the abolition of the Swiss franc euro floor. Julius Baer has suffered record falls, by as much as 11pc, UBS has fallen by as much as 9.6pc the most since September 2011 and Credit Suisse has fallen by 12pc, the most since 2009.
Meanwhile Swiss pharmaceutical companies Roche,replica rolex datejust oyster perpetual, BB Biotech and Actelion have all suffered considerable falls.
Billionaire Paul Singer will likely join the chorus of SNB critics as BB Biotech' share price collapsed, just a week after he increased his stake in the company to 5.47pc. Star fund manager Neil Woodford also has invested 3pc of his fund in Roche.
Hargreaves Lansdown said that the average European fund has 9pc invested in Swiss stocks with some UK equity income funds having close to 5pc invested.
Life sciences company Lonza said that the surge in the Swiss franc would hurt its competiveness and visibility of its research and development facility in Visp.
weaker Euro will mainly negatively impact the competitiveness of our Visp operations as more than 90 percent of the products are exported, whereof the euro has an important share," a Lonza spokesman said. "The minimum exchange rate was an important measure for Visp to be competitive and to have a stable exchange rate, which also allowed for more reliable planning."
In 2011 the healthcare company introduced longer working hours at the site to protect margins after investors fleeing the eurozone crisis sent the Swiss franc to one record high after another.
Holcim, the world biggest cement maker, slid by 11pc, raising fears that its merger with Lafarge could be in jeopardy. A company spokesman insisted the industrial group remained committed to the merger despite almost 3bn Swiss francs being wiped off the value of the company.
French industrials group Saint Gobain also scrambled to reassure investors that its proposed acquisition of Swiss chemicals group Sika would remain on track after hedging its takeover price to euros,replica the oyster perpetual datejust.
Despite the stock market plunge investors Swiss holdings have become more valuable. investors can afford a wry smile because the appreciation of the franc has made their Swiss holdings more valuable, despite the stock market plunge Laith Khalaf, senior analyst at Hargreaves Lansdown, said.
In London, the FTSE 100 slumped 1.4pc in the immediate aftermath of the SNB decision, although it, too, rallied to rise 1.1pc to 6,rolex oyster datejust replica,462 in lunchtime trade.
Both the CAC 40 in France and Germany's DAX endured similar turmoil, dropping suddenly as the currency markets were thrown into chaos before subsequently rebounding.
announcement is yet another item that can be added to a growing list of developments that is driving volatility across global financial markets in the early weeks of 2015, said Alex Dryden, global market strategist at JPMorgan Asset Management. The plunge in crude prices, the drop in copper and hopes the European Central Bank will introduce full blown quantitative easing have all spurred sharp swings in stock markets this month.
The Swiss stock market turned red on Thursday after the Swiss National Bank shocked investors by scrapping the franc peg to the euro, wiping $100bn off the value of Switzerland's stock market.
The SNB's decision to abandon the three year ceiling sparked a near 30pc surge in the franc against the European currency, a sudden increase in volatility that in turn triggered a bout of equity market turbulence.
Shares in IG dropped by 6.2pc to 695p after the company said in a stock exchange statement that it was not able to close a hedge position due to the market disclocation.
The Swiss Market Index suffered its biggest one day fall since 1988, while the pan European Stoxx 600 erased a morning gain to briefly fall as much as 2pc before surging to trade up as much as 4pc.
Watchmaker Swatch Group collapsed by 15pc prompting its chief executive Nick Hayek to make an impassioned statement that the decision to end the minimum exchange rate on the Swiss franc was a for the Alpine country.
fail me! Mr Hayek said in a statement. is not only the name of the SNB president,the oyster perpetual datejust replica, but also of a river and today's SNB action is a tsunami; for the export industry and for tourism, and finally for the entire country," Hayek said.
Swatch chief executive Nick Hayek called the move a "tsunami"
Rival watchmaker Richemont and owner of luxury brands Dunhill and Van Cleef Arpels has spent most of Thursday as Switzerland biggest loser after it shed 16.4pc.
Luxury watchmakers have already been battling weakening sales in Asia, where a clampdown on bribery has hit demand, and the strong franc will be even more of a challenge. Timepieces make up more than a tenth of the country total exports, led by brands including Rolex, Swatch Omega and Richemont Cartier.
Chocolate maker Nestle has fallen by more than 10pc with analysts warning the company behind Kit Kats and Nescafe has the bulk of its central costs in Switzerland.
Banks UBS, Credit Suisse and Julius Baer have also been smashed after the abolition of the Swiss franc euro floor. Julius Baer has suffered record falls, by as much as 11pc, UBS has fallen by as much as 9.6pc the most since September 2011 and Credit Suisse has fallen by 12pc, the most since 2009.
Meanwhile Swiss pharmaceutical companies Roche,replica rolex datejust oyster perpetual, BB Biotech and Actelion have all suffered considerable falls.
Billionaire Paul Singer will likely join the chorus of SNB critics as BB Biotech' share price collapsed, just a week after he increased his stake in the company to 5.47pc. Star fund manager Neil Woodford also has invested 3pc of his fund in Roche.
Hargreaves Lansdown said that the average European fund has 9pc invested in Swiss stocks with some UK equity income funds having close to 5pc invested.
Life sciences company Lonza said that the surge in the Swiss franc would hurt its competiveness and visibility of its research and development facility in Visp.
weaker Euro will mainly negatively impact the competitiveness of our Visp operations as more than 90 percent of the products are exported, whereof the euro has an important share," a Lonza spokesman said. "The minimum exchange rate was an important measure for Visp to be competitive and to have a stable exchange rate, which also allowed for more reliable planning."
In 2011 the healthcare company introduced longer working hours at the site to protect margins after investors fleeing the eurozone crisis sent the Swiss franc to one record high after another.
Holcim, the world biggest cement maker, slid by 11pc, raising fears that its merger with Lafarge could be in jeopardy. A company spokesman insisted the industrial group remained committed to the merger despite almost 3bn Swiss francs being wiped off the value of the company.
French industrials group Saint Gobain also scrambled to reassure investors that its proposed acquisition of Swiss chemicals group Sika would remain on track after hedging its takeover price to euros,replica the oyster perpetual datejust.
Despite the stock market plunge investors Swiss holdings have become more valuable. investors can afford a wry smile because the appreciation of the franc has made their Swiss holdings more valuable, despite the stock market plunge Laith Khalaf, senior analyst at Hargreaves Lansdown, said.
In London, the FTSE 100 slumped 1.4pc in the immediate aftermath of the SNB decision, although it, too, rallied to rise 1.1pc to 6,rolex oyster datejust replica,462 in lunchtime trade.
Both the CAC 40 in France and Germany's DAX endured similar turmoil, dropping suddenly as the currency markets were thrown into chaos before subsequently rebounding.
announcement is yet another item that can be added to a growing list of developments that is driving volatility across global financial markets in the early weeks of 2015, said Alex Dryden, global market strategist at JPMorgan Asset Management. The plunge in crude prices, the drop in copper and hopes the European Central Bank will introduce full blown quantitative easing have all spurred sharp swings in stock markets this month.
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