The Swiss stock market opened the new week in decline, snapping a week of sideways trading. The main driver was a setback for Novartis, whose shares took a sharp hit after a clinical study for one of its most-watched pipeline candidates failed to meet expectations.
The decline spilled over into other health-sector names, with several medical and pharmaceutical stocks also pulling lower on the disappointment.
Insurance stocks were similarly weighed down. Swiss Re cautioned that claims are rising, citing increasing damage exposure, and the firm's weakness contributed to further pressure on the broader market.
Despite the downside moves, overall trading remained calm, with narrow ranges and subdued turnover characterizing the session.
