Currency market furore wipes $100 bln off Swiss stocks

jueves 15 de enero de 2015 07:20 GYT
 

* Swiss stocks slump after SNB scraps euro cap on franc

* Biggest one-day fall since 1989

* Market cap destruction estimated at $100 bln

* Pan-European FTSEurofirst 300 index down 1.4 pct

* Huge swings in major stocks Swatch, Richemont

By Atul Prakash

LONDON, Jan 15 (Reuters) - Frantic foreign exchange trading after the Swiss National Bank scrapped its euro cap on the franc took $100 billion off the value of Switzerland's blue-chips on Thursday, putting them on track for their biggest one-day fall in at least 25 years.

The Swiss blue-chip SMI index slumped more than 8.6 percent, with stocks including Swatch, luxury-goods firm Richemont and cement-maker Holcim down between 12 and 14 percent in what some traders described as "carnage".

Swiss-listed shares of offshore drilling contractor Transocean slumped to an all-time low. Lenders Julius Baer and UBS were down 10 percent.   Continuación...