Swiss blue chips expected to recover some ground

It's likely to be another nervous day on the stock markets Keystone Archive

Swiss blue chips are widely expected to recover some of the ground lost during Wednesday's trading when the SMI index closed down more than two per cent.

At one point, the SMI was down more than five per cent and fell through the 7,000 mark for the first time in more than a year. The fall was in line with a global rout that saw all major European and Asian markets down.

But the markets are bound to remain nervous on Thursday as the Dow Jones closed down more than three per cent on Wednesday, falling below the level of 10,000. The tech-heavy Nasdaq was down more than two per cent.

Technology stocks took some of the biggest hits in Europe on Wednesday but old-economy stocks like car manufacturers and financial stalwarts were also hammered.

In Asia on Thursday, there were signs bargain-hunters were pushing markets up with Tokyo erasing early losses to end the day in positive territory.

Traders say markets are likely to remain volatile because of uncertainties about the health of the US economy and negative developments in Japan.

swissinfo with agencies