Swiss Stocks Decline On European Headwinds

(RTTNews) - Swiss stocks edged lower Thursday, extending a recent downtrend amid mounting fears about the euro zone economy.

Meanwhile, Bank of England Governor Mark Carney said the central bank may be getting closer to raising interest rates.

Speaking at an actuaries' conference in Wales, Carney said, "With many of the conditions for the economy to normalize now met, the point at which interest rates also begin to normalize is getting closer."

The Swiss Market Index slipped 0.28 percent to 8772.76.

Novartis drug secukinumab has met the primary and key secondary endpoints in two pivotal Phase III studies of in psoriatic arthritis. Shares rose 0.57 percent.

Roche said its cancer drug Avastin helped women with a common form of breast cancer live longer without their disease worsening, when used in combination with chemotherapy drug Xeloda. The stock was down 0.46 percent.

Swiss Life shares rose 2.55 percent on a positive note from Vontobel.