Swiss exporters including Swatch Group AG and Richemont slumped in Zurich trading after the central bank's decision to scrap its cap on the currency saw the Swiss franc jump more than 16 percent against the dollar and euro.
“Words fail me,” Swatch Chief Executive Officer Nick Hayek said by e-mail. “Today's SNB action is a tsunami; for the export industry and for tourism, and finally for the entire country.”
Holcim Ltd., the world's biggest cement maker, slid 11 percent at 1:28 p.m. in Zurich. Watchmaker Cie. Financiere Richemont SA tumbled 15 percent and Swatch 14 percent. The benchmark 20-company Swiss Market Index dropped 10 percent, wiping 127 billion francs ($145 billion) off its value.
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