Swiss exporters including Swatch Group AG and Richemont slumpedin Zurich trading after the central bank's decision to scrap itscap on the currency saw the Swiss franc jump more than 16 percentagainst the dollar and euro.

“Words fail me,” Swatch Chief Executive Officer Nick Hayek saidby e-mail. “Today's SNB action is a tsunami; for the exportindustry and for tourism, and finally for the entire country.”

Holcim Ltd., the world's biggest cement maker, slid 11 percentat 1:28 p.m. in Zurich. Watchmaker Cie. Financiere Richemont SAtumbled 15 percent and Swatch 14 percent. The benchmark 20-companySwiss Market Index dropped 10 percent, wiping 127 billion francs($145 billion) off its value.

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