1636 GMT - Bank of America is overweight on Swiss equities for 2025 in part because the country is heavy on the bank's defensive sector picks of food and pharma, analysts say in a research note on European equity strategy. "Owing to its defensive sector overweight, the Swiss market tends to outperform when global PMI momentum is negative, as we expect it to be for most of next year," BofA analysts say. Switzerland has underperformed the broader European market by 15% over the past two years, they note. Among Swiss large caps, food giant Nestle's shares are down more than 20% year-to-date, while pharma heavyweights Roche and Novartis have made just single-digit gains. (sarah.sloat@wsj.com)
(END) Dow Jones Newswires
December 13, 2024 11:36 ET (16:36 GMT)
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