- Published: 15 January 2015
- Written by Editor
* Swiss stocks slump after SNB scraps euro cap on franc
* Biggest one-day fall for Swiss index since 1989
* Market cap destruction estimated at $117 CHF
* Huge swings in major stocks Swatch, Richemont (Adds quotes, details; updates stock prices)
By Atul Prakash
LONDON, Jan 15 (Reuters) - Frantic trading after the Swiss National Bank scrapped its cap on the franc drove Swiss stocks down 10.2 percent on Thursday, putting them on track for their biggest one-day fall in at least 25 years.
Some traders described the central bank's move as "carnage", while Swatch Chief Executive Nick Hayek called the franc's surge in value against the euro an economic "tsunami" for Switzerland, which sends more than 40 percent of its exports to the euro zone.
