Swiss stocks fell for a second day, extending a second weekly decline, as Adecco SA and Transocean Ltd. dropped. Adecco, the biggest supplier of temporary workers, declined 5.2 percent. Transocean Ltd. dropped 2.9 percent after BP Plc fired back at the company in a dispute over the withholding of information about possible causes of the Gulf oil spill. Zurich Financial Services AG fell for a third day. Holcim Ltd. extended a 6.3 percent loss yesterday as brokerages cut their price estimates. The benchmark Swiss Market Index lost 1.6 percent to 6,178.37 as of 12:26 p.m. in Zurich. Even so, the SMI has risen 4 percent since this year’s low on July 5 as concern abated that efforts by European governments to scale back spending may tip the economy back into recession. The broader Swiss Performance Index dropped 1.5 percent today. “It’s still a summer market without much conviction,” said Benno Galliker, a trader at Luzerner Kantonalbank AG. “There is a tug-of-war going on between bears, backed by bad economic news, and bulls” as equities are cheap and most are underinvested. “In the end it’s Friday and nobody wants to have too much risk on the books.” Adecco fell 5.2 percent to 47.8 francs, while ABB Ltd., the world’s largest builder of electricity networks, lost 1.6 percent to 19.9 francs. Transocean retreated 2.9 percent to 53.3 francs. James Neath, BP’s associate general counsel, said an Aug. 18 letter from a Transocean attorney asserting BP wasn’t releasing critical data contained “many false and misleading assertions.” Zurich Financial, Swiss Life Zurich Financial, Switzerland’s largest insurer, declined 2.1 percent to 225.4 francs. Swiss Reinsurance Co., the second- largest reinsurer, lost 2.6 percent to 42.56 francs. Swiss Life Holding AG ended a three-day gain, falling 2.3 percent to 108 francs. Helvea SA downgraded Switzerland’s biggest life insurer to “accumulate” from “buy,” citing “the sharp decline in interest rates and the impact on Swiss Life’s new business profitability.” Holcim fell 1.9 percent to 62.25 francs. Brokerages including Credit Suisse Group AG, Deutsche Bank AG and Jefferies International Plc trimmed their price estimates on the world’s second-biggest cement maker. Basilea Pharmaceutica Ltd. slid 2.6 percent to 57.5 francs as brokerages including BofA Merrill Lynch Global Research and Jefferies lowered their price estimate on the biotechnology company. Coltene, Kuoni Coltene Holding AG sank 4.3 percent to 55.5 francs. The Swiss dental product and equipment company posted first-half earnings before interest and taxation of 5.8 million Swiss francs. While sales increased “impressively, profitability was weak on all aspects apart from cash flow,” Helvea SA said in a note. Kuoni Reisen Holding AG rose 1.5 percent to 345 francs. Citigroup Inc. upgraded the largest Swiss travel company to “hold” from “sell.” The brokerage cited “very strong first- half results.” Mobilezone Holding AG increased 1 percent to 10 francs. Switzerland’s second-largest mobile phone retailer said first- half net income rose 15 percent to 10.9 million francs. To contact the reporter on this story: Francesca Cinelli in Milan at fcinelli@bloomberg.net.

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