Switzerland’s franc appreciated against the dollar, euro and yen as investors sought a refuge amid tumbling stock markets and concern the global economy is slowing. The franc rose against all 16 major counterparts tracked by Bloomberg, reversing an earlier decline against the dollar. The Swiss currency has risen for three days against the euro, even amid speculation the Swiss National Bank may take further steps to curb the currency’s strength. Two-year Swiss bond yields stayed negative for a third day, showing investors are sacrificing capital for the currency’s perceived safety. “The nervousness did not change the fact that the franc remains in demand as a safe haven,” wrote Commerzbank AG currency analysts including Antje Praefcke in Frankfurt. “There is no end in sight to the depressed mood on the markets. The franc is likely to remain under appreciation pressure.” Switzerland’s currency appreciated 0.6 percent to 78.97 centimes per dollar at 8:34 a.m. in London and strengthened 0.8 percent to 1.12865 per euro. Against the yen, it rose 0.4 percent to 96.83 yen. The franc has risen about 13 percent this year, making it the best performer among a basket of 10 developed-market currencies, according to Bloomberg Correlation-Weighted Currency Indexes. Europe’s Stoxx 600 Index declined 1.4 percent, dragging the equity measure to its biggest two-day drop since March 2009. Two-year Swiss yields were little changed at negative 0.12 percent. To contact the reporter on this story: Anchalee Worrachate in London at aworrachate@bloomberg.net To contact the editor responsible for this story: Daniel Tilles at dtilles@bloomberg.net

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