Swiss stocks were in negative territory on Tuesday, with the Swiss Market Index down 0.21%, as investors assessed the latest economic data prints across key markets.
Switzerland's KOF Economic Barometer climbed to 101.2 points in June from the revised 98.6 points in May, mainly reflecting positive developments in the production side indicators. "After remaining below its medium-term average in the previous months, it now rises slightly above its average. The outlook for the Swiss economy improves noticeably," the KOF Swiss Economic Institute said.
On the geopolitical front, the Swiss Federal Council plans to amend regulations to streamline the recognition of US standards for medical devices, passenger cars, conformity assessment bodies and government procurement as it continues with negotiations to secure a legally binding trade deal with the US.
"The implementation of these measures is in keeping with the objectives agreed in the joint statement and consistent with the Federal Council's negotiating mandate for the talks with the United States. At the same time, the Federal Council expects the United States to honour its commitments under the joint statement," the Swiss government noted.
Meanwhile, the council will put four proposals to a vote on Nov. 29, including one related to an amendment to the Federal Act on War Matériel.
Over to corporates, Lonza Group (LONN.SW) plans to boost the payload-linker manufacturing capacity at its Visp facility in Switzerland, expanding the commercial-scale production of highly complex and highly potent active pharmaceutical ingredients and antibody-drug conjugate payload-linkers. The additional manufacturing capacity is expected to be operational in 2028. At closing, the contract development and manufacturing organization's shares were up 1.15%.
The US Food and Drug Administration accepted Roche's (RO.SW) supplemental biologics license application for its Enspryng drug for treating thyroid eye disease. The FDA also granted the drug priority review status. The Swiss drugmaker expects the regulator to decide on the approval by Oct. 15. The stock was 1.45% in the red at the end of the trading session.