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Swiss Market Index Tumbles; Nestlé Weighs Options for Russia Operations

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The blue-chip Swiss Market Index slipped back into the red on Friday, closing 1.15% lower, as investors digested the latest corporate updates amid a quiet day of local economic news.

Nestlé (NESN.SW) is assessing the situation and its options after Russia placed the Swiss consumer goods giant's business in the country under temporary external administration, as it took note of the Russian government's decision that was recently announced in a presidential decree.

"Nestlé is committed to taking all necessary steps to protect its rights and ensure continuity of business operations in the interests of all stakeholders, particularly its employees," the company said in a statement. The stock shed 2.63% at the end of the trading day.

Sandoz Group (SDZ.SW) signed an agreement with biopharmaceuticals company mAbxience to work together on a biosimilar of Hemlibra, or emicizumab, a treatment for patients with genetic bleeding disorder hemophilia A. Under the deal, the Swiss drugmaker will gain exclusive global commercialization rights for the proposed biosimilar, excluding Argentina, Uruguay and Paraguay, while mAbxience will be responsible for development and manufacturing.

Meanwhile, drugmaker Roche (RO.SW) secured a positive recommendation from the European Medicines Agency's Committee for Medicinal Products for Human Use for the approval of Ocrevus intravenous infusion to treat pediatric patients aged 10 and above with relapsing forms of multiple sclerosis.

At closing, Sandoz's shares were up 1.09%, while those of Roche were 1.03% in the red.

In other news, ING Bank raised its economic growth forecast for Switzerland, citing stronger-than-expected performance so far. "We have raised our forecast for GDP growth to an average of 1.9% in 2026, while we expect growth of 1.6% in 2027. The stronger outlook reflects the solid performance recorded in the first half of the year, somewhat more favourable international demand and the recent slight weakening of the Swiss franc. Domestic demand should also continue to expand, supported by private consumption and stronger capacity utilisation."

Elsewhere, Switzerland's Federal Council adopted the 2026 Security Policy Strategy aimed at bolstering the country's defense capabilities amid an "increasingly unstable and volatile" global security situation. The council also decided that the Air Passenger Data Act will come into force on Nov. 1, 2026, with Switzerland set to use air passenger data to fight terrorism and serious crime beginning February 2027.

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Asia Markets

Update: US Equity Indexes Rise, Big Tech Perks Up After Fed's Commitment to Controlling Inflation Sinks Treasury Yields

(Updates with index/price moves, macroeconomic data, and company/geopolitical news from the first paragraph.)US equity indexes rose as slumping government bond yields, following the Federal Reserve's commitment to controlling inflation, helped lift big tech names while crude oil declined.The Nasdaq Composite jumped 1.7% to 26,418.30, the S&P 500 climbed 1.1% to 7,637.76, and the Dow Jones Industrial Average advanced 0.6% to 51,778.04 on Thursday.All sectors except consumer staples and financials rose. Technology and consumer discretionary led gainers. Among stocks with market capitalization exceeding $200 billion, Intel (INTC), Arm (ARM), and Advanced Micro Devices (AMD) led the nine technology names in the top 10, according to data compiled by Finviz, as sliding interest rates bode well for long-duration assets.On Wednesday, the Federal Open Market Committee raised its benchmark lending rate by 25 basis points in a unanimous vote to combat sticky inflation, while signaling another hike later this year. The Federal Open Market Committee lifted the federal funds rate to 3.75% to 4%, the first time it has tightened monetary policy since July 2023."After more than five years of significantly elevated inflation, a period which included a rate-cutting cycle, the new Warsh Fed appears to be taking a step in the right direction to combat dangerously high price pressures," Lindsey Piegza, Stifel chief economist, said in a note. "Furthermore, with the latest [Summary of Economic Projections] signaling the majority of Fed officials support some further policy firming by year-end, the Committee appears sincere in its commitment to restore price stability.""I talked to Kevin, and I said you might as well vote with the board because it's not going to matter...I said, 'Do what you want because it doesn't matter' because he doesn't have the votes," CNN reported President Donald Trump as saying to reporters following the Fed's policy announcement on Wednesday. The Fed declined to comment to CNN about Trump's remarks, the news agency said.US Treasury yields retreated after midday. The 10-year yield fell 6.5 basis points to 4.94%, retreating from a 19-year high before the Fed policy announcement on Wednesday. The two-year yield slid 5.7 basis points to 4.67% after hitting multi-year highs earlier this week.Gold futures edged 0.1% lower to $4,381.9, while silver futures jumped 1.3% to $65.73.On the geopolitical front, Trump said he is facing a choice on whether or not to "annihilate" Iran, adding that "anything could happen", before reiterating his claim that he is in touch with Tehran officials on a potential deal to end the war, Al Jazeera, a Middle Eastern broadcaster, reported Thursday.China has privately asked Tehran to help rein in Yemen's Houthis after an appeal to Beijing by Saudi Arabia following the Iran-backed group's military blitz in the past week, three Iranian sources familiar with the matter told Reuters. Riyadh turned to China for help after the Houthis made rapid advances along the Red Sea coast and around the Bab el-Mandeb Strait, moves that have left Saudi oil exports and shipping more exposed, the sources told the news agency.The front-month US West Texas Intermediate crude oil contract dropped 1.1% to $101.30 per barrel, and the global benchmark North Sea Brent fell 1.6% to $104.14 per barrel.Generac (GNRC) soared 18%, the S&P 500's top gainer, a day after signing a long-term supply deal with Amazon (AMZN) to provide backup power generators. Canaccord Genuity adjusted its price target on Generac to $375 from $275 while keeping its buy rating.HSBC downgraded Copart (CPRT) one notch to hold and adjusted its price target to $36 from $46. Copart traded 3.7% lower, among the Nasdaq's worst performers.In the week ended Sept. 12, 196,000 people filed for unemployment insurance, down 10,000 from the prior week. The consensus was 207,000, according to a Jefferies note. This is the lowest initial claims print since the week ended July 18. The four-week moving average fell to 203,250 from 206,000.

Dow JonesNasdaq CompositeS&P 500$AMD$AMZN$ARM$CPRT$GNRC$INTC
Asia Markets

Update: US Equity Indexes Rise as Treasury Yields Slump After Fed Reaffirms Commitment to Controlling Inflation

(Updates with index/price moves, macroeconomic data, and geopolitical news from the first paragraph.)US equity indexes rose as government bond yields slumped after the Federal Reserve reaffirmed its commitment to taming inflation while tightening policy, and as crude oil prices fell.The Nasdaq Composite jumped 1.6% to 26,384.5, the S&P 500 climbed 1.1% to 7,632.8, and the Dow Jones Industrial Average advanced 0.7% to 51,802.1 after midday Thursday.The US Federal Reserve raised its benchmark lending rate by 25 basis points in a unanimous vote on Wednesday to combat sticky inflation, while signaling another hike later this year. The Federal Open Market Committee lifted the fed funds rate to 3.75% to 4%, the first time it has tightened monetary policy since July 2023."After more than five years of significantly elevated inflation, a period which included a rate cutting cycle, the new Warsh Fed appears to be taking a step in the right direction to combat dangerously high price pressures," Lindsey Piegza, Stifel chief economist, said in a note.US Treasury yields retreated after midday. The 10-year yield fell 5.3 basis points to 4.95%. The two-year yield slid 3.7 basis points to 4.69%.Meanwhile, China has privately asked Tehran to help rein in Yemen's Houthis after an appeal to Beijing by Saudi Arabia following the Iran-backed group's military blitz in the past week, three Iranian sources familiar with the matter told Reuters. Riyadh turned to China for help after the Houthis made rapid advances along the Red Sea coast and around the Bab el-Mandeb Strait, moves that have left Saudi oil exports and shipping more exposed, the sources told the news agency.The front-month US West Texas Intermediate crude oil contract dropped 0.2% to $102.22 per barrel, and the global benchmark North Sea Brent fell 1.1% to $104.70 per barrel.In the week ended Sept. 12, 196,000 people filed for unemployment insurance, down 10,000 from the prior week. The consensus was 207,000, according to a Jefferies note. This is the lowest initial claims print since the week ended July 18. The four-week moving average fell to 203,250 from 206,000.In company news, Generac (GNRC) soared 19%, the S&P 500's top gainer, a day after signing a long-term supply deal with Amazon (AMZN) to provide backup power generators. Canaccord Genuity adjusted its price target on Generac to $375 from $275 while keeping its buy rating.HSBC downgraded Copart (CPRT) to a hold rating from buy, while adjusting its price target to $36 from $46. Copart traded 3.8% lower, one of the worst performers on Nasdaq.

Dow JonesNasdaq CompositeS&P 500$CPRT$GNRC
Asia Markets

Exchange-Traded Funds Higher as US Equities Advance After Midday

Broad Market IndicatorsBroad-market exchange-traded funds IWM and IVV were higher. Actively traded Invesco QQQ Trust (QQQ) added 1.7%.US equity indexes rose as government bond yields slumped after the Federal Reserve reaffirmed its commitment to taming inflation while tightening policy, and as crude oil prices fell.EnergyIShares US Energy ETF (IYE) and the State Street Energy Select Sector SPDR (XLE) added about 0.3% each.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) rose 2.3%; iShares US Technology ETF (IYW) gained 2%, and iShares Expanded Tech Sector ETF (IGM) was up 2.1%.The State Street SPDR S&P Semiconductor (XSD) rose 4.3%, and iShares Semiconductor (SOXX) added 3.5%.FinancialThe State Street Financial Select Sector SPDR (XLF) was up 0.2%. Direxion Daily Financial Bull 3X Shares (FAS) gained 0.6%, and its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), declined 0.2%.CommoditiesCrude oil lost 0.8%, and the United States Oil Fund (USO) was down 0.1%. Natural gas gained 1%, and the United States Natural Gas Fund (UNG) moved 1.1% higher.Gold on Comex rose 1.2%, and the State Street SPDR Gold Shares (GLD) increased 1.9%. Silver was up 2%, and iShares Silver Trust (SLV) gained 3.8%.ConsumerThe State Street Consumer Staples Select Sector SPDR (XLP) rose fractionally. The Vanguard Consumer Staples ETF (VDC) slipped 0.1%, and iShares Dow Jones US Consumer Goods (IYK) fell 0.2%.The State Street Consumer Discretionary Select Sector SPDR (XLY) was up 1.4%. VanEck Retail ETF (RTH) rose 0.7%, and the State Street SPDR S&P Retail (XRT) gained 0.5%.HealthcareThe State Street Health Care Select Sector SPDR (XLV) added 0.5%, while iShares US Healthcare (IYH) and Vanguard Health Care ETF (VHT) gained 0.6% each. IShares Biotechnology ETF (IBB) was up 2%.IndustrialThe State Street Industrial Select Sector SPDR (XLI) rose 0.3%. Vanguard Industrials Index Fund (VIS) was up 0.5% and iShares US Industrials (IYJ) gained 0.4%.CryptocurrencyIn midday activity, bitcoin (BTC-USD) added 0.7%. Among cryptocurrency ETFs, ProShares Bitcoin ETF (BITO) was 0.6% higher, ProShares Ether ETF (EETH) was up 2.3%, and ProShares Bitcoin & Ether Market Cap Weight ETF (BETH) dipped 0.1%.

Dow Jones^EEM^EXI^FAS^FAZ^GLD^IBB^IGM^IGV^IPK^IVV^IWMNasdaq Composite^IYE^IYH^IYJ^IYK^IYW^PMR^QQQ^RTH^SOXXS&P 500^SPY^UNG^USO^VDC^VHT^VIS^XLE^XLF^XLI^XLK^XLP^XLV^XRT^XSD$BETH$BITO$EETH