-- The Swiss Market Index remained in negative territory on Tuesday, closing 1.13% lower, reflecting cautious market sentiment amid uncertainty over the outcome of the second round of US-Iran peace talks.
"Investors continue to take a bullish view of events. Although not confirmed, Iranian negotiators are expected to travel to Pakistan to engage in peace talks with the US later today or early tomorrow. As is his way, President Trump continues to threaten a binary outcome - deal or destruction - after tomorrow's ceasefire expires," ING analysts said. "For the time being, the market seems happy to sit pro-risk on the view that the ceasefire will at least be extended."
In local economic news, Switzerland's trade surplus stood at 11.10 billion francs in the first quarter of 2026, down from 11.26 billion francs in the prior three-month period, data from the Federal Office for Customs and Border Security showed. Seasonally adjusted exports fell 4.2%, marking the lowest level since the third quarter of 2021, while imports decreased 4.7%.
On the watchmaking front, the country's watch exports declined 1% annually to 2.11 billion francs in March, according to the Federation of the Swiss Watch Industry.
Over to corporates, the US Food and Drug Administration accepted Roche's (RO.SW) supplemental biologics license application for its monoclonal antibody Gazyva/Gazyvaro for treating systemic lupus erythematosus. The Swiss pharmaceutical giant expects the regulator to decide on the approval by December. The stock was down 1.21% at closing.
Meanwhile, RBC Capital Markets reiterated Alcon's (ALC.SW) outperform rating and price target of 80 francs, noting a "positive set up" into the Swiss eye products company's first-quarter results set for release in May. Alcon's shares closed the trading session 1.15% in the red.
"We expect results-day volatility to continue, driven by: 1) commentary around market growth (implication for 2026 guidance); 2) Equipment growth performance (Unity roll out); and 3) Implantables growth performance (market share dynamics), but at a lower level vs historical given the conservativism of FY2026 guidance," the research firm said in a note. "Although we continue to see potential upside to FY2026 guidance, driven by an accelerating surgical (cataract) market, we expect the company to reiterate guidance at Q1 results."