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Swiss Stocks Kick Off Week Downbeat Amid Stable Unemployment Rate

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Swiss equities welcomed the new trading week on a somber note, with the Swiss Market Index down 0.81% on Monday's close, as investors took stock of the latest data prints related to the labor market and economy.

The unemployment rate in Switzerland stood at 3% in August, unchanged from the previous month, data from the State Secretariat for Economic Affairs showed. The number of unemployed people rose by 2,268 month over month to 141,544.

Meanwhile, the country's foreign currency reserves increased to 770.07 billion francs in August from the revised 768.14 billion francs in July, according to data from the Swiss National Bank (SNBN.SW).

Zooming out to the euro area, its seasonally adjusted gross domestic product rose 0.6% in the second quarter after zero growth in the previous quarter, Eurostat's third estimate showed. On the jobs front, the number of employed individuals in the region ticked up 0.1% in the second quarter, following a 0.1% rise in the prior three-month period.

Over to corporates, Novartis (NOVN.SW) announced that the phase 3 Lp(a)Horizon trial evaluating pelacarsen in patients with elevated lipoprotein (a) levels and established cardiovascular disease missed its primary endpoint of lowering the risk of cardiovascular events, compared with placebo. Specifically, the endpoint involves a composite of cardiovascular death, non-fatal myocardial infarction and stroke, and urgent coronary revascularization requiring hospitalization. The stock closed the trading session 3.18% in the red.

"PR notes reduction of Lp(a) levels was achieved but did not translate into CV risk reduction. Trial was perceived as higher risk by us and investors and was least important of the 2H26 catalysts. We have a risk-adj. peak sales of c$1.5bn (slightly below VA cons at c$1.7bn), removal of which sees low single digit %NPV downside," analysts at BofA Global Research said.

Deutsche Bank Research lifted its price target for Accelleron Industries (ACLN.SW) to 76 francs from 74 francs, with a hold rating on the stock, as it updated its forecasts in line with the turbocharging technologies company's guidance amid first-half results that came in "broadly consistent" with industry peers. At closing, Accelleron's shares fell 0.39%.

"Data-centre exposure remains the most compelling growth opportunity for the company, although it is still relatively small for the group with management also highlighting strong merchant-marine newbuild activity. Management's guidance for FY26 revenue growth increased by +4% while the margin outlook was unchanged. H1 growth was predominantly volume-led with limited underlying price contribution," Deutsche Bank noted.

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