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Swiss Stocks Rise as Inflation Holds Steady Ahead of Rate Decision

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The Swiss Market Index recovered from the previous day's losses, closing Thursday trading 0.93% higher, as inflation remained unchanged ahead of the Swiss National Bank's (SNBN.SW) rate decision on June 18.

Switzerland's annual inflation rate was stable at 0.6% in May 2026, data from the Federal Statistical Office showed, below the consensus estimate of 0.8%. The latest reading marks the fastest rise since December 2024. On a monthly basis, consumer prices rose 0.2%, compared with the previous and expected growth of 0.3%, amid increasing housing rentals and prices in the hotel sector.

In other economic news, the country's non-seasonally adjusted unemployment rate held steady at 3% in May, while the seasonally adjusted figure edged up to 3.1% from 3% in April, according to the State Secretariat for Economic Affairs.

On the corporate front, Partners Group (PGHN.SW) expects growth in overall net assets under management to be slowed by its evergreen platform by 1% to 2% in the second half of 2026 amid "a period of heightened volatility" across open-ended evergreen fund flows. The private equity group, which gained 3.73%, also forecasts a similar effect for net overall AUM growth in full-year 2027.

"Partners Group has consistently communicated to clients and market participants that its evergreen vehicles are typically equipped with liquidity limits of up to 5% of [net asset value] per quarter, and that these limits would be enacted whenever redemption activity reached the designed threshold. As a result, [Partners Group Global Value SICAV] will operate the 5% quarterly liquidity limitation. The firm is prepared to enact the respective liquidity limitation mechanism across other funds," the company said.

In geopolitical news, the US Department of State said Israel and Lebanon agreed to implement a ceasefire, contingent on a "complete cessation" of attacks by the Iran-backed armed group Hezbollah, among other conditions. However, a Reuters report later indicated Hezbollah has rejected the proposed ceasefire framework, while Israel signaled it does not plan to withdraw troops under the current terms.

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Asia Markets

DAX Index Climbs; German, Eurozone Construction Slumps Continue

German shares closed Thursday in the green, with the blue-chip DAX index gaining 0.60%, as investors digested the latest construction PMI surveys and the newest updates on the US-Iran conflict.The downturn in Germany's construction activity continued in May, with persistent sector-wide contraction led by the housing sector. According to S&P Global, the Germany Construction PMI Total Activity Index ticked up to 42.4 from April's 13-month low of 42.1, but remained far below the 50 no-change mark."Conditions in the construction sector remain challenging to say the least, with virtually no let-up on either the demand or cost front since April. Total industry activity continued to fall sharply during May, a reflection of the current backdrop of soaring material prices and heightened uncertainty which have severely suppressed demand in recent months," S&P Global Market Intelligence economics associate director Phil Smith said.In the euro area, contraction in the construction industry also slowed in May amid a softer drop in new orders and cooling input cost inflation. Based on the latest S&P Global survey, the Eurozone Construction PMI Total Activity Index inched up to 43.7 from 41.7 a month ago.On the geopolitical front, hopes for a de-escalation in the broader US-Iran war resurfaced after the US brokered a ceasefire between Israel and Lebanon, though uncertainty remained after Hezbollah reportedly rejected the proposal and Israel signaled it would keep troops in southern Lebanon, Reuters reported. "That ceasefire is conditional on Hezbollah also stopping fighting, but in theory, the news helps to take out a key sticking point in the US-Iran talks that was holding up a deal," Deutsche Bank Research wrote.In corporate news, Lufthansa (LHA.F) said the nose gear of a Boeing (BCO.F) 787-9 Dreamliner it operates "unexpectedly retracted" while the aircraft was parked at a gate at Frankfurt Airport. The airline said only crew members and ground staff were on board at the time, with several employees sustaining injuries."We are currently investigating the exact circumstances together with the relevant authorities. Technicians and support staff are on site," a Lufthansa spokesperson told. Lufthansa gained 1.66% at close, while Boeing's Xetra shares were up 0.67%.Suss MicroTec (SMHN.F) will make its debut on Frankfurt's MDAX index for the first time, starting on June 22. The semiconductor industry-focused equipment and processes company's inclusion reflects its strong market performance. Suss MicroTec fell 3.47% at the end of the trading day.

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Asia Markets

European Stocks Higher in Thursday Trading; Eurozone Construction Contraction Linked to Middle East War

The European stock markets were higher in Thursday trading as The Stoxx Europe rose 0.3%, Germany's DAX gained 0.3%, the FTSE 100 edged 0.1% higher, France's CAC increased 0.8%, and the Swiss Market Index advanced 1%.The S&P Global Eurozone Construction PMI Total Activity Index, which gauges monthly changes in total industry activity, rose to 43.7 in May from 41.7 in April, which is a softer, albeit still sharp contraction in activity in the euro area construction sector."Anecdotal evidence suggested that difficulty sourcing and receiving inputs due to shipping delays, amid higher fuel and transportation costs, were key reasons behind disruption to the sector," Usamah Bhatti, Economist at S&P Global Market Intelligence, said in a statement. "These were often linked to the residual disruption caused by the war in the Middle East."And in corporate news, shares of British banks HSBC and Standard Chartered, and insurance giant Prudential fell on the FTSE in London trading after the South China Morning Post reported that mainland Chinese residents are facing greater constraints on opening offshore investment accounts through major Hong Kong banks.The Shanghai branch of Bank of East Asia suspended its witness service for opening Hong Kong investment accounts due to tighter oversight of capital outflows by Chinese authorities, according to the report.HSBC, Standard Chartered and Prudential did not immediately respond to' requests for comment.Shares of Standard Chartered and HSBC dropped 3.3% and 2% respectively, while Prudential shares were more than 7% lower.BHP Group's BHP Canada subsidiary signed transportation agreements with Canadian National Railway and Canadian Pacific Kansas City that will help move potash from its Jansen project in Saskatchewan to Westshore Terminals in Vancouver for export.Both Canadian National and Canadian Pacific will operate unit trains between Jansen and Westshore Terminals under roughly four-year contracts, BHP said.Shares of the mining company dropped 2.4% in London.

Asia Markets

European Equities Traded in the US as American Depositary Receipts Rise in Thursday Trading

European equities traded in the US as American depositary receipts were tracking higher late Thursday morning, advancing 0.79% to 1,889.50 on the S&P Europe Select ADR Index.From continental Europe, the gainers were led by biotech firm Evaxion (EVAX) and software company SAP (SAP), which climbed 10.5% and 5.9% respectively. They were followed by pharmaceutical company Sanofi (SNY) and accommodations booking site trivago (TRVG), which advanced 4.9% and 4.5% respectively.The decliners from continental Europe were led by telecommunications company Nokia (NOK) and semiconductor company Sequans Communications (SQNS), which were down 4.1% and 1.3% respectively. They were followed by biopharmaceutical company DBV Technologies (DBVT) and biopharmaceutical company Cellectis (CLLS), which fell 0.7% and 0.3% respectively.The gainers from the UK were led by biotech company Autolus Therapeutics (AUTL) and communications company WPP (WPP), which rose 7.1% and 5.5% respectively. They were followed by biopharmaceutical company Akari Therapeutics (AKTX) and software firm Endava (DAVA), which were up 3.8% and 1.6% respectively.The decliners from the UK and Ireland were led by insurance company Prudential (PUK) and mining company BHP Group (BHP), which dropped 7.1% and 2.4% respectively. They were followed by lender HSBC (HSBC) and oil and gas company Shell (SHEL), which lost 1.6% and 0.3% respectively.

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