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Swiss Stocks Snap Gains; Swisscom Shares Jump

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The Swiss Market Index shed 0.23% on Thursday's close, breaking its three-day winning streak amid a fresh batch of corporate earnings reports and economy-related releases that hit the market.

Swiss Re (SREN.SW) delivered a 9% annual increase in net income to $2.83 billion in the first half of 2026 on the back of double-digit growth at all three business units, with insurance service result also rising over the period, placing the reinsurer "well on track" toward achieving its 2026 financial targets. The group's insurance revenue, meanwhile, declined 3%, weighed down by the overall renewals outcome in 2025 and reduced volumes written by cedents. The stock was up 0.66% at closing.

Meanwhile, Swisscom's (SCMN.SW) first-half net income climbed to 668 million francs from the year-ago 625 million francs, while revenue decreased to 7.22 billion francs from 7.45 billion francs. For 2026, the telecommunications company reaffirmed its guidance, including revenue of 14.7 billion francs to 14.9 billion francs, and reiterated its intention to propose a higher dividend for the full year. Swisscom's shares ended the trading session 4.38% higher.

"Swisscom reported a solid set of Q2 2026 results this morning. Revenue came in c1% ahead of consensus, EBITDAaL beat by c4% and OpFCF beat by 23% (CHF608m versus the consensus estimate of CHF496m), driven by a combination of the EBITDAaL beat and lower-than-expected capex," Berenberg analysts said in a flash note. "However, FY 2026 OpFCF guidance was left unchanged at CHF2bn. Free cash flow was slightly weaker versus consensus, due to tax and working capital effects, at CHF131m versus consensus of CHF185m, which looks like phasing to us."

Other Switzerland-listed corporates that published financial results included recruitment services company Adecco Group (ADEN.SW) and Zurich Insurance Group (ZURN.SW).

On the jobs front, the unemployment rate in Switzerland edged up to 3% in July from 2.9% in the previous month, government data showed. The number of unemployed people rose by 1,525 month over month to 139,276 in July.

In geopolitical news, Iran said it had reached an agreement with Oman on a proposed shipping route through the Strait of Hormuz, although officials said the arrangement would be temporary and would not constitute a full reopening of the waterway. Meanwhile, President Donald Trump claimed that the US still possesses "massive amounts" of munitions following media reports that its military is running low on its stockpile.

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Update: US Equity Indexes Mixed as Mega-Cap Communication Services, Tech Names Weigh, Strait of Hormuz Safe Route Emerges

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Update: US Equity Indexes Mixed as SpaceX Hits Nasdaq, Deal Reportedly Reached on Proposed Hormuz Route

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Exchange-Traded Funds, US Equities Mixed After Midday

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