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Swiss Market Index (SMI)

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The Swiss Market Index ended little changed after a preliminary US-Iran deal; Zurich Insurance rose and Swiss consumer confidence slightly improved.

Asia Markets

Swiss Blue-chip Index Slips; Economic Outlook Improves

Swiss equities remained in negative territory on Thursday, with the Swiss Market Index down 0.65% at closing, as investors assessed a slew of earnings reports and key economy-related data releases.Switzerland's KOF Economic Barometer increased to 103.5 points in July from the revised 102.1 points in June, mainly reflecting positive developments in the majority of the production side indicators."After rising slightly above its average for the first time since the beginning of the year in the previous month, the Economic Barometer continues to remain above its medium-term average. The improved outlook for the Swiss economy is reinforced," according to the KOF Swiss Economic Institute.Meanwhile, residential property prices in the country rose 0.7% in the second quarter, compared with the prior three-month period, with higher prices for condominiums. On a yearly basis, the Swiss Residential Property Price Index climbed 3.5%.Elsewhere, the euro area's seasonally adjusted gross domestic product edged up 0.4% in the second quarter, following a revised zero growth in the previous quarter, Eurostat's flash data showed. On the regulatory front, the Bank of England left its bank rate unchanged at 3.75%, after its monetary policy committee voted 6-3 in favor of a hold.Back home and in corporate news, Bachem's (BANB.SW) group sales reached 326.4 million francs in the first half, up from the year-ago 313 million francs, while net income rose to 50.3 million francs from 50.1 million francs. The peptides and oligonucleotides manufacturer expects full-year 2026 sales growth of between 35% and 40% in local currencies. The stock added 4.62% at the end of the trading day.On the flip side, machinery industry company Bucher Industries (BUCN.SW) shed 5.22% as it recorded a 38.5% year-over-year drop in first-half profit to 88 million francs, weighed down by overall lower capacity utilization and restructuring costs at its Bucher Specials business. Net sales also fell over the period to 1.47 billion francs from 1.54 billion francs."As expected in our Week Ahead publication, the group has downgraded its guidance. The company now expects sales to be slightly lower on a comparable basis (previously expected to be stable), while the operating profit margin is expected to be below the prior year's level (previously expected to be in line with the prior year)," said analysts at AlphaValue/Baader Europe. "We expect a negative market reaction and reiterate our Reduce recommendation, as the company continues to be significantly impacted by weakness across most of its end markets."

^SSMI$BANB.SW$BUCN.SW
International

Swiss Residential Property Prices Up 0.7% in Q2

Residential property prices in Switzerland rose 0.7% in the second quarter of 2026 versus the previous three-month period to 127.7 points, Federal Statistical Office data showed Thursday.On a yearly basis, the Swiss Residential Property Price Index increased 3.5%.

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International

Swiss KOF Economic Barometer Climbs in July

The KOF Swiss Economic Institute's economic barometer increased to 103.5 points in July from the revised 102.1 points in June, according to a Thursday release.Analysts expected 100.9 points for the month, according to Investing.com.KOF noted that the latest figure remains above the indicator's medium-term average, with positive developments across most of the indicator bundles.

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Asia Markets

Swiss Stocks Retreat as US Fed Rate Decision Takes Spotlight; UBS Shares Up

The Swiss Market Index slipped back into the red on Wednesday, closing 0.58% lower, as investors digest a fresh batch of economic data prints and corporate updates while awaiting the US Federal Reserve's monetary policy decision."With a 32% chance of a rate hike today priced as of last night, this is the most uncertain that the market has been on whether the Fed will change rates going into a meeting since December 2018, when the eventual 25bps rate hike was about 65% priced the day before," analysts at Deutsche Bank Research said. "In terms of today's decision, our US economists expect the Fed to leave rates unchanged but see the risks of a hike as significant with the renewed escalation in the Middle East complicating the inflation outlook. If the Fed holds rates steady, they expect at least a couple of dissents in favour of a hike."Speaking of the Middle East, oil prices edged higher as tensions in the region escalated after coordinated US-Saudi Arabian airstrikes killed 20 Iran-backed paramilitary members in Iraq in retaliation for drone attacks on Saudi energy facilities. Reuters said the latest development followed Tehran's rejection of an Omani proposal for joint control of the Strait of Hormuz.Back home, data from UBS & CFA Society Switzerland showed that the country's economic sentiment index improved to 10 points in July from -25 points in June, reaching its highest level in 2026 despite the renewed geopolitical tensions. A majority of the analysts surveyed also expect the Swiss National Bank (SNBN.SW) to maintain its key rate at 0% over the next 12 months.Over to corporates, UBS Group (UBSG.SW) posted a year-over-year increase in first-half 2026 net profit attributable to shareholders to $5.84 billion from $4.09 billion, while total revenue climbed to $27.94 billion from $24.67 billion. The Swiss banking group is also launching a new share repurchase program of $3 billion, which is set to run until the end of the second quarter of 2027, at the latest. The stock added 0.90% at closing."UBS reported a strong set of results, not unexpected post peer results. The top line benefited from supportive markets and operating leverage meant a large part went through to profits. The [share buyback] announcement points to a slower run rate than in consensus but the timeline leaves room to at least deliver in line with expectations," RBC Capital Markets said in a quick take note. "Even if low, the small positive NNA in the Americas is encouraging. There is no update on TBTF at this stage (as expected) but the parent bank ratio further increased."Computer peripherals company Logitech International (LOGN.SW) and energy technology company Landis+Gyr Group (LAND.SW) also reported earnings.Meanwhile, Sandoz Group (SDZ.SW) confirmed Brazil approved Owozy medication as a treatment for type 2 diabetes. The Swiss drugmaker will commercialize Owozy in the South American country in partnership with Adalvo, which also developed the drug, expecting the launch to take place in the second half. At the end of the trading day, Sandoz shares were up 3.72%.

^SSMI$LAND.SW$LOGN.SW$SDZ.SW$UBSG.SW
International

Swiss Economic Sentiment Index Turns Positive in July

Switzerland's economic sentiment index jumped to 10 points in July from -25 points in June, according to data from UBS & CFA Society Switzerland published Wednesday.

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Asia Markets

Swiss Market Index Closes Higher Amid Busy Earnings Day

The blue-chip Swiss Market Index ended Tuesday's trading session 1.04% in the green as earnings season remains in full swing amid another quiet day of local economic news.It was a busy earnings day in Switzerland with specialty chemicals company Sika (SIKA.SW), fluid engineering company Sulzer (SUN.SW), and packaging company SIG Group (SIGN.SW) among corporates that reported financial results.Sika gained 9.77% after it raised its 2026 revenue growth guidance to between 3% and 6% in local currencies from the previous 1% to 4%. The company also reaffirmed its medium-term targets for sustainable and profitable growth, as it booked a year-over-year net sales growth of 4% in local currencies to 5.59 billion francs in the first half, while net profit declined to 552.1 million francs from 554.4 million francs."H1'26 EBITDA was 4.3% ahead of consensus (H1'26 sales +2.9% ahead), with margins 26bps higher than consensus ... We highlight that H2'26 organic growth is implied at ~+2.6%, compared with the +2.9% seen in H1'26, all while the comparison base gets ~2ppts easier (from +0.6% in H1'25 to -1.5% in H2'25), which could signify conservatism in the guidance. We expect the shares will perform relatively well today given the accelerated momentum on organic growth," according to analysts at RBC Capital Markets.Meanwhile, Cicor Technologies (CICN.SW) agreed to purchase the Malaysian subsidiary of Singapore-based intelligent energy solutions company EDMI for $15 million to $20 million. The deal is anticipated to complete in the fourth quarter, with the electronic components company also entering into a long-term strategic manufacturing partnership with EDMI. At closing, Cicor's shares were up 3.58%."We welcome the transaction and view it as a significant step toward Cicor achieving its goal of CHF 1bn in revenue by 2028. Following the failed TT acquisition in late 2025, this marks the first M&A transaction of 2026, though we anticipate further deals this year," Baader Helvea Equity Research said in a note. "In our view, management has demonstrated that it pursues acquisitions only when the price and synergy effects make sense for the Cicor Group, and it continues to consistently follow this strategy."In other news, a US appeals court dismissed the lawsuit against Switzerland over the write-down of Credit Suisse's outstanding additional tier 1 bonds during UBS Group's (UBSG.SW) emergency takeover of the collapsed lender, Finews.com and Swiss newspaper Aargauer Zeitung reported. The court ruled that Switzerland has sovereign immunity and beyond the jurisdiction of US courts as it acted in its capacity as a sovereign state rather than as a market participant when the write-down was ordered. UBS shares closed 0.91% lower.Outside Switzerland and in geopolitical news, Iran's foreign ministry said it held talks with counterparts in Saudi Arabia and Oman over the future of the Strait of Hormuz "to establish stability in the region and eliminate the insecurity imposed on the Strait of Hormuz caused by the aggressive actions of the United States," according to a CNBC report. The statement comes after President Donald Trump said the US is having "good talks" with Iran, which denied conducting any direct discussions with the former.

^SSMI$CICN.SW$SIGN.SW$SIKA.SW$SUN.SW$UBSG.SW
Asia Markets

Swiss Market Index Blinks Green; DKSH Shares Gain

Swiss stocks kicked off the new trading week in the green, with the Swiss Market Index up 0.66% on Monday's close, as investors prepare for a busy week of earnings releases, economic data prints and monetary policy decisions from key economies.DKSH (DKSH.SW) is bolstering its Healthcare Own Brands business by agreeing to purchase the rights for oral contraceptive brand Meliane from German life sciences company Bayer, with the transaction anticipated to complete in the third quarter. The Swiss market expansion services provider also entered into an exclusive distribution deal with home and personal care industry-focused specialty ingredients manufacturer Galaxy Surfactants, covering 16 key European markets. DKSH's shares gained 1.99% at closing.Meanwhile, Deutsche Bank Research increased its price target for Galderma Group (GALD.SW) to 195 francs from 190 francs, with a buy rating on the stock, amid upbeat expectations for the Swiss dermatology company's growth over the medium term. The stock ended the trading session 0.03% lower."We update following Galderma's ill-received beat and raise with Q2 results, with investors perhaps disappointed at the deferral of an obvious anticipated H2 catalyst (i.e. a CMD, now coming in Q1) and slightly mixed H2 outlook commentary suggesting a further guide raise is unlikely," the research firm said in a note. "Nonetheless, we continue to regard the growth story as solid and operational execution on it as sufficiently reassuring to justify the current 45x FY26 P/E and expect attention to soon turn to potential for the Q1 CMD to underpin sustained strong mid-term growth expectations in due course."Switzerland's economic news calendar was empty for the day, while the rest of the week will see the release of the Swiss KOF Economic Barometer and the UBS & CFA Society Switzerland's economic sentiment index for July, as well as the country's June retail sales figures. Market watchers are also awaiting the rate decisions of the US Federal Reserve and the Bank of England.Speaking of rate decisions, people familiar with the thinking inside the Swiss National Bank (SNBN.SW) told Bloomberg News that the central bank is poised to leave its key interest rate unchanged at 0% until the end of 2027, mainly due to current inflation forecasts.On the geopolitical front, the US halted its air strikes on Iran over the weekend after 13 consecutive nights of renewed bombing, according to multiple news outlets, with the Iranian government saying it is not looking to resume peace talks after US officials were quoted as saying Iran was "begging for a deal."

^SSMI$DKSH.SW$GALD.SW$SNBN.SW
Asia Markets

Swiss Market Index Closes Week in Green; Roche Shares Gain

The blue-chip Swiss Market Index bounced back to positive territory on Friday, closing 0.79% higher, as investors assessed the latest corporate releases, economy-related data prints and geopolitical happenings.Switzerland took note of the additional US tariff of up to 12.5% on its imports but rejected allegations related to a forced-labor investigation, the Swiss Federal Department of Economic Affairs, Education and Research said in a social media post on X."[Overnight] the Trump administration finalized the details of the new Section 301 tariffs covering some 60 of the US' trading partners. Largely in line with what was signaled when the investigations into alleged forced labour practices in supply chains concluded last month, most of the largest trading partners including the EU, UK, Canada and Mexico will face a tariff of 10%, while others including Japan, South Korea and Australia will face a 12.5% levy," according to Deutsche Bank Research. "As a reminder, these duties arrive as today sees the expiry of the temporary 10% Section 122 tariffs, which themselves were announced after the Supreme Court in February struck down tariffs introduced under the International Economic Emergency Powers Act."Over to corporates, SGS (SGSN.SW) shares shed 2.67% at closing as it reported a year-over-year decline in first-half attributable profit to 309 million francs from 314 million francs. Sales, on the other hand, grew 7.6% over the period to 3.68 billion francs. The Swiss testing and certification company also announced a series of acquisitions, including food risk intelligence platform Agroknow in Greece, high- and low-voltage electrical systems company TechCorp Services in Australia and three companies in the US."The ~60bps sequential acceleration in [organic sales growth] in Q2 despite the Middle East disruption is the key positive with [Natural Resources] and [Health & Nutrition] well ahead of consensus. [Adjusted operating income] margin in line with consensus, though we note materially higher than expected non-recurring costs vs. consensus/RBCe in the period. Strong underlying FCF growth (ex HQ disposal) driven by a CHF24m YoY drop in the working capital outflow and the FY26 outlook has been maintained," RBC Capital Markets said in a quick take note.Meanwhile, Roche (RO.SW) secured a positive recommendation from the European Medicines Agency's Committee for Medicinal Products for Human Use for the approval of its Susvimo injection to treat neovascular age-related macular degeneration. The pharmaceutical giant's stock gained 1.29%.Beyond Switzerland and in other news, the seasonally adjusted S&P Global Flash Eurozone Composite PMI Output Index rose to a five-month high of 51.9 in July from 50 in the previous month, reflecting a renewed increase in services business activity and a faster expansion in manufacturing output.

^SSMI$RO.SW$SGSN.SW
International

Swiss Stocks Join European Retreat; Nestlé Drops After Earnings Report

Swiss stocks joined a regional retreat in Europe on Thursday, with the Swiss Market Index closing 0.71% in the red, amid a busy day of economic data releases and corporate updates.Nestlé (NESN.SW) recorded sales of 43.11 billion francs in the first half, down from the year-ago 44.23 billion francs. Net profit also dropped over the period to 3.47 billion francs from 5.07 billion francs, weighed down by higher restructuring costs and the write-down of assets held for sale. The stock fell 7.98% at closing."The share price reaction seemed harsh, but is arguably little more than a function of the shares' strong recent performance and punchy valuation in a sector context; (they have performed in line with the MSCI European Consumer Staples Index year to date, after this morning's fall)," said analysts at RBC Capital Markets. "Nestlé is doing a competent job revitalising the business, in our opinion, but we don't see this as marking a major inflection point. We think 4% organic revenue growth, including 2% RIG, is a challenging aspiration and that should be reflected in the shares' valuation."Meanwhile, the Swiss consumer goods giant agreed to form a 50/50 joint venture with Platinum Equity for Nestlé's waters and premium beverages business, with the JV assigned an enterprise value of 4.9 billion euros.Roche (RO.SW), on the other hand, saw its shares rise 5.15% as it confirmed its full-year 2026 guidance of mid-single-digit growth in group sales and a high-single-digit increase in core EPS, at constant exchange rates. For the first six months of the year, the pharmaceutical heavyweight's group sales rose 6% on a constant currency basis to 30.36 billion francs on the back of robust demand for pharmaceutical products and diagnostic solutions.Logistics company Kuehne+Nagel (KNIN.SW), flavors and fragrances group Givaudan (GIVN.SW) and dermatology company Galderma Group (GALD.SW) were also among major Swiss corporates that reported earnings.Elsewhere and on the regulatory front, the European Central Bank left its three key interest rates unchanged at its July meeting, as widely expected."The outlook for energy prices, while highly volatile, currently stands close to the baseline of the June Eurosystem staff projections and well above the levels recorded prior to the conflict in the Middle East," the ECB noted, but cautioned that "uncertainty remains high and the full inflationary impact of the energy shock has yet to play out."

^SSMI$GALD.SW$GIVN.SW$KNIN.SW$NESN.SW$RO.SW
Asia Markets

Swiss Market Index Remains in Green; Sandoz, Lonza Shares Down

Swiss stocks remained in positive territory on Wednesday, with the Swiss Market Index closing 0.12% higher, as investors took stock of the latest earnings and economic data releases, alongside fresh US tariff threats.In a post on social media platform Truth Social, President Donald Trump said the tariff on generic drugs being brought into the US will be increased to 100% in 2028 and to 200% thereafter. "This is done in order to RESHORE Generic Pharmaceutical Production into America, with a penalty to those Companies that decide not to build Plant and Equipment within the stated period of time given to them," he added.Swiss generic drugmaker Sandoz Group (SDZ.SW) said in a statement tothat it will pursue discussions with stakeholders and policymakers following Trump's proposal to raise the tariff rate. Its shares fell 3.88% at closing.Meanwhile, Lonza Group's (LONN.SW) first-half sales amounted to 3.37 billion francs, up from the restated 3.03 billion francs a year before. Profit for the period also rose to 595 million francs from 426 million francs, supported by double-digit sales growth at constant exchange rates at all three of the group's business platforms."Lonza delivered a strong set of H1 2026 results, with revenue 1% below consensus but EBITDA 4% above. FY 2026 Core EBITDA margin outlook has been increased to 33-34%, from 'above 32%' previously, with the 11-12% CER sales growth guide unchanged. Advanced Synthesis and Specialized Modalities both beat consensus, while Integrated Biologics missed, but the company confirms that there have been no delays, and this division is executing as expected," RBC Capital Markets said in a quick take note. The contract development and manufacturing organization's shares were down 4.89%.Switzerland-listed vacuum valve manufacturer VAT Group (VACN.SW) and electronic components company Cicor Technologies (CICN.SW) also published financial results.Outside Switzerland and in economic news, the annual inflation rate in the UK eased to 2.6% in June from 2.8% in May, while the annual core inflation rate held steady at 2.6%.Investors also continued to monitor developments in the Middle East after US Secretary of State Marco Rubio said the US is prepared to pursue diplomacy with Iran while noting that Tehran has yet to demonstrate a serious commitment to talks. Ongoing concerns over shipping disruptions in the Strait of Hormuz and the Red Sea remain.

^SSMI$CICN.SW$LONN.SW$SDZ.SW$VACN.SW
Asia Markets

Swiss Market Index Closes Higher; Julius Bär Gruppe Falls

Swiss stocks were in the green on Tuesday's close, with the blue-chip Swiss Market Index up 0.31%, as earnings season kicks into high gear.Novartis (NOVN.SW) booked a year-over-year rise in first-half net sales to $27.52 billion from $27.29 billion, while net income fell 16% to $6.41 billion. For full-year 2026, the Swiss pharmaceutical major reaffirmed its guidance of low single-digit net sales growth and a low single-digit decline in core operating income in constant currency, barring unforeseen events. At the end of the trading session, the stock gained 1.98%.Meanwhile, Julius Bär Gruppe's (BAER.SW) IFRS net profit climbed to 672.6 million francs in the first half from the year-ago 295.3 million francs, with assets under management reaching an all-time high of 547 billion francs. The wealth management group's adjusted operating income also increased to 2.28 billion francs from 1.91 billion francs."While the H1 update provided some reassurance after the disappointing IMS update, the guidance of continued headwinds to NNM in 2027 from de-risking and the continued decline in the RM number raise some questions on the sustainability of trends which is likely to be a topic on the call. Cost control was better than expected as JB booked little restructuring costs, but there are also further cost savings to come," RBC Capital Markets said in a quick take note. Julius Bär shares shed 3.96% at closing.Other Switzerland-listed heavyweights that reported financial results included chocolatier Lindt & Sprüngli (LISN.SW), watchmaker Swatch Group (UHR.SW), and escalators and elevators manufacturer Schindler (SCHP.SW).On the economic front, Switzerland's trade surplus stood at 13.93 billion francs in the second quarter, up from the revised 10.81 billion francs in the prior three-month period, data from the Federal Office for Customs and Border Security showed. Seasonally adjusted exports jumped 8.8% on a nominal basis, while imports grew 4.9%.Elsewhere, US President Donald Trump is said to be preparing to unveil new tariffs against dozens of countries as early as this week, with the 10% tariff regime currently in place set to expire Friday, people briefed on the plans told the Financial Times.

^SSMI$BAER.SW$LISN.SW$NOVN.SW$SCHP.SW$UHR.SW
International

Swiss Watch Exports Jump 11.2% in June

Switzerland's watch exports climbed 11.2% year over year to 2.39 billion francs in June, driven by overseas demand for bimetallic models, the Federation of the Swiss Watch Industry said Tuesday.Exports of wristwatches rose 11.7%, while the other products category edged up 0.2%.For the first six months of 2026, overseas shipments decreased 0.7% to 12.8 billion francs.

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International

Swiss Quarterly Trade Surplus Widens in Q2

Switzerland's trade surplus increased to 13.93 billion francs in the second quarter from the revised 10.81 billion francs in the prior three-month period, according to data from the Federal Office for Customs and Border Security published Tuesday.Seasonally adjusted exports rose 8.8% on a nominal basis to 73.23 billion francs, representing the third-highest level in history. Meanwhile, quarterly imports grew 4.9% to 59.3 billion francs, the highest level since the first quarter of 2025.

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Asia Markets

Swiss Stocks Blink Red; PolyPeptide Group Gains Amid Takeover Bid

Swiss stocks kicked off the new trading week in negative territory, with the Swiss Market Index down 0.62% on Monday's close, as investors gear up for a busy week of earnings releases, economic data prints and the European Central Bank's latest rate move.Sika (SIKA.SW) is among several manufacturers of construction chemicals active in France, Germany and Spain to whom the European Commission sent its statement of objections over allegations of violating European Union antitrust rules. The companies are suspected of colluding to raise prices of chemical additives for cement and chemical admixtures for concrete and mortar between 2021 and 2022 amid higher raw material costs due to the COVID-19 pandemic and the Russia-Ukraine war. The Switzerland-based specialty chemicals company's stock shed 1.89% at closing.On the flip side, PolyPeptide Group (PPGN.SW) saw its shares rise 4.79% after Samsung Biologics made an all-cash public tender offer to acquire the Swiss contract development and manufacturing organization for an equity valuation of 1.46 billion francs. PolyPeptide's board intends to unanimously recommend that shareholders accept the offer, with completion of the deal anticipated toward the end of 2026."The Polypeptide board has recommended an offer from Samsung Biologics at CHF44.31 per share. The offer price is almost exactly at our CHF44 fundamental price target and consistent with the LBO framework we laid out in April, where we estimated that a 40% premium to the undisturbed CHF31.65 price could still generate a c.30% IRR for an acquirer," analysts at RBC Capital Markets said in a quick take note. "Draupnir's commitment to tender its 56% stake effectively makes this a done deal, in our view, and we doubt there will be competition issues given Samsung does not operate in the peptide space."Elsewhere and on the geopolitical front, the US has Iran's foreign ministry spokesman, Esmaeil Baghaei, said diplomatic exchanges with the US are continuing through mediators and that his country will "take the necessary measures" to protect its sovereignty. The US is on its ninth consecutive night of strikes against Iran since the interim peace deal between the two countries collapsed.Meanwhile, Andy Burnham is now the 59th prime minister of the UK after Keir Starmer formally resigned from the post. The change also marks the country's fifth prime minister in four years.

^SSMI$PPGN.SW$SIKA.SW
Asia Markets

Swiss Market Index Ends Week Upbeat; Georg Fischer Climbs

Swiss stocks staged a recovery on Friday, with the Swiss Market Index up 0.54% at closing, as investors assessed the latest financial, economic and geopolitical updates.Piping systems company Georg Fischer (GF.SW), microelectronics manufacturer Mikron (MIKN.SW) and market expansion services provider DKSH (DKSH.SW) were among Switzerland-listed companies that reported earnings results.Georg Fischer saw its shares jump 13.98% as it raised its 2026 sales outlook for its flow solutions business to mid-single-digit organic growth from low-single-digit previously. For the first half, the group swung to a net loss attributable to shareholders of 77 million francs from a year-ago profit of 160 million francs, while net sales fell over the period."From an investment perspective, today's release reinforces our constructive view on the structural growth profile of Flow Solutions and confirms that end-market demand remains healthy. However, despite implemented price increases, profitability was slightly disappointing, suggesting pricing power may have been weaker than expected or that the product mix was less favourable during the first half," AlphaValue/Baader Europe said in a note.Meanwhile, Novartis (NOVN.SW) secured traditional approval from the US Food and Drug Administration for the use of its Fabhalta drug to slow kidney function decline in primary immunoglobulin A nephropathy patients who are at risk of disease progression. The Swiss pharmaceutical major's stock closed Friday's session 1.41% higher.On the defense front, Switzerland joined the NATO Support and Procurement Agency's ammunition support partnership, which allows for joint procurement of various ammunition types to help reduce costs.Elsewhere and in economic news, the annual inflation rate in the euro area eased to 2.8% in June from 3.2% in May, while the annual core inflation rate declined to 2.4% from 2.6%, Eurostat's final data showed.Turning to the Middle East, tensions between the US and Iran escalated for a sixth straight day. Washington widened its military campaign with strikes on transport and military infrastructure in southern Iran, while Tehran retaliated by targeting US military installations and critical infrastructure across the Gulf.

^SSMI$DKSH.SW$GF.SW$MIKN.SW$NOVN.SW
Asia Markets

Swiss Blue-chip Index Joins European Retreat; ABB Shares Down

The Swiss Market Index joined a Europe-wide retreat on Thursday, closing 0.28% lower, reflecting cautious investor sentiment as hostilities between the US and Iran continued to escalate."The US carried out additional strikes against Iran. There are also media reports that the US is considering increasing military operations. Iran, meanwhile, said it has no plans to talk. The rapid deterioration is having a meaningful impact on vessel flows from the Persian Gulf," said analysts at ING. "The concern is that renewed oil supply disruptions come amid the large inventory drawdowns through the second quarter, leaving the market more vulnerable."Back home, Switzerland signed an agreement with Indonesia to bolster their cooperation in the mining and processing of metals and rare earth elements, with the deal taking effect immediately.On the corporate front, Partners Group's (PGHN.SW) total assets under management stood at $186 billion as of June 30, up from the year-ago $174 billion. For the second half of 2026, the Swiss private equity giant expects its evergreen platform to slow overall net AuM growth by 1% to 2%, with a similar impact anticipated for full-year 2027. The stock closed the session 6.00% in the red.ABB's (ABBN.SW) first-half attributable net income rose year over year to $2.56 billion from $2.25 billion, while revenue climbed 16% to $18.21 billion. The Swiss electrification and automation group also launched a takeover bid for industrial valve manufacturer Rotork, in a deal valuing the London-listed company at $5.5 billion. Completion of the transaction is anticipated in the first half of 2027. At closing, ABB's shares were down 5.91%."The deal makes sense for ABB, which is the global leader for process automation. Rotork serves the O&G sector (c.50% of group), Chemical (c.25%) and Water/ Power end markets (c.25%). In the O&G market, Rotork's market share for actuators is around 50%. Overall, we view Rotork as a high-quality asset in the market," RBC Capital Markets said in a note. "While ABB pays with a high multiple, this is still a 10% discount to ABB's own current valuation (c.22-23x 2026e EV/EBITDA), assuming the market agrees that this is a valuable add-on for ABB's Automation portfolio (which we do)."Elsewhere and in economic news, the UK's gross domestic product grew 0.1% month over month in May, following a 0.1% decline in April, beating market forecasts of zero growth.

^SSMI$ABBN.SW$PGHN.SW
Asia Markets

Swiss Market Index Closes Higher; Richemont Shines

The blue-chip Swiss Market Index was up 0.46% on Wednesday's close, as investors digested the latest economic data prints and earnings updates, alongside geopolitical developments in the Middle East.Compagnie Financière Richemont (CFR.SW) gained 6.68% at closing as it booked a year-over-year increase in fiscal first-quarter group sales to 6.33 billion euros from 5.41 billion euros, bolstered by growth in all of the Swiss luxury goods company's regions and distribution channels."Organic growth for the group came in at +20%, almost twice the level of the +11% expected by sellside consensus. The all-important Jewellery Maisons (JM) came in at +24% CFx growth, +1,100bps above consensus expectations," Bernstein said, with the group "smashing" through consensus estimates across the board. "Consensus seems too fast in anticipating mean reversion in the Richemont's growth. We expect significant upward revisions to FY27E estimates as a consequence of a strong start of the fiscal year. Richemont remains our top pick."Meanwhile, ABB (ABBN.SW) will acquire France-based silicon carbide power electronics and advanced control systems company Advantics for an undisclosed amount. The transaction is anticipated to be completed in the fourth quarter. The electrification and automation group's stock concluded the trading session 2.69% in the red."The acquisition expands ABB's Direct Current (DC) portfolio and positions the company to serve accelerating demand for efficient DC solutions across data centers, industrial microgrids, power generation and EV infrastructure," the company said in a statement.On the geopolitical front, the US launched a fresh wave of strikes against Iran, with the latter retaliating with attacks on US military targets in Bahrain, Kuwait and Jordan.

^SSMI$ABBN.SW$CFR.SW
Asia Markets

Swiss Market Index Slips; Roche Shares Down

Swiss stocks slipped into negative territory on Tuesday, with the Swiss Market Index closing 0.17% lower, as hostilities between the US and Iran further intensified."The return of the US blockade [on Iran] is much more impactful for markets than the previous suspension of the sanction waiver on Iranian oil. The Memorandum of Understanding is starting to look well and truly dead. The consensus says neither side wants an escalation - yet their recent moves tell a different story. Clearly, oil prices simply aren't high enough yet to compel Washington to push harder for de-escalation," analysts at ING said. "Developments in the Middle East have also seen European natural gas prices surging."On the economic front, the annual inflation rate in the US eased to 3.5% in June from 4.2% in the previous month, while the annual core inflation rate edged down to 2.6% from 2.9% earlier.Back home, Switzerland's producer and import price index declined by 0.3% month over month in June and by 2.1% on a yearly basis to 99.8 points, data from the Federal Statistical Office showed.In corporate news, Roche (RO.SW) launched a fully automated cobas hepatitis D virus test in countries accepting the CE mark. The new test allows clinicians to diagnose the virus in a reliable manner and monitor infected individuals' treatment response. The Swiss pharmaceutical major's stock closed the trading session down 0.71%.Meanwhile, RBC Capital Markets reiterated its outperform rating on Lonza (LONN.SW), with a price target of 720 francs, amid expectations that supply and demand in biologics will remain tight. At closing, the Swiss pharmaceutical manufacturer's shares were 1.05% in the red."Lonza sits at the CDMO peer median on 2027E EV/EBITDA despite being the largest, most diversified, and fastest-growing name in the group. The stock has derated for two years even as earnings have grown c.20% pa. Supply-demand in biologics and ADCs remains tight, governance has improved materially, and the regulatory track record is strong," according to the research firm. "The absence of a near-term catalyst may discourage momentum capital, but we believe provides an attractive entry point for longer-term investors."In other news, Switzerland finalized its negotiations with the UK on modernizing the two countries' free trade agreement, including an expansion of the bilateral legal framework concerning trade in services, investment and digital trade.

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International

Swiss Monthly Producer, Import Prices Down 0.3% in June

Switzerland's monthly producer and import price index declined 0.3% in June, after a 0.4% fall in May, data from the country's Federal Statistical Office showed Tuesday.Analysts expected a 0.5% drop for the month.On a yearly basis, Swiss producer and import prices were 2.1% lower, against the 1.8% decrease earlier.

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Asia Markets

Swiss Stocks Begin Week in Green; DocMorris Shares Jump

The Swiss Market Index concluded Monday's trading session 0.22% higher as investors assessed the implications of the US-Iran conflict, which further intensified over the weekend."The deteriorating situation in the Gulf and the rise in energy prices are supporting the dollar against the low-yielders, including the euro. Worryingly for Europe, natural gas prices are creeping higher again at a time of low inventories," analysts at ING said. "In the absence of direction from the [US Federal Reserve], higher energy prices will keep tightening fears alive and the dollar in demand."Switzerland's economic news calendar was empty for the day, while Tuesday will see the release of the producer and import prices report for June. Market watchers are also awaiting the publication of the June US inflation figures and the UK's May gross domestic product, among other data releases across key economies.On the corporate front, ABB (ABBN.SW) signed a multimillion, multiyear deal with India-based technology company Tata Consultancy Services, or TCS, expanding their collaboration. TCS will help the Switzerland-listed electrification and automation company improve user experience and operational efficiency, and bolster security and compliance. ABB's stock was up 0.29% at closing.Deutsche Bank Research revised its rating on DocMorris (DOCM.SW) and increased the price target to 11.50 francs from 5.50 francs, noting that the Swiss online pharmacy's recent trading updates indicate accelerating revenue momentum. The stock jumped 17.25% on Monday's close."We upgrade DocMorris to Buy (from Hold) as we see an increasingly attractive risk/ reward profile driven by four factors: (1) likely upside to 2026 guidance, (2) reduced funding requirements, (3) a more favourable regulatory backdrop, and (4) the underappreciated value of TeleClinic," the research firm said in a note. "Following a period dominated by concerns over funding needs and execution risk, we believe the investment debate is shifting towards earnings growth, cash flow improvement and the monetisation of DocMorris' digital health ecosystem."

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