207 stories mentioning Swiss Market Index (SMI)Updated 14m ago
The Swiss Market Index ended little changed after a preliminary US-Iran deal; Zurich Insurance rose and Swiss consumer confidence slightly improved.
Switzerland's annual inflation rate stood at 0.6% in April, up from 0.3% in the previous month, according to data from the country's Federal Statistical Office published Tuesday.On a monthly basis, consumer prices were 0.3% higher, compared with the previous 0.2% gain and the expected 0.4% growth.
Swiss stocks welcomed the new trading week on a downbeat note following a long weekend, with the Swiss Market Index down 1.01% on Monday's close.Switzerland's manufacturing PMI rose to 54.5 in April from 53.3 in March, data from procure.ch and UBS showed, beating the consensus estimate of 52.On the labor market front, the KOF employment indicator edged up to 2.2 points in the second quarter from the downwardly revised 2.1 points in the previous quarter, remaining "slightly" higher than its long-term average of 1.7 points."Despite the war waged by the United States and Israel against Iran since the end of February and the associated rise in oil and gas prices, the employment outlook for Swiss firms has not deteriorated overall," the KOF Swiss Economic Institute said. "Assessments of current employment levels have remained virtually unchanged since the last quarter. The net balance of employment prospects for the next three months remains unchanged at 2.9 points compared with the last quarter. The proportion of firms planning to increase their workforces over the coming months thus remains higher than the percentage of firms expecting job cuts."Over to corporates, Graubündner Kantonalbank (GRKP.SW) shed 7.17% at closing after disclosing that a lawsuit was filed against it and its BZ Bank subsidiary for alleged breaches of duty related to a client relationship and an investment product managed by the unit. The plaintiff is seeking mid-three-digit million compensation, while both banks deny the claims as "unfounded."Meanwhile, AlphaValue/Baader Europe changed its opinion on BB Biotech (BION.SW) to add from reduce and lifted its price target to 53.3 francs from 50.1 francs, following the Switzerland-based biotechnology investor's first-quarter results and upgraded outlook. The stock closed the session 0.34% higher."We have raised our target price for BB Biotech, reflecting an improved outlook for the biotech sector as well as strong execution by the investment team, following the positive pivotal Phase III readout from Revolution Medicines, and the acquisition of Terns Pharmaceuticals by Merck," the research firm said. "2026 EPS estimates (as reliable as they can be for this kind of business) have been adjusted to reflect the negative net profit reported in Q1 (-CHF 21m). EPS estimates from 2027 onwards benefit from a higher growth assumption for the U.S. biotech market (raised from 6% to 8% per year)."
Switzerland's manufacturing PMI increased to 54.5 in April from 53.3 in March, according to procure.ch and UBS data published Monday.The consensus estimate for the month stood at 52.
Swiss businesses maintained a steady employment outlook for the second quarter, despite rising energy costs and global supply chain volatility triggered by the Iran conflict, the KOF Swiss Economic Institute said Monday.The KOF employment indicator rose to 2.2 points from the revised 2.1 points in the first quarter, slightly higher than the long-term average of 1.7 points. Meanwhile, the net balance of employment expectations for the next three months remained at 2.9 points, with more companies planning to hire rather than reduce their headcount.On a sectoral level, the employment outlook brightened within the wholesale and manufacturing segments, even as both segments remain in contraction territory. Conversely, the outlook for hospitality, retail, and other services softened slightly.
Retail sales in Switzerland rose 0.1% month over month in real terms in March, after a revised 0.1% decrease in February, the country's Federal Statistical Office said Friday.On a yearly basis, seasonally adjusted retail sales were 0.5% higher, compared with the revised 0.4% gain earlier and the consensus estimate of a 1% growth.
The Swiss Market Index bounced back to positive territory on Thursday, closing 0.80% higher, ahead of the Labor Day holiday as investors turned their attention to the latest economic data prints and key monetary policy decisions in Europe.Switzerland's KOF Economic Barometer climbed to 97.9 points in April from the revised 95.6 points in the previous month."After the considerable drop in the previous month, it continues to remain below its medium-term average. The outlook for the Swiss economy remains muted, despite this month's increase," the KOF Swiss Economic Institute said. "Among the indicator bundles included in the Economic Barometer, the indicators for manufacturing, for other services and for private consumption show particularly positive developments."Elsewhere and on the regulatory front, the European Central Bank left its three benchmark interest rates unchanged, as expected. In the UK, the Bank of England also maintained its bank rate at 3.75%, after its monetary policy committee voted 8-1 in favor of a hold. Both central banks cautioned that the Middle East conflict continues to pose upside risks to inflation due to higher energy prices."All in all, the main take-away from today's ECB meeting can probably be described as another hawkish shift, introducing a clear hiking bias to its wait-and-see stance. It's still hard to see that the ECB would really want to fight an exogenous supply shock at the cost of worsening an economic downturn. However, a rate hike, be it symbolic or even a policy mistake, at the June meeting has clearly become more likely today," ING said. The research firm also expects the BoE to carry out a "one and done" rate increase in June.Over to corporates, OC Oerlikon's (OERL.SW) order intake and sales grew 17.9% and 5.3% year over year, respectively, to 455 million francs and 378 million francs in the first quarter, both at constant currency. The Swiss surface technologies and advanced materials company's shares added 4.43% at closing.Swiss drugmaker Novartis (NOVN.SW) also saw its shares rise 2.26% after announcing plans to open a new facility in the US state of North Carolina to manufacture active pharmaceutical ingredients for solid dosage tablets, capsules and RNA therapeutics. The facility is part of the company's wider $23 billion investment plan in the US to boost production capacity.The SIX Swiss Exchange is set to reopen on May 4.
The KOF Swiss Economic Institute's economic barometer climbed to 97.9 points in April from the revised 95.6 points in the previous month, according to a Thursday release.Analysts expected 95.9 points for the month.Despite the improvement, KOF said the indicator remained below its medium-term average, continuing to signal a subdued outlook for the Swiss economy.
Swiss stocks extended their losing streak at Wednesday's close, with the Swiss Market Index down 0.88%, as investors assessed fresh corporate and economic data releases while awaiting the US Federal Reserve's monetary policy decision.The Fed is widely expected to leave its key interest rate unchanged in the 3.5% to 3.75% range later today."Nothing much is expected from this meeting. The March dots showed the Committee median vote leaned toward one cut this year and one more next year. That's unlikely to be settled for a long while yet. [US Fed Chair] Powell is unlikely to be comfortable with teeing up such a move before his successor takes over and he faces eleven other voting FOMC members that are more worried about inflation at the moment," Scotiabank Economics said. "Our forecast remains for one cut by late year and another in early 2027 which would drop the fed funds upper limit rate to 3.25% and hence still on the boundary between restrictive and neutral."Back home, data from UBS & CFA Society Switzerland showed that the country's economic sentiment index increased to -30.3 points in April from -35 points in March.On the corporate front, Sandoz Group's (SDZ.SW) net sales increased to $2.76 billion in the first quarter from the year-ago $2.48 billion, bolstered by an 18% growth in constant-currency net sales at its biosimilars segment. For 2026, the Swiss pharmaceutical major reaffirmed its guidance of a mid-to-high single-digit percentage growth in net sales at constant currency. The stock closed the session 2.23% lower.On the flip side, UBS Group (UBSG.SW) gained 3.22% at closing as it delivered a year-over-year surge in first-quarter net profit attributable to shareholders to $3.04 billion from $1.69 billion. Total revenue also climbed over the period to $14.24 billion from $12.56 billion, mainly driven by double-digit growth in the Swiss banking group's core franchises."We delivered excellent financial results and remain on track to deliver on our financial objectives for 2026 ... Having now successfully transferred all client accounts in Switzerland, we achieved another crucial milestone in one of the most complex integrations in banking history. We are confident in substantially completing the integration by year-end, positioning us for further sustainable growth," Chief Executive Officer Sergio Ermotti said. "On the topic of Swiss capital requirements, we will continue to engage constructively and contribute to fact-based deliberations. These developments do not, and will not, change who we are as a firm."
Switzerland's economic sentiment index increased to -30.3 points in April from -35 points in March, according to data from UBS & CFA Society Switzerland published Wednesday.
The Swiss Market Index remained in negative territory on Tuesday, closing 0.13% lower, as investors mull over a barrage of corporate earnings releases amid a quiet day of local economic news.Pharmaceutical major Novartis (NOVN.SW), packaging company SIG Group (SIGN.SW), machinery industry company Bucher Industries (BUCN.SW), and biopharmaceutical group Idorsia (IDIA.SW) were among Switzerland-listed companies that published financial results.SIG Group saw its shares jump 12.82% as it reported a year-over-year surge in first-quarter net income to 67.3 million euros from 15.6 million euros, mainly driven by unrealized gains from polymer derivatives and aluminum. The Switzerland-based packaging company's total revenue, on the other hand, declined to 714.3 million euros from 745.9 million euros. For 2026, the group maintained its guidance of total revenue growth within the 0% to 2% range at constant currency and constant resin.Meanwhile, Berenberg cut its price target for Barry Callebaut (BARN.SW) to 1,268 francs from 1,487 francs, with the stock's hold rating unchanged, following the Swiss chocolate and cocoa products group's fiscal 2026 EBIT guidance downgrade amid a disruption in cocoa bean prices."The company is now guiding to a mid-teen decrease in EBIT, which reflects considerably less optimistic expectations relative to guidance reiterated as part of its Q1 2026 results, which estimated low- to mid-single-digit growth in EBIT. While volume guidance was upgraded slightly, we expect subdued volume trends to persist until there is a meaningful inflection in downstream chocolate sales," the research firm said. Barry Callebaut was up 1.53%.Elsewhere and in economic news, the European Central Bank's latest Consumer Expectations Survey showed that median expectations for inflation in the next 12 months rose to 4% in March from 2.5% a month before. The estimate for the next three years also increased to 3% from 2.5%, while the expectation for five years ahead ticked up to 2.4% from 2.3%.
The blue-chip Swiss Market Index was down 0.03% on Monday's close, as investors gear up for a busy week of corporate updates, economic data prints and key monetary policy decisions.Santhera Pharmaceuticals (SANN.SW) secured a positive recommendation from the European Medicines Agency's Committee for Medicinal Products for Human Use to expand the approval of its Duchenne muscular dystrophy drug Agamree to include the treatment of children who are at least two years old. The drug is currently approved for use on patients aged four and above. The Swiss specialty pharmaceutical company's shares gained 8.38% at closing.Meanwhile, RBC Capital Markets reiterated its outperform rating on Lonza Group (LONN.SW), with a price target of 670 francs, amid expectations that the Swiss pharmaceutical manufacturer's upcoming first-quarter update would be "uneventful." At the end of the trading day, the stock was up 1.83%."We do not see the Q1 qualitative update on 8 May to be a major catalyst for the stock now that Vacaville-specific commentary will no longer be provided, and any further weakness in Specialized Modalities should not be a surprise. We have also taken the opportunity to refresh and add to our commercial product (Enflonsia) and pipeline trackers. There has been some clinical progress, but consensus forecasts have been pushed out a little (aggregate peak sales estimates are unchanged)," the research firm said, noting that it views Lonza as an "attractive and undervalued compounding investment story."The local economic news calendar was empty for the day, while the release of the Swiss KOF Economic Barometer and the UBS & CFA Society Switzerland's economic sentiment index for April, as well as the country's March retail sales figures are on the agenda over the coming days. Market watchers are also awaiting the rate decisions of the US Federal Reserve, the European Central Bank, and the Bank of England.
Swiss equities slipped back into negative territory, with the Swiss Market Index down 0.59% on Friday's close, as investors digest a slew of corporate releases and trading updates.Buildings materials company Holcim (HOLN.SW), logistics group Kuehne+Nagel (KNIN.SW), instrumentation company Inficon (IFCN.SW), and contract development and manufacturing organization Siegfried Holding (SFZN.SW) were among Switzerland-listed companies that reported financial results.Kuehne+Nagel reported a year-over-year drop in first-quarter earnings to 248 million francs from 303 million francs, while net turnover fell to 5.60 billion francs from 6.33 billion francs. The results were impacted by cost-saving measures and sea logistics disruptions caused by the conflict in the Middle East. The stock was down 4.30% at the end of the trading day.Meanwhile, Novartis (NOVN.SW) secured a positive recommendation from the European Medicines Agency's Committee for Medicinal Products for Human Use for the approval of Itvisma for treating 5q spinal muscular atrophy in patients aged two and above.The Swiss drugmaker also withdrew its EMA type 2 variation application for Pluvicto to expand the indication to include treating adults with prostate-specific membrane antigen-positive metastatic castration-resistant prostate cancer in pre-chemotherapy following the committee's feedback. Novartis shares closed 4.30% lower.On the macroeconomic front, Swiss National Bank (SNBN.SW) Governing Board Chairman Martin Schlegel expects Swiss economic growth to be "rather subdued" in the short term before seeing an upturn over the medium term "to some extent" amid "significantly" increased uncertainty arising from the Middle East conflict. In terms of inflation, the SNB forecasts it will further increase in the coming quarters, mainly driven by higher energy prices.
The Swiss Market Index broke its three-day losing streak on Thursday, closing 1.38% in the green, amid a busy day of corporate financial updates and private sector data releases.Nestlé (NESN.SW) delivered an organic sales growth of 3.5% year over year in the first quarter, including a negative impact of 90 basis points from the precautionary recall of batches of its infant formula products globally, with total group sales reaching 21.32 billion francs. Real internal growth came in at 1.2% over the period. The consumer goods giant's stock added 5.89% at closing."A widespread, RIG led beat underpins maintained guidance (with consensus currently at the bottom of the range for sales growth guidance). It is good to see coffee back on song after last year's price squeeze, with RIG of 3.5% and organic sales growth of 9.3%," RBC Capital Markets said in a quick take note, describing the results as "impressive."Galderma Group (GALD.SW) also saw its shares rise 6.60% as it reported a "strong" start to the year, with net sales climbing to $1.47 billion in the first quarter from the year-ago $1.13 billion. For full-year 2026, the dermatology company reaffirmed its guidance of net sales growth between 17% and 20% at constant currency, expecting its exposure to US tariffs to remain "manageable."Other Switzerland-listed heavyweights that posted trading updates included pharmaceutical major Roche (RO.SW), testing and certification company SGS (SGSN.SW), and escalators and elevators manufacturer Schindler (SCHP.SW).On the macroeconomic front, Switzerland signed an investment protection agreement with Saudi Arabia during Swiss President Guy Parmelin's official visit to the Middle Eastern country. The deal is set to become effective following completion of internal approval procedures in both countries.Zooming out to the euro area, the seasonally adjusted S&P Global Flash Eurozone Composite PMI Output Index fell to a 17-month low of 48.6 in April from 50.7 in March. The latest reading marks the first time the index dropped below the neutral 50 threshold in 16 months.
Swiss stocks extended their losses to a third day, with the Swiss Market Index down 0.51% on Wednesday's close, as investors assess economic data releases while keeping a close eye on geopolitical developments in the Middle East."[President Donald Trump] extended the ceasefire indefinitely just before its expiry after Iran refused further negotiations due to unreasonable US demands. This marks a U-turn in tone, as Trump had earlier ruled out an extension and hinted at military action," Danske Bank said. "With Iran reportedly not requesting the ceasefire and the Strait of Hormuz issue still unresolved, Iran appears to hold the upper hand at present."Elsewhere and in economic news, the UK's annual inflation rate accelerated to 3.3% in March from 3% in February, while the annual core inflation rate edged down to 3.1% from 3.2%.Over to corporates, ABB (ABBN.SW) delivered a year-over-year jump in first-quarter attributable net income to $1.32 billion from $1.10 billion. Revenue climbed 18% over the period to $8.73 billion, bolstered by double-digit growth in orders in all of its regions amid geopolitical uncertainties. The Swiss electrification and automation company's shares closed the session 3.40% higher.Meanwhile, the Swiss Federal Council eased its proposed changes to capital rules for banks in the country, including systemically important bank UBS Group (UBSG.SW), with the package of measures resulting in the lender increasing its common equity tier 1 capital by $20 billion. The council said it is in agreement with the Swiss National Bank (SNBN.SW) and financial regulator FINMA regarding the proposed solution, which is "more moderate than planned, due to the results of the consultation procedure.""UBS continues to strongly disagree with the proposed package, which is extreme, lacks international alignment and disregards concerns expressed by the majority of respondents to the government's consultations," the banking group said in response to the government's announcement. "If adopted, the proposed measures would have far-reaching consequences for the Swiss economy ... UBS looks to the parliamentary deliberation process in connection with the proposed treatment of foreign participations to take account of the concerns raised by many stakeholders during the democratic consultation process." The stock was up 0.15% at closing.
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."
Switzerland's watch exports fell 1% year over year to 2.11 billion francs in March, due mainly to a decline in watches made of precious metals and steel.Exports of wristwatches decreased 0.6%, while the other products category declined 8.8%, the Federation of the Swiss Watch Industry said Tuesday.In the first quarter of 2026, overseas shipments reached 6.2 billion francs, up 1.4% from the first three months of 2025.
Switzerland's trade surplus decreased to 11.10 billion francs in the first quarter from the revised 11.26 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 fell 4.2% on a nominal basis, while quarterly imports decreased 4.7%.
Swiss stocks began the trading week on a somber note, with the Swiss Market Index down 1.45% on Monday's close, as hopes for a resolution to the war in the Middle East faded amid renewed geopolitical tensions between the US and Iran."The Middle East conflict escalated early this morning as the US intercepted an Iranian cargo ship trying to breach its maritime blockade, prompting Iran to vow retaliation. The prospects for a second round of negotiations remain uncertain ahead of the ceasefire's expiration on Tuesday, with Iran refusing to participate unless the blockade is lifted," Danske Bank said. "The market is likely to stay volatile this week as US and Iran will try and negotiate a deal. If oil does not start flowing through the strait soon, oil prices are likely to rise further and above USD 100/bbl again."Meanwhile, the only agenda on the Swiss economic calendar for the week is the balance of trade data for March. Elsewhere, the April ZEW economic sentiment index for Germany and the euro area, and the UK's March inflation figures are on top of the agenda.On the corporate front, Eli Lilly (LLY.SW) signed a definitive agreement to acquire biotechnology company Kelonia Therapeutics for up to $7 billion in cash, including an upfront payment of $3.25 billion and subsequent milestone-based payments. The transaction, which is set to complete in the second half, is expected to bolster Lilly's genetic medicine capabilities."Autologous CAR-T therapies have meaningfully improved outcomes for patients with various cancers, but significant manufacturing, safety, and access barriers mean that only a fraction of eligible patients actually receive them. Kelonia's in vivo platform has the potential to change that by delivering rapid, durable responses in a far simpler, off-the-shelf format," said Jacob Van Naarden, executive vice president and president of Lilly Oncology and corporate business development head. "The early clinical data for KLN-1010 are highly encouraging, both as a potential step forward for patients with multiple myeloma and as proof of concept for Kelonia's platform."
Swiss stocks staged a recovery on Friday, with the Swiss Market Index closing 1.92% in the green, amid fresh hopes that war in the Middle East will soon reach a resolution.Iran's foreign minister declared on X that the Strait of Hormuz is "completely open" for passage of all commercial vessels "for the remaining period of ceasefire," in line with the 10-day ceasefire agreement between Lebanon and Israel that is now in effect. Meanwhile, President Donald Trump said on the Truth Social platform the US naval blockade of Iranian ports will continue "until such time as our transaction with Iran is 100%."Back home, Switzerland signed an investment protection agreement with Bahrain on the sidelines of the World Bank Group and International Monetary Fund spring meetings in the US. The agreement will take effect following completion of internal approval procedures in both countries.Over to corporates, Berenberg increased its price target for VAT Group (VACN.SW) to 480 francs from 466 francs, with an unchanged hold rating on the stock, noting that underlying demand "continues to run hot." The Swiss vacuum valves maker's order intake reached 356 million francs in the first quarter, although deliveries were affected by disruptions caused by the Middle East war. The stock gained 6.09% at closing."Following its Q1 update, VAT struck a confident tone, reiterating that it feels comfortable with around CHF1.3bn of full-year consensus sales. However, the implied trajectory is anything but conservative. Based on Q2 guidance of CHF265m-295m, the setup clearly points to a back-end-loaded year, with a strong H2 required to bridge the gap," the research firm said in a note. "In our view, this guidance effectively assumes that production ramps, supply chains and customer deliveries all run without friction, which we consider to be a high bar in an environment that still lacks full visibility."Partners Group (PGHN.SW) also closed the session 3.38% higher as it concluded its eighth private equity secondaries program, securing more than $9 billion of total commitments from clients. The Swiss private equity giant's program is 60% committed, with a highly diversified investor base, including institutional investors across Europe, Asia-Pacific and the US.
The blue-chip Swiss Market Index closed Thursday's trading session 0.35% in the red, extending its losses, as investors took stock of the latest economic and corporate releases across key markets.Switzerland's monthly producer and import price index edged up 0.2% month over month in March amid an increase in petroleum product and natural gas prices, according to the Federal Statistical Office. On an annual basis, producer and import prices fell 2.7%.Elsewhere, the annual inflation rate in the euro area climbed to 2.6% in March from 1.9% in February, while the annual core inflation rate declined to 2.3% from 2.4%, Eurostat's final data showed. In the UK, the country's monthly real gross domestic product rose 0.5% in February, following an upwardly revised 0.1% growth in January.Back home and in corporate news, Roche (RO.SW) agreed to purchase Saga Diagnostics for up to $595 million, including commercial and regulatory milestone payments, giving it access to Saga's tumor-informed molecular residual disease platform Pathlight. The deal is expected to complete in the third quarter. Shares of the drugmaker were down 0.67% at closing.Meanwhile, Barry Callebaut (BARN.SW) plummeted 15.59% after reporting a year-over-year drop in fiscal first-half revenue to 6.75 billion francs from 7.29 billion francs, as sales volumes fell 6.9% to 1,010,247 tonnes. Net profit increased over the period. For fiscal 2026, the Swiss chocolate and cocoa products group expects a mid-teens decline in recurring EBIT in local currencies but noted that its profitability outlook is subject to potential impacts from disruption in the Middle East."In the first half of our fiscal year, cocoa bean prices decreased, which is encouraging for future chocolate market momentum and supported strong free cash flow generation," Chief Executive Officer Hein Schumacher said. "Yet the unique speed of the market decrease combined with a competitive overcapacity market, volume declines and supply disruption impacted EBIT performance and adjusted our profitability outlook for the year as we prioritize restoring volume and leading the market back to growth. Our immediate priority is to focus - commercially, operationally and organizationally."
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