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Swiss Market Index (SMI)

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207 stories mentioning Swiss Market Index (SMI)Updated 43m ago

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

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Asia Markets

Swiss Blue-chip Index Blinks Green; Ams-Osram Shares Up

The Swiss Market Index was up 0.64% on Tuesday's close, remaining in positive territory, as investors took stock of the latest corporate releases while keeping tabs on geopolitical developments in the Middle East.The US and Iran could reach a deal "today or tomorrow" to reopen the Strait of Hormuz and "move towards a more normalized position in this conflict," US Treasury Secretary Scott Bessent told CNBC in an interview. Meanwhile, Qatar's foreign ministry said mediators, including its own and those from Pakistan and Oman, are working together to facilitate talks and exchange drafts between the US and Iran."After several weeks of military exchanges and fears of a renewed energy shock, markets have started August welcoming the late weekend comments from President Trump that fresh talks with Iran would begin after he cancelled plans for what he described as a major attack," according to analysts at Deutsche Bank Research. "That optimism was reinforced by suggestions from Iranian officials that negotiations between Iran and Oman over 'temporary' shipping arrangements through the Strait of Hormuz are progressing, offering a potential path towards improved oil flows."Back home, provisional data from Switzerland's Federal Statistical Office showed that the hotel sector recorded 4.1 million overnight stays in June, down by 2.2% from the prior year. Hotel bookings by domestic guests rose 0.4% to 1.9 million, while those from foreigners fell 4.4% to 2.2 million.Over to corporates, Roche (RO.SW) and its US-based partner Nurix Therapeutics enrolled the first patient in the global phase 3 clinical trial evaluating bexobrutideg as a potential therapy in patients with relapsed/refractory chronic lymphocytic leukemia/small lymphocytic lymphoma who were previously treated with a covalent Bruton's tyrosine kinase inhibitor. The trial marks the first late-stage trial for the investigational drug. The Swiss drugmaker's shares were 0.89% in the green at closing.Ams-Osram (AMS.SW) also saw its shares gain 3.36% as it reported a 4% year-over-year increase in second-quarter revenue to 805 million euros, coming in at the upper end of the light and sensor technology company's guided range. On the other hand, its non-adjusted net loss amounted to 121 million euros, against the year-ago net result of 1 million euros.

^SSMI$AMS.SW$RO.SW
International

Swiss Overnight Hotel Stays Down 2.2% in June, Flash Data Shows

Hotels in Switzerland recorded a 2.2% year-over-year decline in overnight stays for June, according to a flash estimate published by the Federal Statistical Office on Tuesday.Hotel bookings by Swiss nationals edged up 0.4% on an annual basis, while bookings from foreigners fell 4.4%.From January to June, hotels reported a 0.7% annual decrease in overnight stays.

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Asia Markets

Swiss Stocks Open Week Upbeat as Inflation Eases

The blue-chip Swiss Market Index welcomed the new trading week in positive territory, closing 0.18% higher on Monday, amid a busy week of economy-related data releases at home and across other key global economies.The annual inflation rate in Switzerland ticked down to 0.4% in July from 0.5% in the previous month, government data showed. On a monthly basis, consumer prices were 0.1% lower, compared with the prior month's zero growth."The 0.1% decrease compared with the previous month is due to several factors including lower prices for air transport, diesel and petrol. Prices also decreased for clothing and footwear, due to seasonal sales. In contrast, other parahotel accommodation and heating oil recorded a price increase, as did car rental and car sharing," the Federal Statistical Office said.Meanwhile, the country's manufacturing PMI declined to 53.2 in July from 54.3 in June amid increased concerns related to trade barriers, according to data from procure.ch and UBS.On the labor market front, the KOF employment indicator climbed to 2.1 points in the third quarter from the downwardly revised 1.6 points in the prior quarter, slightly higher than its long-term average of 1.7 points."This improvement is being driven by more encouraging employment forecasts for the next three months, whilst companies are assessing their current employment levels with slightly greater caution than in the last quarter," the KOF Swiss Economic Institute said. "The indicator's two components are moving in opposite directions. On balance, the assessment of current employment levels has fallen from 1.9 points to 1.7, whilst forecasts have risen from 1.2 points to 2.5. Consequently, the proportion of firms planning to create additional jobs in the near future again more clearly outnumbers those intending to cut jobs."In corporate news, Sandoz Group (SDZ.SW) entered into a settlement agreement totaling $450 million to resolve all remaining claims in the US related to allegations of anti-competitive conduct in the generic medicines market. Separately, the Swiss generic drugmaker also agreed to pay $28.5 million to settle an indirect reseller class action in the US District Court for the Eastern District of Pennsylvania, noting that the settlement agreements contain no admission of wrongdoing by the company. The stock was down 2.68% at closing.On the flip side, Landis+Gyr Group (LAND.SW) gained 3.61% as it announced a fixed-price offer to repurchase up to 1 million registered shares at 50 francs each, with the 50 million-franc offer set to run from Tuesday until Aug. 18. The energy technology company also terminated its 2025-2028 share buyback program with immediate effect, under which it repurchased 1,264,957 registered shares for a total value of 61.9 million francs. A new buyback program will be initiated after the fixed-price offer is completed.

^SSMI$LAND.SW$SDZ.SW
International

KOF Employment Indicator Improves in Q3

A "more encouraging" outlook for the Swiss labor market led to an improvement in employment conditions in the third quarter of 2026, the KOF Swiss Economic Institute said Monday.The KOF employment indicator rose to 2.1 points from the revised 1.6 points in the prior quarter, slightly higher than its long-term average of 1.7 points. Meanwhile, the net balance of employment expectations for the next three months jumped to 2.5 points from 1.2 points, with more companies intending to create additional jobs outnumbering those planning layoffs.On a sectoral level, the employment situation brightened among wholesale companies and eased among those in manufacturing, but both segments remained in negative territory. In the hospitality sector, the indicator fell to its lowest level since the second quarter of 2021, while that for other services remains in positive territory.

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International

Swiss Manufacturing PMI Declines in July

Switzerland's manufacturing PMI decreased to 53.2 in July from 54.3 in June, according to procure.ch and UBS data published Monday.The consensus estimate for the month stood at 54.5.

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International

Swiss Annual Inflation Rate Eases to 0.4% in July

Switzerland's annual inflation rate stood at 0.4% in July, down from 0.5% in the previous month, according to data from the country's Federal Statistical Office published Monday.On a monthly basis, consumer prices were 0.1% lower, as expected, and compared with the prior month's zero growth.

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Asia Markets

Swiss Market Index Closes Week in Red; Holcim Shares Down

The blue-chip Swiss Market Index remained in the red, concluding the week 0.32% lower on Friday's close, as the earnings season continued and markets took stock of the latest economic data prints.Data from the Federal Statistical Office showed that seasonally adjusted retail sales in Switzerland rose 0.2% month over month in real terms in June, following a revised 0.9% rise in May.Zooming out to the euro area, the annual inflation rate ticked up to 2.9% in July from 2.8% in June, while the annual core inflation rate rose to 2.5% from 2.4%, according to Eurostat's flash data."Because July started while the US-Iran memorandum of understanding was still in place, the effect on this month's inflation figures was relatively modest, but August inflation will be significantly higher if oil prices remain around their current levels. While energy inflation is on the move again, the question remains when second round effects will show up in core inflation data," ING said in a note. "So, while the data for July was quite benign, there is still plenty of scope for a further increase in inflation. Especially since the Middle East war remains very unpredictable. The [European Central Bank] remains on high alert and is likely to raise rates in September again under current conditions."Over to corporates, building materials group Holcim (HOLN.SW), specialty chemicals company Clariant (CLN.SW), orthopedic products company Medacta Group (MOVE.SW) and the Swiss National Bank (SNBN.SW) were among Switzerland-listed companies that published financial results.Holcim delivered a 5.5% year-over-year increase in net sales to 4.41 billion francs in the second quarter, while recurring EBIT grew to 1.01 billion francs from 955 million francs, leading the group to raise its guidance for full-year 2026. The stock closed the trading session down 2.76%."Holcim delivered a robust Q2, with recurring EBIT of CHF1,007m coming in 5.1% ahead of company-compiled consensus of CHF958m (3.7% beat ex corp/eliminations), with beats across all three regions. The performance was underpinned by strong organic growth of +6.4% in net sales and +13.1% in recurring EBIT, driven by strict cost discipline, sustainable product penetration, and accelerating demand in Europe and Asia, Middle East & Africa," said analysts at RBC Capital Markets. "Management upgraded FY2026 guidance to ~5% organic net sales growth and ~10% organic recurring EBIT growth (from 3-5% and 8-10% respectively, vs VA cons. of 4.0% and 9.4%), the first upgrade since the NextGen Growth 2030 strategy was launched."Meanwhile, the Swiss National Bank's shares gained 3.39% as the central bank booked an interim result of 25.17 billion francs in the first half, compared with a year-ago loss of 15.30 billion francs.

^SSMI$CLN.SW$HOLN.SW$MOVE.SW$SNBN.SW
International

Swiss Monthly Retail Sales Up 0.2% in June

Retail sales in Switzerland edged up 0.2% month over month in real terms in June, after a revised 0.9% increase in the previous month, the country's Federal Statistical Office said Friday.On a yearly basis, seasonally adjusted retail sales were 1.5% higher, compared with the revised 3.4% jump earlier and the consensus estimate of a 3.1% growth.

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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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