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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 Stocks Recover as ECB, BoE Rate Decisions Take Spotlight

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.

^SSMI$NOVN.SW$OERL.SW
International

Swiss KOF Economic Barometer Increases in April

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.

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Asia Markets

Swiss Blue-chip Index Extends Losses; UBS Shares Up

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."

^SSMI$SDZ.SW$UBSG.SW
International

Swiss Economic Sentiment Index Improves in April

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.

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Asia Markets

Swiss Market Index Remains in Red; SIG Group Shares Rise

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%.

^SSMI$BARN.SW$BUCN.SW$IDIA.SW$NOVN.SW$SIGN.SW
Asia Markets

Swiss Market Index Closes Little Changed; Santhera Shares Jump

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.

^SSMI$LONN.SW$SANN.SW
Asia Markets

Swiss Equities Close Week Downbeat; Novartis, Kuehne+Nagel in Red

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.

^SSMI$HOLN.SW$IFCN.SW$KNIN.SW$NOVN.SW$SFZN.SW$SNBN.SW
Asia Markets

Swiss Market Index Recovers; Nestlé, Galderma Shares Rise

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.

^SSMI$GALD.SW$NESN.SW$RO.SW$SCHP.SW$SGSN.SW
Asia Markets

Swiss Market Index Extends Losing Streak; ABB Shares Gain

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.

^SSMI$ABBN.SW$SNBN.SW$UBSG.SW
Asia Markets

Swiss Stocks Down Amid Looming US-Iran Ceasefire Deadline

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."

^SSMI$ALC.SW$RO.SW
International

Swiss Watch Exports Down 1% in March

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.

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International

Swiss Quarterly Trade Surplus Narrows in Q1

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%.

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Asia Markets

Swiss Market Index in Red as Hopes for Middle East War Resolution Fade

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."

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Asia Markets

Swiss Blue-chip Index Ends Week Upbeat on Renewed Middle East Peace Hopes

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.

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Asia Markets

Swiss Market Index Extends Losses; Barry Callebaut Plummets

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."

^SSMI$BARN.SW$ROG.SW
International

Swiss Monthly Producer, Import Prices Up 0.2% in March

Switzerland's monthly producer and import price index ticked up 0.2% in March, after a 0.3% decline in February, data from the country's Federal Statistical Office showed Tuesday.Analysts expected 0.5% growth for the month, according to Investing.com data.On a yearly basis, Swiss producer and import prices were 2.7% lower, unchanged from the prior month.

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Asia Markets

Swiss Stocks Slips Back into Red; Comet Rises

The Swiss Market Index returned to the negative territory on Wednesday, closing 0.38% lower, amid news of a possible resumption of peace talks between the US and Iran."Markets have grown more confident that the Middle East crisis is moving toward a resolution, with the US and Iran arranging a second round of talks, and Tehran seemingly willing to halt shipments to avoid testing the US naval blockade," analysts at ING said. "Given how unsuccessful the first round of negotiations was last weekend, these dollar levels seem to embed a fair amount of premature optimism."At home, Switzerland's Federal Council launched a consultation on revisions to certain regulations in the energy sector, including the Electricity Supply Ordinance and Nuclear Energy Liability Ordinance. The consultation is set to run until July 15.On the corporate front, Deutsche Bank Research lifted its price target for Comet (COTN.SW) to 370 francs from 300 francs, with a buy rating on the stock, noting the Swiss technology company's robust order intake in the first quarter and "very strong" momentum in its X-ray division. The stock added 1.98% at closing."In our view, this marks the start of the semi upcycle at Comet in PCT, with order strength to continue into Q2 (DBe: +9% qoq) & H2-26 (as indicated at VAT) driven by an inventory restocking cycle at OEMs," the research firm said. "Whilst Comet likely has outsized market share (vs at Western OEMs) with its main US-based peers (AEIS, MKS, etc) remaining restricted - recent MATCH Act noise (which aims to harmonize export controls across allies of the USA) should be monitored closely in this regard as a potential downside risk. We remain very constructive however - with FX headwinds reducing significantly from Q2-26, whilst Comet should also provide positive updates on Synertia & the CA20 in H2-26, where we believe momentum has been building over the past 6 months."Helvetia Baloise (HBAN.SW) also saw its shares rise 0.93% as it reported a year-over-year increase in 2025 insurance revenue, while IFRS net income jumped 14.4% to 574.7 million francs. The Swiss insurance group also set new financial targets for 2028, including a 10% to 12% annual growth in underlying EPS.

^SSMI$COTN.SW$HBAN.SW
Asia Markets

Swiss Market Index Recovers; Sika, PolyPeptide Group Shares Jump

The blue-chip Swiss Market Index bounced back on Tuesday, closing 0.94% higher, as investors digest the latest economy-related and corporate releases while keeping an eye on geopolitical developments.On the macroeconomic front, the International Monetary Fund lowered its 2026 global growth forecast to 3.1% in its April World Economic Outlook report, down by 0.2 percentage point from its previous estimate, under the assumption that the ongoing conflict in the Middle East remains limited in duration and scope. For 2027, the global growth is still expected to stand at 3.2%.For the euro area, the economic growth projections for 2026 and 2027 were both trimmed by 0.2 pp to 1.1% and 1.2%, respectively, while the estimates for the UK were cut by 0.5 pp and 0.2 pp to 0.8% and 1.3%.Back home, Swiss President Guy Parmelin and Federal Councilor Karin Keller-Sutter are set to attend the 2026 IMF and World Bank Spring Meetings and G20 finance ministers meeting in the US this week, according to Switzerland's Federal Council. Swiss National Bank (SNBN.SW) Governing Board Chairman Martin Schlegel will also be part of the delegation."The Spring Meetings will focus on global economic and development policy challenges. In the current environment of geopolitical conflicts and trade tensions, it is particularly important for Switzerland to advocate reliable economic relations and open markets in multilateral bodies and bilateral contacts. Healthy public finances, price stability and a robust global monetary and financial system are also crucial for a resilient economy and lasting prosperity," the government said.Over to corporates, Sika (SIKA.SW) reported a 7% year-over-year drop in first-quarter net sales to 2.49 billion francs. The result was dented by a foreign currency impact of 213 million francs, which the Swiss specialty chemicals group mainly attributed to the franc's strength against Asian currencies and the US dollar. For full-year 2026, the company reaffirmed its sales growth guidance of between 1% and 4% in local currencies. The stock gained 7.94% at closing.PolyPeptide Group (PPGN.SW) also saw its shares rise 4.46% after disclosing that it is at an early stage of reviewing potential strategic options to further improve its long-term value for shareholders. Amid market chatter that it drew takeover interest from certain investors, the Swiss contract development and manufacturing organization noted that it has yet to decide on the review.

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

Swiss Stocks in Red After US-Iran Peace Talks Collapse; Burkhalter Gains

The Swiss Market Index welcomed the new trading week on a bleak note, closing 0.28% in the red on Monday, as the US prepares for a naval blockade of ships passing through the Strait of Hormuz after peace talks between the US and Iran collapsed over the weekend."That US-Iran peace talks failed to deliver a sustainable ceasefire should perhaps not come as a surprise. And while a US naval blockade will push oil higher, that is a better outcome for the global economy than a renewed assault on energy infrastructure in the region," analysts at ING said.Switzerland's economic calendar was empty for the day, while the release of the country's producer and import prices is on the agenda this week. Market watchers are also awaiting the International Monetary Fund's latest World Economic Outlook report.On the corporate front, Burkhalter (BRKN.SW) gained 3.20% as it reported a year-over-year increase in 2025 group profit to 61.3 million francs from 57.2 million francs, while EPS jumped 7.2% to 5.78 francs and sales up 1.8% to 1.21 billion francs. Looking forward, the Swiss building technology services provider expects EPS to "moderately" rise in 2026 compared with the previous year.Meanwhile, Deutsche Bank Research resumed its coverage of Holcim (HOLN.SW) with a buy rating and a price target of 85 francs, after a period of restriction as a result of the Swiss building materials company's purchase of a majority stake in Peruvian peer Cementos Pacasmayo. Holcim's stock was down 0.66% at closing."Holcim provides exposure to Europe (notably France and the UK), Latam (Mexico, Colombia, Peru) and AMEA (including Australia). CEO Miljan Gutovic has steered the group through an intense period of portfolio rotation: the spin-off of North American assets (Amrize), significant M&A (Xella and Cementos Pacasmayo in; Nigeria out) and ongoing geopolitical events," the research firm said in a note.

^SSMI$BRKN.SW$HOLN.SW
Asia Markets

Swiss Stocks End Week in Green; Bossard Shares Jump

The blue-chip Swiss Market Index closed 0.18% in the green on Friday, as investors assess the latest economy-related developments amid cautious optimism over peace talks between the US and Iran set to take place this weekend.The KOF Swiss Economic Institute's global economic barometers diverged in April, with the coincident barometer declining 0.2 point to 102.1 points and the leading barometer rising 1.7 points to 102.9 points."Although the war against Iran and the closure of the Strait of Hormuz dominated the headlines in March, the movements in the two global indicators were relatively modest. Both indicators remain slightly above average," KOF director Jan-Egbert Sturm said. "For now, it seems that survey participants think this war will be temporary and largely regional, and therefore will not affect their economic situation too much."On the tariffs front, Switzerland is looking to finalize a trade agreement with the US by July-end, with the Swiss government reportedly expecting to continue talks with a third round of negotiations this April, Bloomberg News reported, citing unnamed sources.Meanwhile, government data showed that the Swiss consumer sentiment index fell to -42.9 points in March from -30.4 points in February. In the previous year, the index came in at -34.8 points. The State Secretariat for Economic Affairs said the separate indices for economic and financial outlooks and the moment to make major purchases deteriorated year over year, while the indicator for past financial situation barely changed.Over to corporates, Bossard (BOSN.SW) reported a year-over-year increase in first-quarter group net sales to 284.9 million francs from 283.3 million francs. The Swiss industrial fastening and assembly technology company said it remains committed to its medium-term financial targets despite the current market volatility and expectations of a subdued level of economic demand in the first half of 2026. The stock jumped 6.48% at closing.UBS Group (UBSG.SW) also saw its shares gain 0.96% after Switzerland's Federal Criminal Court dismissed a money-laundering case against it related to loans granted by Credit Suisse to Mozambique state-owned companies. The court ruled that there is no transfer of criminal liability to UBS, which acquired Credit Suisse in 2023.

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