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Swiss Market Index (SMI)

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207 stories mentioning Swiss Market Index (SMI)Updated 56m 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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International

Swiss Quarterly Trade Surplus Widens in Q2

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

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Asia Markets

Swiss Stocks Blink Red; PolyPeptide Group Gains Amid Takeover Bid

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

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Asia Markets

Swiss Market Index Ends Week Upbeat; Georg Fischer Climbs

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

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Asia Markets

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

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

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Asia Markets

Swiss Market Index Closes Higher; Richemont Shines

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

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Asia Markets

Swiss Market Index Slips; Roche Shares Down

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

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International

Swiss Monthly Producer, Import Prices Down 0.3% in June

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

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Asia Markets

Swiss Stocks Begin Week in Green; DocMorris Shares Jump

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

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Asia Markets

Swiss Blue-chip Index Closes Week on Positive Note; SFS Group Shares Rise

The Swiss Market Index concluded the trading week in positive territory, up 0.14% on Friday's close, as investors assessed the latest economic data prints and updates concerning the renewed hostilities between the US and Iran.The KOF Swiss Economic Institute's global economic barometers improved in July, with the coincident barometer rising 0.6 points to 104.5 points and the leading barometer increasing 0.7 points to 102.5 points."For three consecutive months, the economic situation in the Western Hemisphere, Asia, the Pacific and Africa has clearly been above average, while Europe has only just reached average levels. Furthermore, last month's turn towards peace talks between the US and Iran has improved expectations for the upcoming months, specifically in the Asia-Pacific region," KOF director Jan-Egbert Sturm said. "Despite all the political turmoil, the world economy appears to be in better shape overall than many fear."Meanwhile, government data showed that Switzerland's consumer sentiment index rose to -35.8 points in June from -38.1 points in May. In the previous year, the index came in at -32.2 points. The State Secretariat for Economic Affairs said the separate indices for economic and financial outlooks, the moment to make major purchases, and the past financial situation deteriorated year over year.Over to corporates, Swiss precision components and fastening technology company SFS Group (SFSN.SW) is entering the North American aerospace market by purchasing US-based Heartland Precision Fasteners for an undisclosed amount. The deal is expected to be completed by the end of September, with Heartland set to be integrated into the industrial business unit of the group's engineered components segment. SFS shares added 3.63% at closing."This step opens up promising opportunities for the development of a global manufacturing platform in the aerospace sector in line with SFS's local-for-local strategy. At the same time, the acquisition supports the long-term growth and profitability targets of both the Engineered Components segment and the SFS Group as a whole," SFS said in a statement. "The employees will be retained and the existing management team will continue to handle business development."Ems-Chemie's (EMSN.SW) EMS Group saw a 4.5% annual growth in net sales in local currencies to 1.01 billion francs in the first half, while net operating income increased to 310 million francs from 296 million francs. For full-year 2026, EMS now expects net sales to be "slightly below" the previous year due to currency effects. The Swiss polymer and specialty chemicals company's stock closed the session 4.24% higher.

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International

Swiss New Road Vehicle Registrations Up 12% in June

Switzerland's new registrations of road motor vehicles, excluding mopeds and late registrations, climbed 12% year over year to 36,876 units in June, data from the country's Federal Statistical Office showed Friday.For the six months to June, new registrations of road motor vehicles totaled 171,520 units, reflecting a 4% annual increase.

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International

KOF Global Barometers Increase in July

The KOF Swiss Economic Institute's global economic barometers rose in July, moving slightly above the 100-point level, indicating an improvement in the economic momentum worldwide.The coincident global barometer rose 0.6 points to 104.5 points, while the leading barometer increased 0.7 points to 102.5 points, according to a Friday release.The increase in both barometers was largely attributed to positive contributions from the Asia, the Pacific and Africa region and Europe.

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Equities

IEA: US-Iran Conflict Re-escalation Could Upend Expected Oil Market Surplus in 2027

The expected oil market surplus in 2027 could be upended by the recent re-escalation of the US-Iran conflict after the interim ceasefire deal was breached, leading to a renewed increase in oil prices, according to the International Energy Agency.In its July oil market report published Friday, the IEA said global oil demand is on the road to recovery, expecting it to increase by more than 8 million barrels per day by October from a low of 97.9 million barrels per day in May. Nonetheless, the agency forecasts demand will decline by 1 million barrels of oil per day in 2026 before rebounding by 2 million barrels per day in the next year.Meanwhile, global supply is projected to drop by an average of 3.7 million barrels of oil per day to 102.6 million barrels per day in 2026, assuming that renewed hostilities between the US and Iran quickly de-escalate. Looking ahead, supply is anticipated to increase by 7.5 million barrels per day next year if transit volumes rise."While the global oil market balance looks set to swing back to surplus towards the end of the year, the forecast hinges on the assumption that tanker flows through the [Strait of Hormuz] will gradually recover, allowing producers to restart fields and refiners in the Middle East and elsewhere to resume product shipments. Renewed exchanges of fire in the Gulf this week highlight the risks of not reaching a lasting peace agreement, which is a must for the normalisation in oil markets," the IEA noted.

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International

Swiss Consumer Confidence Edges Up in June

Switzerland's consumer sentiment index rose to -35.8 points in June from -38.1 points in May, according to data from the State Secretariat for Economic Affairs published Friday.Analysts expected -35 points for the month.In the previous year, the index stood at -32.2 points.

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Asia Markets

Swiss Equities Close Higher; Nestlé, Barry Callebaut in Red

The Swiss Market Index rebounded on Thursday, closing 0.29% higher, as investors took stock of the latest corporate updates and closely monitored the geopolitical developments in Europe and the Middle East."The US has now conducted a second consecutive day of strikes on Iran, reportedly targeting around 90 sites including air defence systems, missile and drone facilities, and coastal surveillance infrastructure. This marks a clear escalation, with Washington signalling it is prepared to sustain operations to protect shipping in the Strait of Hormuz," analysts at Deutsche Bank Research said in a note. "In response, Iran's Revolutionary Guard has reportedly struck US-linked bases in the Gulf and warned of further retaliation, raising the risk of a broader regional conflict."Meanwhile, President Vladimir Putin is reportedly likely to escalate Russia's war against Ukraine, rejecting calls to negotiate a peace deal with the latter, sources close to the Kremlin told Reuters.Back home, Swiss President Guy Parmelin met with Mexican counterpart Claudia Sheinbaum during his visit to Mexico to bolster bilateral ties between their countries. The discussions were mainly focused on trade policy, with both leaders reaffirming their support for updating the free trade agreement between the European Free Trade Association, which includes Switzerland, and Mexico.On the corporate front, Barry Callebaut (BARN.SW) shares shed 4.14% as its sales revenue for the nine months ended May 31 fell to 9.56 billion francs from 10.95 billion francs amid lower cocoa bean-related pricing. For fiscal 2026, the Swiss chocolate and cocoa products group now expects a 1% volume decline, at the upper end of its previously guided range, while reiterating its guidance of a mid-teens decrease in EBIT recurring in local currencies."We are encouraged by the return to positive volume growth in the third quarter, which partly reflects early signs of stabilizing fundamentals and service levels in North America. At the same time, the chocolate market remains challenging and our improvement will be gradual," said Barry Callebaut Chief Executive Officer Hein Schumacher. "We are unwavering in our focus on further reinforcing our fundamentals to gain market share and drive sustained profitable growth."Nestlé (NESN.SW) obtained approval from the Thailand Board of Investment for its proposed $688 million investment to build a smart factory and distribution center in the Southeast Asian country. The new facility is anticipated to be operational in the fourth quarter of 2028. The Swiss consumer goods giant's stock was 0.95% in the red at closing.

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Asia Markets

Swiss Market Index Slips Back into Red; Barry Callebaut Shares Down

Swiss equities fell back into negative territory on Wednesday, reflecting cautious investor sentiment as geopolitical tensions between the US and Iran re-escalated.Joining a regional retreat in Europe, the Swiss Market Index was down 1.30% at closing.The NATO summit continued into its second and final day, with US President Donald Trump saying the interim ceasefire agreement with Iran was "over" after the latter carried out airstrikes on US bases in Bahrain and Kuwait. Trump also made fresh threats to take control of Greenland and cut trade ties with Spain.On the macroeconomic front, the International Monetary Fund lowered its 2026 global growth forecast to 3% in its July World Economic Outlook report, down by 0.1 percentage point from its previous projection, mainly reflecting the effects of the Middle East war. For 2027, the expected global growth was increased by 0.2 percentage points to 3.4%.Back home, the Swiss Confederation sold two series of bonds worth 360 million francs in a reopening at an auction, with settlement set for July 22, 2026. The 2.25% and 2.50% bonds are due June 2031 and March 2036, respectively.Over to corporates, Deutsche Bank Research lowered its price target for Barry Callebaut (BARN.SW) to 960 francs from 1,000 francs, with a sell rating on the stock, noting the stock is priced for mid single-digit plus volume/mix growth. On Wednesday's close, the Swiss chocolate and cocoa products group's shares lost 0.84%."However, US employment in chocolate and confectionery manufacturing is declining and there is no recovery in European production. Production now, should be for peak season consumption later in the year," the research firm said. "We believe mix gains from a higher number of smaller users of gourmet/speciality product really drove the upside in the Barry model in the 2010's and we find it difficult to believe that the medium term operating environment will match that. However, the stock is priced for the same mix benefits."Meanwhile, RBC Capital Markets expects Galderma Group (GALD.SW) to post an 18% sales growth at constant currency in the second quarter, moderating from a 26% increase in the prior three-month period, when it releases its latest financial results on July 23. The dermatology company's stock was down 0.85% at the end of the trading session."We make minor changes to our near-term estimates, but we lift our PT to CHF 175 (from CHF 155) on higher long-term Nemluvio and margin assumptions. However, we maintain Sector Perform as we believe its valuation premium (34x 27E P/E) reflects the strong growth trajectory, trading in line with higher-valued consumer peers (premium to biopharma) on a growth-adj. basis," according to RBC analysts.

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Asia Markets

Correction: CH Closer

(Corrects throughout to remove reference to story published in error)

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Asia Markets

CH Closer

Swiss Market Index Slips Back into Red; Barry Callebaut Shares DownSwiss equities fell back into negative territory on Wednesday, reflecting cautious investor sentiment as geopolitical tensions between the US and Iran re-escalated.Joining a regional retreat in Europe, the Swiss Market Index was down XX% at closing.The NATO summit in Turkey continued into its second and final day, with US President Donald Trump saying the interim ceasefire agreement with Iran was "over" after the latter carried out airstrikes on US bases in Bahrain and Kuwait. Trump also made fresh threats to take control of Greenland and cut trade ties with Spain.On the macroeconomic front, the International Monetary Fund lowered its 2026 global growth forecast to 3% in its July World Economic Outlook report, down by 0.1 percentage point from its previous projection, mainly reflecting the effects of the Middle East war. For 2027, the expected global growth was increased by 0.2 percentage points to 3.4%.Back home, the Swiss Confederation sold two series of bonds worth 360 million francs in a reopening at an auction, with settlement set for July 22, 2026. The 2.25% and 2.50% bonds are due June 2031 and March 2036, respectively.Over to corporates, Deutsche Bank Research lowered its price target for Barry Callebaut (BARN.SW) to 960 francs from 1,000 francs, with a sell rating on the stock, noting the stock is priced for mid single-digit plus volume/mix growth. On Wednesday's close, the Swiss chocolate and cocoa products group's shares lost XX%."However, US employment in chocolate and confectionery manufacturing is declining and there is no recovery in European production. Production now, should be for peak season consumption later in the year," the research firm said. "We believe mix gains from a higher number of smaller users of gourmet/speciality product really drove the upside in the Barry model in the 2010's and we find it difficult to believe that the medium term operating environment will match that. However, the stock is priced for the same mix benefits."Meanwhile, RBC Capital Markets expects Galderma Group (GALD.SW) to post an 18% sales growth at constant currency in the second quarter, moderating from a 26% increase in the prior three-month period, when it releases its latest financial results on July 23. The dermatology company's stock was down XX% at the end of the trading session."We make minor changes to our near-term estimates, but we lift our PT to CHF 175 (from CHF 155) on higher long-term Nemluvio and margin assumptions. However, we maintain Sector Perform as we believe its valuation premium (34x 27E P/E) reflects the strong growth trajectory, trading in line with higher-valued consumer peers (premium to biopharma) on a growth-adj. basis," according to RBC analysts.

^SSMI$BARN.SW$GALD.SW
Asia Markets

Swiss Stocks End Week Upbeat; Holcim Rises

The Swiss Market Index closed 0.50% in the green on Friday amid a quiet day of economic news locally and thin trading volumes, with the US market closed in observance of the Independence Day holiday.Deutsche Bank Research raised its price target for Holcim (HOLN.SW) to 88 francs from 85 francs, expecting the building materials company's revenue in the second quarter to reach 4.27 billion francs. At the end of Friday's trading session, the stock was up 2.86%."For Q2 (H1 results on 31 July), we expect a sales increase of c.2% yoy, reflecting: organic growth of c.4%; a marginally positive scope impact (with a full quarter contribution from Cementos Pacasmayo, largely offset by the Nigeria disposal); and negative FX of around 2% (mainly in AMEA and Europe); this represents an improvement from the c.6% impact seen in Q1," the research firm wrote in a note.Meanwhile, Givaudan (GIVN.SW) opened a new 24,000 square-meter production facility for flavor powders in Cikarang, Indonesia, in which it invested 50 million francs to bolster its manufacturing capacity. The move is also part of plans to expand the company's footprint in high-growth markets. The Swiss flavors and fragrances group edged up 0.14% at closing.Outside Switzerland and in other news, the S&P Global Eurozone Composite PMI Output Index rose to a three-month high of 50 in June, against the previous 48.5 and flash estimate of 49.5. The seasonally adjusted final reading marks the first time the index has moved out of the contraction zone since March."An easing of downturn in eurozone service sector business activity during June is welcome news and, in conjunction with manufacturing growth, means the wider economy has stabilised after two months of falling output," S&P Global Market Intelligence Chief Business Economist Chris Williamson said. "A key drag on economic growth since the outbreak of the war in the Middle East has been the subduing of demand from consumers due to the energy price spike, but these inflationary pressures have shown signs of cooling markedly in June."Looking ahead, next week's Swiss economic calendar includes the June unemployment rate and consumer sentiment index.

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Asia Markets

Swiss Blue-chip Index Recovers Amid Easing Inflation; UBS, Roche Shares Gain

Swiss stocks staged a recovery on Thursday, with the Swiss Market Index closing 1.69% higher, as investors digested a fresh batch of economic data prints that hit the market.The annual inflation rate in Switzerland ticked down to 0.5% in June from 0.6% in May, government data showed. Month over month, consumer prices remained stable, against the prior 0.2% rise and the expected 0.1% uptick."The stability of the index compared with the previous month was the result of contrasting trends that offset one another overall. Prices for fruiting vegetables and stem vegetables increased. Hotels and other accommodation providers also recorded a price increase, as did car rental and car sharing," the Federal Statistical Office said. "In contrast, prices for air transport decreased, as did those for heating oil and diesel."Elsewhere and on the jobs front, the seasonally adjusted unemployment rate in the euro area stood at 6.2% in May, unchanged from the previous month's revised figure. Meanwhile, the US unemployment rate declined to 4.2% in June from 4.3% a month before.Over to corporates, UBS Group's (UBSG.SW) eligible common equity Tier 1 capital exceeds the fully applied capital requirements under the existing "too-big-to-fail" regulations by $9 billion as of the first quarter of 2026, according to the Swiss National Bank (SNBN.SW)."UBS can be expected to be able to comply with the proposed capital measures, while continuing to distribute profits to its shareholders," the SNB said in its latest financial stability report, taking into account the group's reserves and expected profits, as well as the seven-year transition period to meet the revised requirements. UBS shares were up 1.96% at closing.Swiss pharmaceutical giant Roche (RO.SW) also saw its shares rise 3.89% as it announced that the late-stage Krascendo 1 trial evaluating its investigational divarasib therapy met its primary and key secondary endpoints, achieving clinically meaningful and statistically significant improvements in progression-free survival and overall survival in patients previously treated with KRAS G12C-mutant advanced or metastatic non-small cell lung cancer.In geopolitical news, the US and Iran wrapped up indirect talks in Doha. Qatar's foreign ministry described the discussions as showing "positive progress" and said further negotiations would resume after the state funeral of Iran's late Supreme Leader Ayatollah Ali Khamenei.

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International

Swiss Annual Inflation Eases to 0.5% in June

Switzerland's annual inflation rate stood at 0.5% in June, down from 0.6% in the previous month, according to data from the country's Federal Statistical Office published Thursday.The latest figure aligned with the consensus estimate.On a monthly basis, consumer prices were stable, compared with the prior 0.2% gain and the expected 0.1% uptick.

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