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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 Economic Growth Expected to Further Weaken in 2026 Over Iran Crisis

Switzerland's below-average economic growth is anticipated to decelerate further in 2026 as the conflict in the Middle East drives up energy prices and weighs on the global economy, according to the Federal Government Expert Group on Business Cycles.The Swiss State Secretariat for Economic Affairs said Thursday the expert group now expects gross domestic product growth, adjusted for sporting events, to come in at 0.9% in 2026, down from its March forecast of 1%. Similarly, the 2027 GDP growth forecast is reduced to 1.6% from 1.7%.Not adjusted for sports events, Swiss economic growth is anticipated at 1.2% in 2026 and 1.3% in 2027, against the previous expectations of 1.3% and 1.4%, respectively.As for consumer prices, the inflation estimate for 2026 is increased to 0.6% from 0.4% previously, while the 2027 forecast is raised to 0.6% from 0.5%.The expert group also lifted its unemployment rate outlook to 3.1% from 3% for 2026, and to 3% from 2.8% for 2027.

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International

Swiss Watch Exports Tick Up 0.4% in May

Switzerland's watch exports edged up 0.4% year over year to 2.11 billion francs in May, as the value growth in bimetallic models was unable to offset export declines in precious metal and steel watches, the Federation of the Swiss Watch Industry said Thursday.Exports of wristwatches rose 0.6%, while the other products category fell 4.7%.In the first five months of 2026, overseas shipments decreased 3.1%.

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International

Swiss Trade Surplus Climbs MoM in May

Switzerland's trade surplus rose to 5.64 billion francs in May from the revised 3.28 billion francs in April, according to data from the Federal Office for Customs and Border Security published Thursday.Following stagnation in the previous month, the surplus in May was the highest in 12 months.Seasonally adjusted exports jumped 13.4% month over month, while imports rebounded with a growth of 3.4%.

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Asia Markets

Swiss Market Index Shrugs Off Cloudy Economic Outlook to Close Higher

The Swiss Market Index closed 0.39% higher on Wednesday as investors took stock of the latest corporate and economic data prints while awaiting the US Federal Reserve's monetary policy decision.The Fed is widely expected to hold its key interest rate steady in the 3.5% to 3.75% range later today.Closer to home, the annual inflation rate in the euro area edged up to 3.2% in May from 3% in April, final data from Eurostat showed. In the UK, the annual inflation rate stood at 2.8% in May, unchanged from the previous month.Back in Switzerland, the KOF Swiss Economic Institute lowered its real gross domestic product sport-adjusted growth forecast for the country to 0.8% in 2026 from the previous 1% projection. In 2027, GDP is now expected to expand by 1.5%, down from the prior 1.7% forecast."The war waged by the United States and Israel against Iran, and the resulting higher oil prices, are weighing more heavily on the economic outlook than assumed in the previous forecast," according to the KOF. "The baseline forecast assumes a relatively timely settlement of the Iran war. A continuation and renewed escalation of the conflict represent downside risks. In addition, trade and geopolitical risks remain elevated, including possible additional US tariffs against Switzerland as well as potential shifts in investment by Swiss companies to the United States."Over to corporates, Straumann Holding (STMN.SW) shares closed the session 10.80% higher as it lifted its 2026 financial guidance, now anticipating profitability to be "significantly" above its previously issued outlook. The Swiss dental products group expects its core EBIT margin expansion of between 140 basis points and 170 basis points at constant 2025 exchange rates, against its prior forecast of 30 basis points to 60 basis points. Organic revenue growth for 2026 is still projected to be in the high single digits."Strong execution across our franchises, combined with significant operational leverage driven by manufacturing efficiencies on the one hand and disciplined resource management on the other while continuing to progress on our strategic priorities, contributed to stronger-than-expected profitability," said Chief Executive Officer Guillaume Daniellot. "With the visibility we have today, we are confident in raising our profitability outlook for 2026."In other news, G7 countries expressed their support for "a robust and comprehensive diplomatic follow-on agreement" to the memorandum of understanding reached by the US and Iran.

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Equities

IEA Forecasts Oil Market Recovery in 2027 After US-Iran Deal

The International Energy Agency expects the oil market to recover in 2027 following weak demand amid disruptions arising from the Middle East war, after the US and Iran reached an interim peace deal that could lead to a reopening of the Strait of Hormuz.In its June oil market report published Wednesday, the IEA said global oil demand is anticipated to decline by 1.1 million barrels per day year over year in 2026, a downgrade of 700,000 barrels per day from its previous month's forecast, as deliveries fell in the second quarter due to increased fuel prices and supply disruptions. Meanwhile, global supply is forecast to drop by 3.9 million barrels of oil per day on average in 2026, to 102.4 million barrels per day, before rebounding to 110.3 million barrels per day in the next year."Further declines in the coming months could still take global oil stocks to historic lows before the market balance shifts to surplus towards the end of the year," the IEA noted.Looking ahead, a rebound in demand growth of a "modest" 2 million barrels per day is projected in 2027 as trade flow normalizes, oil prices decline and the economic outlook brightens, under the assumption that the deal holds."While the US‑Iran interim agreement paves the way for a rebound in Middle East exports, operational and political constraints, including prolonged demining and unresolved transit arrangements, leave downside risks to the outlook," the IEA said.The US-Iran agreement is set to be signed on Friday in Switzerland.

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Asia Markets

Swiss Stocks End Higher; PolyPeptide Group Shares Jump

Swiss stocks were in positive territory on Tuesday's close, with the Swiss Market Index up 0.32%, amid a quiet day of local economic news.In the eurozone, the ZEW Indicator of Economic Sentiment improved to 9.5 points in June from -9.1 points in May, fueled by hopes that the Middle East conflict is nearing an end. The economic sentiment indicator for Germany, the eurozone's largest economy, also turned positive, rising by 20.7 points to 10.5 points in June.On the geopolitical front, European Commission President Ursula von der Leyen met with UK Prime Minister Keir Starmer at the G7 Summit in Evian, France, discussing the situation in Ukraine and the Middle East. Swiss President Guy Parmelin is also set to meet Starmer this evening to discuss negotiations on a bilateral free trade deal.Back home and in corporate news, Siegfried Holding (SFZN.SW) further expanded its large-scale drug substances offering with the launch of its new drug substances manufacturing facility in Minden, Germany. The Swiss contract development and manufacturing organization's stock shed 7.60% at closing.Berenberg raised its price target for PolyPeptide Group (PPGN.SW) to 38 francs from 35 francs, with an unchanged buy recommendation on the stock, expressing optimism over the group's ability to achieve its revenue growth guidance for 2026. PolyPeptide's shares closed the session 5.65% higher."In the absence of any material newsflow, we take increasing confidence that operations at the newly expanded Braine-l'Alleud facility in Belgium are running as planned. The revenue contribution from this asset should provide sufficient support for the company to achieve the upper end of its 2026 revenue guidance, in our view," the research firm said. "In addition, PolyPeptide is expanding its site in Strasbourg, France, to support a large non-GLP-1 contract. We expect the ramp-up to begin in the second half of 2026, subject to approval from the regulatory authorities, with this reaching target utilisation as of 2027. We forecast this asset to contribute EUR50m of revenue from 2027E onwards."

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Equities

IMF: Europe, Other Energy-importing Countries Hit Hard by Middle East War

Countries particularly hit the hardest by the war in the Middle East are those that are heavily dependent on energy imports and have limited policy space, according to the International Monetary Fund."More than three months into the war in the Middle East, the global economy appears to be holding up," IMF Managing Director Kristalina Georgieva said in a blog post published Monday. "But an overall resilient global picture masks significant disparities. Even among advanced economies, some countries and communities have been harder hit. And in Africa, the negative impacts are more conspicuous. Meanwhile, with the prolonged closure of the Strait of Hormuz and infrastructure in the Middle East damaged by the fighting, uncertainty and risks remain high."Georgieva noted that Europe, which heavily relies on imported oil and gas, is facing higher inflation due to increased energy prices. France, Italy and Germany are among the euro area countries that have logged an increase in inflation since the war began in February.

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Asia Markets

Swiss Market Index Starts Week Little Changed; Zurich Insurance Shares Up

The Swiss Market Index kicked off the new trading week little changed, closing 0.07% higher on Monday, amid news that the US and Iran reached a preliminary deal to end the war."[After] 107 days and a seemingly endless number of false dawns, we finally have a deal between the US and Iran to end the war and open the Strait of Hormuz. It was announced at around 10:30pm UK last night and the MoU will be signed in Switzerland on Friday," Deutsche Bank Research said in a note. "The deal also sets out a 60-day negotiation window on a broader accord, including constraints around Iran's nuclear programme, where Tehran is expected to commit to maintaining its current status and not pursuing nuclear weapons."On the economic front, data from the State Secretariat for Economic Affairs showed that Switzerland's consumer sentiment index slightly improved to -38 points in May from -40 points in April. In the previous year, the index stood at -36.5. Meanwhile, the country's producer and import price index fell by 0.4% month over month in May and by 1.8% on a yearly basis to 100.1 points, according to the Federal Statistical Office.In other news, 54.79% of Swiss citizens over the weekend voted against a proposal to cap the country's permanent resident population at 10 million, while 45.21% were in favor, according to provisional official results.Over to corporates, Berenberg lifted its price target for Zurich Insurance Group (ZURN.SW) to 902 francs from 711 francs, while maintaining the buy rating on the stock, on expectations that the Swiss insurer will benefit from its planned $10.9 billion acquisition of British peer Beazley. Zurich's shares gained 1.53% at closing."The deal is set to close in H2 2026, when we believe Zurich will likely provide a clear update on its adjusted 2025-27 targets. The Beazley uplift is attractive: it is set to be mid-single-digit EPS-accretive by 2027, and is set to provide a double-digit return on investment, which we believe could already be achieved in 2029, and should therefore help Zurich achieve its 2025-27 plan targets of over 9% core EPS growth, over 23% ROE and over USD19m in cumulative cash remittances," the research firm said in a report on European composite insurers.Swiss investment manager Vontobel (VONN.SW) expanded its presence in the US by opening a new office in Los Angeles, California, as part of its growth strategy in the North American country. The stock was up 0.98% at the end of the trading session.

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International

Swiss Consumer Confidence Slightly Improves in May

Switzerland's consumer sentiment index rose to -38 points in May from -40 points earlier, according to data from the State Secretariat for Economic Affairs published Monday.The latest reading matched the consensus estimate for the month.In the previous year, the index stood at -37 points.

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International

Swiss Monthly Producer, Import Prices Down 0.4% in May

Switzerland's monthly producer and import price index declined 0.4% in May, after a 0.8% gain in April, data from the country's Federal Statistical Office showed Monday.Analysts expected a 0.4% uptick for the month.On a yearly basis, Swiss producer and import prices were 1.8% lower, against the 2% drop earlier.

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Asia Markets

Swiss Stocks Close Week Higher; Burckhardt Compression Gains

The Swiss Market Index ended the trading week in positive territory, closing 1.32% higher on Friday, as investors assessed fresh economic data prints while closely monitoring the geopolitical tensions in the Middle East.The US and Iran are reportedly close to signing a memorandum of understanding in Geneva this weekend to end the war in the Middle East, according to multiple media outlets including Reuters and The Guardian. However, Iran's official Islamic Republic News Agency warned against media speculation over a potential deal, noting that Tehran would not cede control of the Strait of Hormuz."Trump has said many times before that a deal is very close, only for hostilities to resume. However, there does appear to be more positive noise around the deal this time, not just from the US but also from other parties involved in the negotiations. Obviously, the key is the message coming out of Tehran. And for now, it has been very quiet," analysts at ING said. "Therefore, we would be cautious about assuming that the extension of the ceasefire is a done deal. Even if it is, it could be fragile. And clearly, if nuclear talks do not progress, it could very easily fall apart."Back home, the Swiss Federal Council approved the adoption of a joint declaration regarding a partnership between Switzerland and Vietnam aimed at bolstering and formalizing the two countries' bilateral ties. The council also set the effective date of the revised Anti-Money Laundering Act on Oct. 1.Over to corporates, Berenberg lowered its price target for Burckhardt Compression (BCHN.SW) to 670 francs from 720 francs, while the stock's buy rating was maintained, noting that the reciprocating compressor technology company delivered a "mixed" set of results for its fiscal year ended March 31. At closing, the stock was up 2.69%."On the positive side, profitability exceeded expectations, with the EBIT margin expanding to 13.3% from 12.9% and comfortably ahead of our and consensus forecasts of 12.8%," the research firm said in a note. "While management attributes the weakness in orders to tariff uncertainty, the Middle East conflict and delayed customer investment decisions, we believe investors will question why the deterioration became visible only at the results stage. The magnitude of the shortfall stands in contrast to previous communication, which had left the market expecting a more resilient demand environment."Swiss citizens will vote on Sunday on whether to cap the country's population at 10 million, a proposal that could impact the hiring of foreign talent for companies.

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Asia Markets

Swiss Blue-chip Index in Green as ECB Rate Decision Takes Center Stage

The Swiss Market Index remained in the green on Thursday, closing 0.49% higher, amid a quiet day of local economic news, with investors turning their attention to the European Central Bank's latest rate move.The ECB increased its three key interest rates by 25 basis points, as widely expected, citing inflationary pressures due to higher energy prices as the Middle East war continues. The deposit facility rate will stand at 2.25%, while the interest rates on main refinancing operations and marginal lending facility will be 2.40% and 2.65%, respectively, effective June 17. Baseline inflation projections for 2026 and 2027 were also upwardly revised."Upon delivering the expected 25bp rate hike today, the European Central Bank (ECB) did not answer the key question: will it make a follow-up mistake by tightening the monetary screws again in July or September?" Berenberg Chief Economist Holger Schmieding said in a note. "However, the significant upward revision to the call for core inflation in 2027 from 2.2% to 2.5% relative to very modest cuts to its staff projections for growth by 0.1ppt each for 2026 (to 0.8%) and 2027 (to 1.2%) sends a hawkish message. That today's decision to raise rates today was unanimous, as ECB president Christine Lagarde explained at the press conference, also indicates a clear risk that the ECB will tighten policy again in coming months."Over to corporates, BofA Global Research raised its price objective for Compagnie Financière Richemont (CFR.SW) to 185 francs from 175 francs while retaining the stock's buy rating, expecting the company to see a resumption in earnings growth in fiscal 2027 following three years of "broadly stable" and a "strong" finish to fiscal 2026. The Swiss luxury goods group's stock gained 2.72% at closing."This is driven by 10% cFX revenue growth, with 5% contribution from pricing already announced, 2% network expansion and 3% volume/mix. More importantly, the single biggest headwind on group profit (gold & FX) has swung from a headwind to a tailwind," according to the research firm. "We estimate GM to be +20bps YoY at current gold and FX rates (albeit we note it is highly sensitive to spot moves). Therefore, for the first time in a few years, our FY27E EBIT is 5% above consensus."Novartis (NOVN.SW) also saw its shares rise 2.10% as it announced that the biomarker cohort for its Fortitude phase 1/2 study evaluating its investigational delpacibart braxlosiran therapy met its primary and key secondary endpoints of reduction in KHDC1L (cDUX) and creatine kinase levels in facioscapulohumeral muscular dystrophy patients. The Swiss pharmaceutical major plans to discuss the results with global regulatory agencies, adding that it is currently enrolling patients for the phase 3 trial.

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Asia Markets

Swiss Market Index Rises Amid New US-Iran Strikes; Switzerland Issues New Bond

Swiss shares gained on Wednesday as investors looked for signs of clarity in peace talks between the US and Iran following new reports of escalation in tensions.The Swiss Market Index closed 0.80% higher amid reports that the White House retaliated against Iran for shooting down a US military helicopter near the Strait of Hormuz, complicating ongoing talks between the two countries on an extended ceasefire.The exchange came just hours after US President Donald Trump touted progress in ceasefire negotiations. Taking to Truth Social, Trump said Tehran has "taken too long to negotiate a deal that would have been great for them, now they will have to pay the price!!!"In corporate news back home, Logitech International (LOGN.SW) dropped 1.36% after it unveiled several new products, including an $80 portable foldable mouse called Mobi Fold.Holcim (HOLN.SW) launched the CaptureLab industrial-scale carbon capture test platform in France for technologies that can be used in cement manufacturing. The building materials company fell 0.39% at closing.Outside the blue-chip, Centiel (CNTL.SW) surged 33.33% after it secured a deal with Neo Critical Power to deploy its uninterruptible power supply technology in the US data center market. The UPS manufacturer anticipates an initial revenue in the low double-digit millions during its current financial year.Cybersecurity and digital identity company WISeKey International (WIHN.SW) announced a $3 million strategic investment in its Sealcoin subsidiary to boost the integration of the Sealcoin ecosystem into the space economy, including the commercialization of space infrastructure. The stock was down 2.91%.In other news, the Swiss government concluded the issuance of a 415.2 million-franc, 0.875% Confederation bond due June 24, 2041. Settlement is on June 24, 2026.

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International

Swiss Road Vehicle Registrations Remain Stable in May

The total number of motor vehicles registered in Switzerland, excluding mopeds, was stable at 30,051, according to the Federal Statistical Office on Wednesday.Of the total, the number of passenger car registrations was 19,678, down 1% year over year.

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International

KOF: Global Coincident Barometer Stabilizes in June; Leading Barometer Up

The KOF Swiss Economic Institute said Wednesday the world economy continued to see moderate growth in June as its global coincident barometer remained stable while its leading barometer rose.The Coincident Global Economic Barometer edged up 0.1 point from the prior month to 103.2 points amid a negative contribution from Asia, Pacific & Africa. Meanwhile, the Leading Global Economic Barometer increased 0.9 point to 101.2 points, thanks to the region's positive contribution offsetting the Western Hemisphere's negative contribution."While both remain slightly above average, the leading indicator has been lower than the coincident indicator for the second consecutive month. From a regional perspective, this is solely driven by sentiment in the Asia-Pacific and African regions. There, the outlook is below average, probably reflecting the consequences of the energy shortage caused by the de facto closure of the Strait of Hormuz," KOF director Jan-Egbert Sturm said.

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Asia Markets

UBS, Givaudan Drive Swiss Shares Higher as Middle East Tensions Ease

Swiss shares rose 0.27% at the trading close on Tuesday, reversing the previous day's losses, amid hopes of progress in peace talks in the Middle East and several favorable corporate developments.US President Donald Trump said his country and Iran are "in the final throes of what will be a very, very good deal," hours after brokering a halt to retaliatory strikes between Tehran and Israel.On the corporate front back home, Givaudan (GIVN.SW) jumped 7.48% following a slew of analyst rating upgrades. JPMorgan placed the flavor and fragrance company on Positive Catalyst Watch and Deutsche Bank upgraded to buy from hold, a day after Goldman Sachs raised its own rating to buy from sell."Demand remains solid, with Q2 conditions holding up after the March step-up. Combined with increasing innovation activity, this should lead to a sequential organic sales growth (OSG) acceleration for most," Deutsche Bank said as it also raised its price target on Givaudan to 3,300 francs from 3,000 francs. "At this stage, cost inflation appears to be manageable and should be passed through fairly quickly, ensuring profitability remains relatively well-underpinned, especially as self-help focus remains strong for most names. All in all, we expect Q2 results to be above the consensus."Meanwhile, UBS Group (UBSG.SW) gained 0.21% after sources told Reuters that the Swiss parliament is considering new proposals to ease the capital requirements for the country's biggest bank. The new proposals would reportedly reduce the government's requirement for the bank to fully back its foreign subsidiaries with common equity tier 1 capital to 70% or 80%.In other corporate news, SoftwareOne (SWON.SW) dropped 2.97% as it set out its financial targets for 2030 at its capital markets day. The Swiss software and cloud technology group is targeting a high-single-digit revenue compound annual growth rate and a dividend payout ratio of between 30% and 50% of its net profit.

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Asia Markets

Swiss Shares Start Week in Red Amid New Iran-Israel Strikes

Swiss shares started a new week in the red as traders digested fast-moving developments in the Middle East in the wake of new fighting between Iran and Israel.The Swiss Market Index closed 0.50% lower on Monday, following reports that Israel and Iran exchanged fire in yet another fresh bout of escalation in the region. US President Donald Trump called on both sides to "immediately stop 'shooting'" as Washington and Tehran continue to work on an extended ceasefire agreement."Both sides, Israel and Iran, are looking to do an immediate CEASEFIRE! Final negotiations on 'Peace' are proceeding, subject to ignorance or stupidity getting in its way," Trump posted on Truth Social. Following Trump's post, media reports indicated that Iran has ended its strikes against Israel, but warned that it would strike again if attacks on Lebanon resume.On the corporate front, Roche (RO.SW) signed an exclusive licensing and collaboration deal with Nasdaq-listed Nurix Therapeutics to jointly develop and commercialize bexobrutideg, an investigational treatment for people living with B-cell malignancies. Nurix will receive an upfront cash payment of $700 million and will be eligible for milestone payments of up to $2.3 billion. The Swiss drugmaker fell 1.02%.Meanwhile, Partners Group (PGHN.SW) co-founder Alfred Gantner told Swiss Sunday paper SonntagsZeitung that last week's drop in the alternative asset manager's share price was a "massive overreaction" to the company's decision to cap withdrawals at certain evergreen funds. The private equity group was up 0.31%.Outside the blue chip, AlphaValue/Baader Europe raised its price target on peptides and oligonucleotides manufacturer Bachem (BANB.SW) to 79.6 francs from 78.3 francs following "minor changes" to earnings estimates ahead of the company's first-half results on July 30."Bachem is recruiting ahead of production output growth, compressing near-term margins while there are no recorded sales for the building. Production should start at the end of 1H despite no sales being recorded. Depreciation is revised upward to 8.5% of total sales for 2026, with depreciation normalising afterwards as a % of sales. Increased depreciation offsets the downward EBIT revision, but does not offset the subsequent earnings drop. As a result, EPS is revised slightly downward," the research firm said. Bachem declined 0.15%.It is a quiet week for economic data, with no major indicators scheduled until June 15.

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Asia Markets

Swiss Shares End Week Upbeat; Federal Council Rejects US Forced Labor Claims

The Swiss Market Index closed Friday's session 0.35% higher as investors reacted to the latest US labor market data ahead of monetary policy decisions from several major central banks.US nonfarm payrolls rose by 172,000 jobs in May after an upwardly revised increase of 179,000 in April, the country's Bureau of Labor Statistics said, exceeding the consensus of 85,000. Meanwhile, the unemployment rate remained at 4.3% for a third consecutive ⁠month, in line with estimates."The recent upward inflection in employment was not big enough to lower the unemployment rate... However, if employment growth sustains its recent pace, the limited supply of workers following President Trump's crackdown on immigration will likely cause it to tighten quickly," Berenberg noted.Back home, Switzerland's foreign currency reserves fell to 710.82 billion francs in May from the revised 715.81 billion francs in April, data from the Swiss National Bank (SNBN.SW) showed.In other news, the Swiss Federal Council "strongly rejects" the allegations made in the US government's Section 301 investigation into imports of goods made with forced labor, adding that it will restate its arguments in writing. The US Trade Representative proposed a 12.5% flat-rate additional tariff on countries such as Switzerland, although the recommendation will not take effect immediately.The Federal Council added that it will continue trade talks with the US. "In the negotiations, the Federal Council is taking current developments into account and is seeking an outcome that will provide a satisfactory long-term framework for economic relations between the two countries, irrespective of legal and political developments in the US."On the corporate front, Givaudan (GIVN.SW) agreed to buy a majority stake in Spanish pure-play fragrance house Eurofragance for an undisclosed sum. Closing is subject to regulatory processes. The Swiss flavors and fragrances group gained 1.06% at close.In geopolitical news, tensions between Iran and the US escalated after Tehran said it fired warning missiles and drones toward US naval vessels in the Gulf of Oman, alleging interference with shipping routes and the seizure of oil tankers. In Oman, officials said the Mina al Fahal oil export terminal was operating normally, downplaying reports of any disruption to flows.

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Asia Markets

Swiss Stocks Rise as Inflation Holds Steady Ahead of Rate Decision

The Swiss Market Index recovered from the previous day's losses, closing Thursday trading 0.93% higher, as inflation remained unchanged ahead of the Swiss National Bank's (SNBN.SW) rate decision on June 18.Switzerland's annual inflation rate was stable at 0.6% in May 2026, data from the Federal Statistical Office showed, below the consensus estimate of 0.8%. The latest reading marks the fastest rise since December 2024. On a monthly basis, consumer prices rose 0.2%, compared with the previous and expected growth of 0.3%, amid increasing housing rentals and prices in the hotel sector.In other economic news, the country's non-seasonally adjusted unemployment rate held steady at 3% in May, while the seasonally adjusted figure edged up to 3.1% from 3% in April, according to the State Secretariat for Economic Affairs.On the corporate front, Partners Group (PGHN.SW) expects growth in overall net assets under management to be slowed by its evergreen platform by 1% to 2% in the second half of 2026 amid "a period of heightened volatility" across open-ended evergreen fund flows. The private equity group, which gained 3.73%, also forecasts a similar effect for net overall AUM growth in full-year 2027."Partners Group has consistently communicated to clients and market participants that its evergreen vehicles are typically equipped with liquidity limits of up to 5% of [net asset value] per quarter, and that these limits would be enacted whenever redemption activity reached the designed threshold. As a result, [Partners Group Global Value SICAV] will operate the 5% quarterly liquidity limitation. The firm is prepared to enact the respective liquidity limitation mechanism across other funds," the company said.In geopolitical news, the US Department of State said Israel and Lebanon agreed to implement a ceasefire, contingent on a "complete cessation" of attacks by the Iran-backed armed group Hezbollah, among other conditions. However, a Reuters report later indicated Hezbollah has rejected the proposed ceasefire framework, while Israel signaled it does not plan to withdraw troops under the current terms.

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Cooler-than-expected Swiss Inflation Holds Steady in May; Unemployment Rises
US Markets

Cooler-than-expected Swiss Inflation Holds Steady in May; Unemployment Rises

Switzerland's annual inflation unexpectedly remained at 0.6% in May, while the country's jobless rate marginally ticked up, according to economic data published Thursday.The annual inflation figure lagged the market forecast of 0.8% but remained at the highest level since December 2024 as lingering tensions in the Middle East continue to prop up energy costs. Similarly, the 0.2% monthly uptick was behind the prior month's and expected 0.3% gain.According to the country's Federal Statistical Office, the yearly increase was largely due to a spike in housing, energy and transport costs. Meanwhile, the month-over-month result was driven by rising prices in the hotel sector and higher housing rental costs.Excluding volatile items such as fresh and seasonal products, energy and fuel, annual inflation still stood at 0.3%, unchanged from the previous month. Meanwhile, core inflation moved month over month to 0.1% from zero growth.Swiss inflation still sits within the 0% to 2% target range of the Swiss National Bank (SNBN.SW), which is scheduled to release a monetary policy update on June 18. During the SNB's March meeting, the policy rate remained unchanged at 0% but the central bank raised its conditional inflation forecast for 2026 to 0.5% from 0.3%.On the employment front, data from the State Secretariat for Economic Affairs showed that the Swiss seasonally adjusted unemployment rate rose to 3.1% in May from 3% a month earlier. The total number of registered jobless individuals climbed to 144,652, representing a monthly increase of 2,583.

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