$NESN.SW

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Swiss Market Index Drops as US-Iran Ceasefire Hopes Fade

The Swiss Market Index ended Wednesday trading 0.66% lower after the US and Iran exchanged fresh strikes overnight, dampening investor sentiment and casting doubt on the prospects for a temporary peace deal.The US Central Command said US forces launched "self-defense strikes" on Qeshm Island in the Strait of Hormuz "in response to attempted attacks by Iran across the Middle East." It added that Tehran fired missiles at Kuwait and Bahrain, which broke apart or were immediately intercepted. Meanwhile, Iran's foreign ministry "strongly condemned" the US attack on the Iranian tanker and Qeshm, Bloomberg News reported.In trade news, Switzerland is one of the 60 countries facing additional US tariffs following an investigation into imports of goods allegedly made with forced labor. The proposed additional duties range from 10% to 12.5%."[The] results of this investigation indicate that the acts, policies and practices of Switzerland related to the failure to impose and effectively enforce a forced labor import prohibition are unreasonable and burden or restrict U.S. commerce," according to a report by the US Trade Representative.On the corporate front, Partners Group (PGHN.SW) is limiting withdrawals at its $8.6 billion Global Value SICAV fund to 5% of net asset value per quarter, following a surge in redemption requests in the second quarter, Bloomberg News reported, citing a letter to investors it saw. The private equity firm sank 16.33% at close.Meanwhile, Nestlé (NESN.SW), which owns a 49% stake in yfood Labs, agreed to buy the remaining stake in the smart food brand from its founders for an undisclosed sum. The share transfer is expected July 3, subject to customary approvals. The food and beverage giant was down 0.62%.The Swiss government is due to release inflation and labor data on Thursday.

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Asia Markets52d ago

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