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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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International

Swiss Foreign Currency Reserves Fall in May

Switzerland's foreign currency reserves dropped 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 Friday.Official reserve assets, excluding gold holdings, totaled 722.56 billion francs, down from the revised 727.63 billion francs earlier.

$SNBN.SW
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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Asia Markets

Swiss Blue-chip Index Slips Amid Earnings Rush; Swiss Re Shares Down

The Swiss Market Index slipped back into the red on Thursday, closing 1.11% lower, as investors digested a fresh batch of corporate earnings and economic data releases while closely monitoring geopolitical developments in the Middle East.Switzerland's foreign currency reserves declined to 715.73 billion francs in April from the revised 721 billion francs in March, according to data from the Swiss National Bank (SNBN.SW). In terms of jobs, government data showed that the unemployment rate in Switzerland ticked down to 3% in April from 3.1% in the previous month.On the geopolitical front, a Swiss delegation led by Federal Department of Foreign Affairs State Secretary Alexandre Fasel met with the US deputy secretary of state in Washington, with talks focused on the current geopolitical situation, bilateral economic cooperation, innovation, and future-oriented issues.In corporate news, telecommunications group Swisscom (SCMN.SW), travel retailer Avolta (AVOL.SW) and reinsurance giant Swiss Re (SREN.SW) were among Switzerland-listed companies that published earnings updates.Swiss Re saw its shares lose 3.19% at closing as it reported a group insurance revenue of $10.03 billion in the first quarter, down from the year-ago $10.41 billion, impacted by lower revenue at its property and casualty reinsurance division and the company's ongoing exit from its iptiQ business. Group net income, in contrast, increased 19% year over year."Q1 net income of $1,513m was 27% above company-compiled consensus of $1,193m, but of mixed quality - driven almost entirely by nat cat losses 67% below the quarterly budget and flattered by a ~12pts discounting benefit in P&C Re (vs ~8pts in Q1 2025), albeit incorporating a $400m reserve strengthening for Iran War impact. Revenues, new business volumes and pricing reflected increasing cyclical pressure, however," RBC Capital Markets said in a quick take note, with a negative sentiment on Swiss Re.Meanwhile, Roche (RO.SW) agreed to buy US-based company PathAI in a merger deal that would strengthen its digital pathology portfolio. The Swiss pharmaceutical major will make an upfront payment of $750 million and a further $300 million in milestones, with the deal anticipated to be completed in the second half. The stock was down 1.39% at the end of the trading day.

^SSMI$AVOL.SW$RO.SW$SCMN.SW$SNBN.SW$SREN.SW
International

Swiss Foreign Currency Reserves Fall in April

Switzerland's foreign currency reserves decreased to 715.73 billion francs in April from the revised 721 billion francs in March, data from the Swiss National Bank (SNBN.SW) showed Thursday.Official reserve assets, excluding gold holdings, totaled 727.55 billion francs, down from the revised 732.92 billion francs earlier.

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US Markets

Swiss Inflation Hits Highest Level Since December 2024 Amid Rising Fuel Prices

Switzerland's annual inflation rate rose for the second consecutive month in April 2026 and hit its highest level since December 2024 as tensions in the Middle East keep energy prices elevated.The Swiss consumer price index climbed 0.6% year over year in April following a 0.3% rise in March, data from the country's Federal Statistical Office showed Tuesday. On a monthly basis, consumer prices edged up 0.3%, against March's 0.2% gain and the consensus estimate of a 0.4% rise.Excluding volatile items such as fresh and seasonal products, energy, and fuel, annual inflation ticked down to 0.3% from 0.4%. Month over month, core inflation showed zero growth.The FSO mainly attributed the month-over-month increase to rising prices for petrol, diesel and heating oil, as well as higher prices for air transport and international package holidays. On the other hand, prices for hotels and supplementary accommodation decreased during the month, along with prices for car rental and car sharing.In its March monetary policy assessment, the Swiss National Bank (SNBN.SW) left its key rate unchanged at 0%, citing the "virtually unchanged" inflationary pressure over the medium term. The SNB, however, noted that the outlook for the country's economy has become "considerably more uncertain" as a result of the Middle East conflict."With the rise in energy prices due to the escalation in the Middle East, inflation is likely to increase more strongly in the coming quarters. As a result, the conditional inflation forecast in the short term is higher than in December [2025]. In the medium term, it is slightly lower due to the stronger Swiss franc," the central bank said at the time. "Given the conflict in the Middle East, the SNB's willingness to intervene in the foreign exchange market has increased. The SNB thereby counters a rapid and excessive appreciation of the Swiss franc, which would jeopardise price stability in Switzerland."The Swiss central bank's next monetary policy assessment is set for June 18.

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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
International

Swiss Central Bank Expects Subdued Short-term Economic Growth, Higher Inflation Amid Middle East Conflict

The Middle East conflict "significantly" increased the uncertainty surrounding the development of Switzerland's economy and inflation, according to the Swiss National Bank (SNBN.SW).In a speech delivered on Friday at SNB's shareholder meeting, SNB Governing Board Chairman Martin Schlegel said Swiss economic growth is expected to be "rather subdued" in the short term before seeing an upturn over the medium term "to some extent."Meanwhile, the SNB forecasts inflation in the country will further increase in the coming quarters, mainly driven by higher energy prices caused by the conflict.Schlegel, however, noted that the SNB stands ready at any time to adjust its monetary policy whenever needed as it continues to monitor the situation.

$SNBN.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.

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