-- The Swiss Market Index staged a last-minute recovery on Thursday, ending the trading session 0.35% higher, amid growing uncertainty over the fragile two-week US-Iran ceasefire deal.
"We doubt that a modest further decline in energy prices alone would be enough to push [European Central Bank] pricing below 50bp. Rate cycles at the ECB are typically framed around two 25bp moves or nothing at all, meaning a material dovish shift would likely require explicit guidance rather than just lower oil prices," ING said in a note. "With no permanent ceasefire in place and uncertainty around oil flows persisting, the ECB is unlikely to rush towards a decisively dovish narrative."
In the US, the annual PCE price index rose 2.8% year over year in February, unchanged from the previous month, according to data from the country's Bureau of Economic Analysis. The annual core PCE inflation rate edged down to 3% from the prior month's 3.1%.
Back home and on the corporate front, Landis+Gyr Group (LAND.SW) completed the divestment of its Europe, Middle East and Africa business to Aurelius. The proceeds from the sale are intended to be returned to the Swiss energy technology group's shareholders through its ongoing share buyback program. Landis+Gyr shares closed the session 0.38% in the green.
Deutsche Bank Research lowered its price target for SoftwareOne (SWON.SW) to 7.55 francs from 8.40 francs, with a hold rating on the stock, as it noted the Swiss software and cloud technology company's like-for-like growth in the fourth quarter of 2025 showing "clear" momentum toward a stronger exit rate. The stock shed 3.48% at closing.
"This rebound follows a weak start to 2025, with earlier Microsoft incentive headwinds now largely annualized, supported by regional stabilization and ahead-of-plan synergy realization," the research firm said. "Management targets mid-single-digit lfl revenue growth at cc and an adj. EBITDA margin above 23% for FY26, which we view as achievable due to easy comps and improved geographies. Our model forecasts 6.5% cc y/y revenue growth and 23.1% adj. EBITDA margin."