The Swiss Market Index (SMI) was indicated 0.5% higher by IG Bank at open, continuing a rebound in US equity futures that erased losses from the Federal Reserve's rate decision. The S&P 500 and Nasdaq futures each rose 0.7% overnight.
On the Swiss bench, mid-cap Helvetia Baloise traded 1.8% higher after its half-year results, with Swissquote advancing more than 1%. After rating downgrades, Rieter fell 6.8% and Ypsomed dropped 1.7%.
Oil prices eased further on Thursday. Brent crude fell more than 1% to $104.21 a barrel and WTI slipped above 1% to $101.07 — both marks came after Wednesday's roughly $3-per-barrel decline. Reports of alternative Saudi export routes and comments from US President Donald Trump pointing toward a swift end to the Iran conflict dampened investor concerns over Middle East supply disruptions. Prices had surged to a four-month peak earlier in the week following recent escalation.
Gold climbed 1% to $4,305 an ounce. Brent crude was also quoted at $105.60, down 0.2%, while WTI was at $102.19, down 0.2%, in intraday trading.
The dollar reached a seven-week high, supported by higher short-term US Treasury yields, after the Federal Reserve raised its target rate by a quarter percentage point to 3.75%-4.00%. Markets widely anticipated the move, but Fed Chair Kevin Warsh signaled that another increase remains possible before year-end. Stephen Brown of Capital Economics said he expects a third hike as early as next year.
The unanimity of the vote drew attention from observers. Thomas Altmann of QC Partners noted the signal of resolve sent toward the White House, given Trump's opposition to the decision. Rising rates typically reduce the appeal of risk assets relative to fixed-income instruments.
US equity indexes closed mixed on Wednesday. The Dow JonesIndustrial fell 1.21% to 51,461.90, the S&P 500 dropped 0.45% to 7,551.81, and the Nasdaq 100 edged up 0.02% to 28,945.06.
Artificial-intelligence and semiconductor stocks held their ground. Citigroup analysts said security and alignment concerns around AI are likely to drive demand for compute capacity rather than suppress it. Intel rose 4%, after reports emerged that SK Hynix may collaborate with Intel on US-based chip production; SK Hynix said it is assessing options to bolster its global competitiveness. Marvell Technology gained 3.6%, AMD rose 1.7%, and Nvidia advanced 0.8%.
JB Hunt dropped 13.3% after the logistics company issued a rare profit warning citing rising costs. Boeing fell 3.7% on delays to 777X flight tests, marking its lowest level since late March, though the company reaffirmed plans to begin deliveries next year.
In Asia, the Nikkei 225 was virtually unchanged at 63,966.87, while Shanghai declined 0.3%. The dollar strengthened to 156.22 yen and 6.7088 yuan. Against the Swiss franc it bought 0.8256, while the euro steadied at 1.1458 dollars and 0.9460 francs.
Swiss economic data will dominate the coming days: August trade and watch-export figures, Seco's autumn economic forecast, and the Raiffeisen pension barometer for 2026. Helvetia Baloise, MCH and Aevis are among companies reporting half-year results on Thursday. The Ständerat also discussed banking legislation affecting UBS.
