The Swiss equity market opened higher on Wednesday, with the SMI gaining 0.4% to 14,589.56 points, as 15 of the 20 constituents advanced. The Mid-Cap index SMIM slipped 0.1% to 3,169.97, while the broader SPI rose 0.4% to 20,500 points.
Positive momentum from U.S. equities, driven by lower oil prices and falling bond yields, supported sentiment in Switzerland. Geopolitical developments, including renewed talks between Iran and Oman regarding the Strait of Hormuz, also contributed to the constructive backdrop. Investors remain focused on Nvidia’s quarterly earnings release later in the session, where expectations are elevated—whisper numbers anticipate more than a doubling of revenue, raising the risk of disappointment even amid strong results.
Amrize led the SMI gains with a 1.9% advance, followed by Holcim at 1.6% and Givaudan at 1.3%, alongside Richemont. Conversely, Kühne+Nagel fell 0.8% to take the red lantern, with Lonza down 0.5%. Tech names showed mixed performance ahead of Nvidia’s report, with Logitech up 0.5% and VAT down 0.5%.
Gurit surged 20%, Stadler Rail climbed 14.3% and SoftwareOne jumped 13% following earnings updates. Addex Therapeutics advanced 14.7% after announcing a $3 million ATM financing agreement. SoftwareOne reported revenue and profitability growth that exceeded expectations, while Stadler Rail posted higher-than-anticipated revenue and order intake but missed earnings estimates.
New analyst ratings and price targets included UBS raising Kardex to CHF 350 from CHF 346 with a Neutral rating, ZKB upgrading Medartis to Overweight from Marketweight, and Oddo BHF downgrading Tecan to Neutral from Outperform with a target of CHF 192.
The Swiss franc traded mixed against major peers, with EUR/CHF at 0.9370 and USD/CHF at 0.8033, little changed from the prior session. U.S. Treasury yields eased, reducing pressure on risk assets. The focus later in the day shifted to the July PCE price index, the Fed’s preferred inflation gauge, alongside remarks from Fed Governor Kevin Warsh at the Jackson Hole symposium.
ECB Executive Board member Isabel Schnabel reiterated in a Bloomberg interview that rates must rise further to address inflation, though the euro showed limited reaction to her comments.
