The Swiss Market Index (SMI) slipped 0.15% to 14,434 points in early Monday trading, with heavyweight pharmaceutical stocks Roche and Novartis leading declines at 1.1% and 0.5%, respectively.
Nestlé provided support with a 0.5% gain, while construction firms Holcim and Geberit advanced 0.7% and 0.6%. Biopharma names Santhera, Idorisa, Basilea, Kuros and Newron fell between 1.4% and 2.6%, while Vetropack surged 5.8% following a Berenberg upgrade.
The SMI was indicated 0.22% lower in pre-market trade at Julius Bär, with 18 of 20 index components in the red. Roche and Novartis led losses at 0.7% and 0.3%, while Sika and Geberit gained 0.6% and 0.2%.
Brent crude oil fell 1.5% to $92.94 per barrel, paring gains from the prior week’s surge, as traders awaited details on planned U.S. sanctions against Iran. WTI crude declined 1.7% to $85.61. Gold rose 0.75% to $4,637 per ounce, its highest level in over three months, amid dollar weakness following U.S. Treasury intervention in bond markets.
The euro traded at 0.9348 Swiss francs, down 0.10%, while the dollar fetched 0.8004 francs, down 0.11%. The dollar eased 0.1% against the yen to 158.87 and slipped to 6.7235 yuan.
Asian equities showed little movement, with Japan’s Nikkei 225 flat at 65,968.71 and the Topix up 0.3% to 4,080.30. China’s Shanghai Composite fell 0.6% to 3,880.33, while the Shenzhen component declined 1.1% to 4,566.57.
U.S. stock futures pointed to a subdued open, with the Dow Jones Industrial Average up 0.98% on Friday to 53,277.01 after a midweek slump. The S&P 500 gained 0.43% to 7,674.37, while the Nasdaq 100 rose 0.33% to 29,308.86, snapping a four-day losing streak. For the week, the S&P 500 fell 1.4% and the Nasdaq 100 dropped 2.5%.
Geopolitical risks weighed on sentiment, with U.S. Treasury Secretary Scott Bessent scheduled to outline new sanctions against Iran at 20:00 CET. The measures aim to pressure Tehran amid ongoing tensions over the Strait of Hormuz. European leaders also convened a meeting of the Ukraine support coalition, while Canada signaled retaliatory measures following U.S. tariffs.
Gold miners Newmont and Barrick Mining rose around 3% as the metal’s price climbed to multi-month highs. Copper stocks surged, with Freeport McMoRan hitting record levels and Southern Copper nearing all-time peaks amid supply tightness.
