Swiss equities opened the week on a downbeat note. The SMI fell 1.2% to 14,221 points and the broader SPI slipped 1.1% to 19,982, putting the market in loss territory at the start of the trading week.
Luxury giant LVMH recorded its lowest price in six years, trading around €423.75 after a decline from above €900 since early 2026 – a drop of roughly 53%. The STOXX Europe Luxury 10 index has lost about 19% year‑to‑date, reflecting broader concerns about the pace of recovery in luxury spending, especially in China.
Commodity analysts at Goldman Sachs warned that oil could rise to $120 a barrel if Middle‑East shipping disruptions intensify, while a return to normal export levels could push the price back toward $80. The bank also suggested investors consider positions in natural‑gas and diesel futures.
The Swiss franc continued to strengthen, with the USD/CHF rate at 80.89 Rappen, down 0.15% from the previous session.
Among individual stocks, ABB posted the strongest gain, up 1.1% after Asian chip stocks rallied on renewed AI enthusiasm. VAT added 1.0% and Kühne+Nagel rose 1.1% to lead the index. At the bottom, Novartis fell 2.6% following negative news on its experimental drug Pelacarsen, while Swiss Re slipped 1.9% after warning of rising storm‑related reinsurance costs. Roche, Lonza and Sandoz each lost between 0.5% and 1.3%.
Schindler dropped 1.7% after Goldman Sachs cut its rating to "Sell" and lowered the target price to CHF 233, citing weak demand in China and limited upside from efficiency programmes. Burkhalter rose 4.4% despite missing revenue forecasts, while Arbonia surged 15% after UBS upgraded the stock to "Buy" and raised its target by roughly 50%.
US markets remained closed for a public holiday. In pre‑market trading, the Dow Jones fell 0.52%, the S&P 500 slipped 0.17% and the Nasdaq 100 was flat.
Historical data from Bluekurtic Market Insights show the S&P 500 has posted a loss on the first trading day after Labor Day every year from 2017 through 2025, with an average weekly decline of 0.4% and a median drop of 0.8% during the four‑day post‑holiday period.
The dollar weakened against the yen, reaching 154.07 per dollar – a 1.4% decline and the lowest level in seven months. The Bank of Japan’s policy rate, set at 1% in June (a 31‑year high), will be reviewed on September 18.
In Germany, wind‑turbine maker Nordex led the MDAX with a 10.7% rise after Bank of America upgraded the stock to "Buy".
