The Swiss Market Index (SMI) was little changed at 14,407.26 points by 09:30 CET on Monday, with the broader SPI and SMIM both modestly lower. Defensive heavyweights including Novartis (+0.2%) and Nestlé (+0.3%) provided support, while Roche declined 0.7%.
Logistics group Kühne+Nagel led advancers with a 1.1% gain, benefiting from renewed geopolitical tensions in the Middle East that lifted Brent crude to $90.60 per barrel, up 2.8% on the session. Richemont added 0.5% after positive economic data from China. In contrast, UBS fell 0.3% ahead of a Swiss parliamentary committee review of future banking regulations.
Among mid-caps, SoftwareOne rose 1.5% after Zürcher Kantonalbank set a fair value of CHF 14.00, maintaining a neutral rating. Barry Callebaut gained 0.8%, Flughafen Zürich added 0.9%, and Galenica rose 0.6%. BB Biotech fell 0.9%.
The SMI showed limited dispersion, with seven components higher, two unchanged and eleven lower. Logitech led decliners with a 1.0% drop, followed by Lonza at 0.7%. Kühne+Nagel and Amrize advanced 0.8% and 0.7%, respectively.
U.S. rate expectations continued to weigh on sentiment after Federal Reserve Chair Kevin Warsh signaled a higher probability of a September rate hike at Jackson Hole. The escalating U.S.-Iran conflict further heightened energy-price risks, with WTI crude up 2.5% to $85.52 per barrel.
In currency markets, the dollar held steady at CHF 0.8093, while the euro traded at $1.1590 and CHF 0.9381. European and U.S. equity futures pointed to subdued openings, with thin summer liquidity amplifying the risk of outsized moves on new data.
Asian equities extended Friday’s losses, with Japan’s Nikkei 225 down 1.6% to 65,361.60 and China’s CSI 300 falling 1.0% to 4,564.76. Factory activity in China improved slightly to 49.8 in August but remained in contraction territory for a second month.
Gold slipped 0.77% during Asian trading to briefly dip below $4,400 per ounce, its lowest since mid-August.
Analyst actions included UBS raising its price target for Gurit to CHF 49 from CHF 43 with a buy rating, while Research Partners cut Kudelski’s target to CHF 1.05 from CHF 1.37, maintaining a hold. ZKB set SoftwareOne’s fair value at CHF 14.00 with a neutral rating.
