The Swiss Market Index (SMI) declined 0.6% to 14,450 points by mid-morning trade on Thursday, pressured by losses in Nestlé and logistics group Kühne+Nagel.
Accelleron Industries led gains among SMI components, rising 3.2% following the release of its half-year results. The industrial equipment provider’s advance outpaced broader advances in Stadler Rail (+1.9%) and Ascom (+2.0%), while Ypsomed declined 2.0%.
Software sector sentiment improved after Salesforce lifted its annual targets, lifting SAP shares 2.1% in early Frankfurt trading and contributing to strength in the U.S. software segment. Salesforce’s stock surged 14% in after-hours trade on Wednesday, while cybersecurity firm CrowdStrike also raised its full-year revenue outlook, supporting risk appetite.
At Julius Bär, the SMI was indicated 0.08% higher in pre-market trading, with only three components in the red: Amrize (-0.4%), Givaudan (-1.6%) and Kühne+Nagel (-0.4%). Accelleron’s gains deepened to 5.5% after the half-year figures, with AMS Osram (+3.0%), Comet (+1.9%), Inficon (+2.0%) and VAT (+2.1%) also advancing on the back of strong quarterly results from U.S. chipmaker Nvidia.
Oil prices fell as talks between Iran and Oman progressed on an agreement to ease restrictions on the Strait of Hormuz, a critical chokepoint for global oil and gas shipments. Brent crude dropped 0.9% to $87.04 per barrel and West Texas Intermediate fell 0.9% to $81.51, extending a weekly decline of more than 6% from mid-week peaks. The potential easing of supply concerns had pressured prices from recent highs amid geopolitical tensions.
The DAX was set for a flat open, following a gain of 0.06% to 26,285.96 points on Wednesday. U.S. inflation data released on Wednesday exceeded expectations, tempering investor optimism. Focus shifted to Nvidia’s quarterly results, which the company reported after the U.S. close on Wednesday, with revenue and guidance surpassing estimates. Nvidia’s stock rose more than 4% in after-hours trade after an initial dip, with the company’s outlook serving as a bellwether for the broader artificial intelligence sector.
The annual Jackson Hole central bank symposium began in Wyoming, with Federal Reserve Governor Kevin Warsh scheduled to deliver remarks on Friday. The event, themed ‘Financial Innovation,’ comes as policymakers assess inflation dynamics and labor market conditions marked by recent layoffs.
In commodities, Brent crude fell 0.9% to $87.04 per barrel, while WTI declined 0.9% to $81.51. Gold rose 0.7% to $4,624.14 per ounce, and Bitcoin increased 0.8% to $79,043.18. The euro traded at 0.9385 Swiss francs, while the dollar was at 0.8053 francs.
Asian equities showed mixed performance, with Japan’s Nikkei down 0.1% at 66,164.19, China’s Shanghai Composite up 0.3%, and South Korea’s Kospi gaining 1.5%. The dollar strengthened slightly against the yen to 159.33 and the yuan to 6.7207, while the euro held near $1.1655.
U.S. indices ended mixed on Wednesday, with the Dow Jones Industrial Average down 0.21% at 53,463.88, the S&P 500 down 0.02% at 7,675.70, and the Nasdaq 100 up 0.05% at 29,224.52. The U.S. personal consumption expenditures (PCE) price index held steady in July at 3.7% year-over-year, above the 3.6% forecast, reinforcing concerns over persistent inflation pressure.
