U.S. stock index futures pointed to a mixed open on Thursday as investors assessed fresh signals from Washington and geopolitical risks in the Middle East. Dow Jones futures fell 0.13%, while Nasdaq-100 futures edged up 0.1%, reflecting tentative sentiment ahead of the cash session.
The Swiss Market Index (SMI) slipped 0.1% to 12,150.20, with losses led by Logitech, which dropped 2.6% after JPMorgan lowered its price target, citing a challenging macro backdrop. Swiss Re also fell nearly 3%, while Sika declined about 2%. Among gainers, Roche and Novartis rose 0.4% each, supported by defensive demand, and Givaudan advanced 1.1% following solid half-year results.
Oil prices extended gains, with Brent crude rising 2.6% to $94.04 per barrel, the highest level in nearly four weeks. U.S. West Texas Intermediate (WTI) climbed 2.5% to $87.95/bbl. Analysts at UBS pointed to persistent supply risks tied to Middle East tensions, warning that reduced exports from the region could further tighten global crude markets. The surge in oil prices has revived concerns over renewed inflationary pressures, with Brent now approaching the $100/bbl mark last seen in late July.
Swiss equities showed limited company-specific news, keeping individual moves contained. Geberit gained 1.1% after strong half-year results, while Centiel surged 12.8% following its recent market debut and upbeat guidance. DocMorris rose 2.8% as investors reassessed its path to break-even after Wednesday’s earnings update. Valartis jumped 15.9% on positive half-year outlook commentary.
Analyst actions added to volatility. UBS downgraded Aryzta to ‘Sell’ from ‘Buy’, citing weak fundamentals, and cut its price target, sending the stock down 4.6%. Berenberg lowered its target on Huber+Suhner, while UBS raised its target on Sonova, citing confidence in end-market demand for hearing aids. Implenia, however, fell 5% as investors took profits following Tuesday’s post-earnings rally.
In currency markets, the U.S. dollar weakened against the euro and Swiss franc after the U.S. Treasury announced plans to increase purchases of long-dated bonds, pushing the 30-year Treasury yield lower. Traders noted that while the move may temporarily ease financing costs, it does little to address structural fiscal imbalances. U.S. national debt surpassed $40 trillion for the first time this week, adding to long-term fiscal concerns.
Bitcoin approached $70,000 for the first time since early June, rising to an intraday high of $69,994. Analysts at CapTrader attributed the advance to improving risk appetite and expectations of clearer U.S. crypto regulation following President Trump’s call for legislative action. The cryptocurrency has gained over 11% since last Friday.
Asian equities showed early strength, with Japan’s Nikkei 225 and South Korea’s Kospi rebounding, though the impact on European markets remained uncertain. Traders warned that any sustained easing in market volatility could prompt profit-taking in Swiss heavyweights like Roche and Novartis, which have driven recent gains in the SMI.
