Swiss Market Closes Slightly Lower After Volatile Thursday Trading

what happened

The SMI slipped 55.12 points, or 0.37%, to finish Thursday at 14,967.73. Early in the session it hit a fresh high of 15,092.56, yet most of that gain faded and the day's low was 14,947.41. Investors stayed cautious about adding exposure while a tech sell-off, fueled by worries over AI spending, pressured U.S. and European markets.

Julius Baer led the decliners with a 4.7% drop, ABB fell 4.2%, and VAT Group, UBS and Logitech each lost more than 3%. Swisscom gained 3.3%, while Swiss Re rose 2%. The insurer reported nine-month 2026 net income of $4.2 billion, up 3% from a year earlier, and kept its full-year target at $4.5 billion. Third-quarter profit, however, slid to $1.336 billion from $1.428 billion.

Data from the State Secretariat for Economic Affairs (SECO) showed unemployment unchanged for a third straight month in October, at 3% unadjusted and 3.1% seasonally adjusted.

why it matters

The index's move reflects a broader tech pullback, since many SMI constituents earn much of their revenue abroad and react quickly to sentiment in the US and Europe. Stable jobless figures show no sign of domestic labour weakness and brought no surprises.

market impact

Swiss stocks (SMI): pressure from the tech sell-off in US and European markets

• ▼SMI index pressure down — tech sell-off in US and European markets weighed on Swiss blue chips

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