Swiss Benchmarks Extend Losses in European Sell-Off

The Swiss stock market extended its losses on Tuesday, weakening alongside broader European markets throughout the session.

The SMI closed down 149.74 points, or 1.2%, at 12,378.87, having dipped to a session low of 12,337.05.

Roche Holding fell 2.8%, Givaudan dropped 2.75%, and Credit Suisse lost roughly 2%.

Novartis declined 1.3% amid reports of thousands of job cuts globally as the drugmaker restructures its pharmaceutical and oncology divisions.

Swiss Re, Nestle, ABB, UBS Group, and Lonza Group slipped between 0.7% and 1.1%, while SGS and Alcon fell 0.55% and 0.4%, respectively.

Partners Group rose 1.9%, Richemont gained 1.35%, Logitech added 1%, and Sika advanced 0.56%.

In the Mid Price Index, SIG Combibloc dropped over 5.5%. Bachem Holding fell 3.2%, Lindt & Spruengli lost nearly 3%, and Zur Rose declined 2.45%. Tecan Group, Julius Baer, and Barry Callebaut each lost between 1.3% and 2%.

AMS gained 1.8%, Kuehne & Nagel rose 1.6%, and Ems Chemie Holding climbed 1.53%. VAT Group and Georg Fischer posted modest gains.

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