Stock market events at a glance SMI crashes again +++ Investors suffer heavy losses again

What's happening on the stock markets in Switzerland and around the world? blue News provides you with the latest overview.

Keystone-SDA

09.04.2025, 04:00

09.04.2025, 11:49

SDA

This article is for information purposes only and does not constitute financial advice. The analyses and assessments contained herein are based on thorough research, but are no substitute for an individual assessment by experts. The development of the financial markets is influenced by numerous, sometimes unpredictable factors. Investments in shares, cryptocurrencies and other financial products are associated with risks, including a possible loss of capital.

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11.49 am

SMI suffers heavy losses

The Swiss stock market suffered further significant losses on Wednesday. In morning trading, the SMI fell below the 11,000-point mark.

The escalation in the US tariff dispute continues and there seems to be no end or concession from Trump or China in sight at the moment. The second stage of tariffs has now come into force and China is once again threatening to take countermeasures. As a result, the markets are being shaken further and uncertainty is increasing.

The comments from analysts and traders are becoming more drastic in view of the ongoing sell-off. "The globalization efforts of the last 30 years are currently at stake," said one trader.

Another trader has already pointed out that, in view of the volatility and unpredictability, large hedge funds and banks could also get into difficulties. "There could be contagion effects that can no longer be contained in the end," he commented.

At around 10.50 a.m., the leading SMI index was down 4.02% to 10,902.09 points, with a low for the day of 10,825.84 points. All SMI stocks are in the red.

10.21 a.m.

Short recovery - then it goes down

The customs dispute sent the stock markets into another slide on Wednesday and also pushed the SMI below 11,000 points at the start of trading. An end to the escalation is not in sight. "Without wanting to sound dramatic, we are on the verge of the two biggest economic and military superpowers clashing at high speed," commented one trader. The markets are now being pushed down again by the continuing spiral.

The leading SMI index recovered somewhat at around 9.40 a.m. and is still 2.9 percent lower at 11,025 points. In the meantime, however, it has fallen much more sharply again, with the leading index currently down 4 percent.

9.07 a.m.

SMI slumps again

The recovery on the Swiss stock exchange on Tuesday was short-lived. The trade war unleashed by US President Donald Trump sent the Swiss stock market back into decline on Wednesday. The SMI fell 2.6 percent to 11,057 points shortly after the start of trading.

6.50 am

SMI expected deep red again - tariff escalation continues

The attempted recovery on the international financial markets yesterday was apparently only a brief interlude. The US stock markets broke off their countermovement in the course of trading and turned negative again. An end to the escalation in the tariff dispute is not in sight.

Broker IG is currently pricing the leading Swiss index 3.3 percent lower - similar to the German DAX, for example. The SMI is even at risk of falling below the 11,000 mark.

On Wall Street, the Dow Jones was down 0.8 percent at the close of trading on Tuesday, having gained almost 4 percent at the start. The situation was similar on the Nasdaq tech exchange. According to one trader, the more broadly based S&P 500 has now lost 5.8 trillion dollars in market capitalization since Liberation Day. The Japanese Nikkei was also weak again in the morning, as were the majority of other Asian stock exchanges.

At the same time, investors are once again turning to safe havens such as the Swiss franc and gold. The franc, for example, gained against the US dollar in early trading.

The second stage of Trump's tariff package came into force this morning (6:01 a.m. CEST), which means that countries with which the US has a particularly high trade deficit according to the government are subject to even higher tariffs. China in particular, which has taken countermeasures itself, is affected by further tariffs - Chinese goods are now subject to special tariffs totaling 104%.

However, Switzerland is now also subject to a tariff of 31%. According to media reports, Trump has also announced that he now also wants to impose tariffs on pharmaceutical products, after these were initially excluded.

In the background, two of US President Trump's most important advisors, Elon Musk and Peter Navarro, recently engaged in a fierce exchange of blows. Musk strongly criticized Navarro, the architect of the tariff strategy. Traders also suspect that the pressure on Trump could increase from some US billionaires who had suffered massive losses due to the slump on the markets.

Wednesday, April 9, 2025, 4.03 am

Customs fears cost Apple the stock market throne

Apple has lost the title of the most valuable company on the stock market. Investors fear the consequences for the company of the China tariffs imposed by President Donald Trump. The share has lost over a fifth of its value in recent days. Microsoft became the number one on the stock market on Tuesday with a market value of around 2.64 trillion dollars. Apple followed with just under 2.6 trillion dollars.

Most iPhones are produced in China. If all of the Trump administration's tariff measures are added together, imports from the People's Republic into the USA will be subject to duties of 104 percent from Wednesday. Apple now wants to deliver iPhones from India to the USA first, while CEO Tim Cook is trying to obtain an exemption from the tariffs, wrote the Wall Street Journal. The situation is still too unclear to turn around long-term investments in the supply chains, it said, citing informed sources. Trump imposed a 27 percent tariff on goods from India.

Meanwhile, the message from the White House is unmistakable: Apple could simply produce the iPhones for the American market in the USA. "Why are they building it all in China? Why don't they do it here?" asked Trump's Secretary of Commerce Howard Lutnick weeks ago.

In response to the objection that, among other things, labor is cheaper in China, Lutnick replied at the time: "Now there are robots that can do it." In the USA, this will create "millions and millions" of jobs - such as mechanics who maintain the robots. Most recently, Lutnick enthused: "The army of millions and millions of human beings turning tiny screws to produce iPhones - that's what's coming to America."

Industry experts who are familiar with Apple's supply chains are quick to dissect such mind games. If Apple were to build its iPhones in a factory in West Virginia or New Jersey, for example, the price of a device would be 3,500 dollars, warned analyst Dan Ives from the investment firm Wedbush. If the company were to relocate just ten percent of its supply chain to the USA, it would cost it three years and 30 billion dollars, Ives estimated on the CNN news channel.

The market expert emphasized that no other company would be as badly affected by Trump's tariffs. "This could change the future of Apple." Needham analyst Laura Martin pointed out on CNBC that it had taken Apple around three years to relocate 14 percent of iPhone production to India. Martin also assumes that the company will try to keep prices unchanged for end customers in the USA.

According to market expert Craig Moffett from Moffett Nathanson, there is "no good answer" from Apple to the tariffs. The company has invested 15 to 20 years in building its current supply chains - "and that simply cannot be replicated elsewhere". It is not a question of pouring cement into the ground for a factory in the USA and ordering robots - because the US labor market alone does not provide the necessary skills and numbers, Moffett argued on CNBC.

Trump's spokeswoman Karoline Leavitt said on Tuesday that the president "absolutely" believes that Apple could produce iPhones in the US. Trump believes that the US has the resources and manpower to do so.

9.03 am

SMI rises by 1.7 percent

The Swiss stock market is attempting to recover after the massive crash of the past few days due to the global trade war. Shortly after the start of trading, the overall SMI market is up 1.7 percent at around 11,230 points.

6.12 pm

Swiss stock market closes down 5.2 percent and continues to fall

The trade war unleashed by US President Donald Trump caused a sharp sell-off on the Swiss stock exchange on Monday. The overall SMI market fell by 5.2 percent at the start of the week.

16:41

Stock markets turn down again

Hope was short-lived: according to consistent reports, the White House has denied the CNBC report that Trump could temporarily suspend the tariffs. This was "fake news". The stock market reacted immediately and turned back into the red, with the indices falling sharply again.

The SMI is currently down 3.6 percent, while the Dow Jones Index is also down around 2.7 percent after a temporary high.

4.26 pm

SMI suddenly reverses course - Dow Jones also up

The stock markets immediately reacted positively to the latest reports that Donald Trump could temporarily pause the tariffs. The Dow Jones temporarily surges over 2 percent, but then crashes back to minus 2 percent within a few seconds. The SMI also catches up - from minus 5 percent to around minus 2 percent.

3.32 pm

US stock market also opens in deep red

As expected, the Dow Jones Index also opens in deep red. Shortly after the opening, it is down around 4 percent. In just a few minutes, the leading index loses almost 1500 points.

12.33 pm

Swiss shares lose 65 percent - or not

The general panic on the stock markets led to great confusion among many market participants in Switzerland at the start of trading and apparently overwhelmed some of them. In the first few minutes of trading, individual shares on the Swiss Six stock exchange fell by an almost unimaginable amount.

At the asset management bank EFG International, for example, the system showed a drop of around 65 percent as the first price, while at the online bank Swissquote it was a drop of 62 percent. However, these were merely "mistrades", i.e. transactions with incorrect prices. A mistrade is a trade that deviates so much from the current market price that it must be assumed that there was a technical error, an input error or a misunderstanding.

The corresponding transactions were quickly recognized as such by the Swiss Stock Exchange and declared invalid. "In accordance with SIX regulations, this happens within 30 minutes," a spokesperson told the news agency AWP.

The situation has since returned to normal. The price declines for EFG, Swissquote and a few other stocks are still large, but more or less in line with what is to be expected in the current environment.

EFG was trading at -8.3 percent to 10.46 francs at 12.10 p.m., Swissquote at -4.0 percent to 328.40 francs. EFG is likely to suffer from the deterioration in the stock market environment, market observers said. Swissquote is also likely to be affected by the decline in cryptocurrencies.

12.01 pm

Massive slump by midday

Donald Trump's tariff policy sends financial markets around the world into a tailspin. The Swiss stock market slumps massively on Monday. The leading SMI index plummeted by more than five per cent over the course of the morning, falling below its low from February 2024. Traders reported an extremely tense mood, with panic selling in some cases.

The SMI was trading at 11,027 points around midday - a drop of 5.34%.

The downturn is not limited to Switzerland. In Frankfurt, the DAX fell by 6.9 percent, the French CAC40 by 5.7 percent and the British FTSE100 by 4.4 percent. In Asia, the sell-off was even more severe: the Nikkei lost around 8 percent, the Shanghai Composite 8.3 percent and the Hang Seng even more than 12 percent.

10.01 a.m.

These Swiss stocks plummeted the most

The Swiss stock market is starting the new week with heavy losses. Traders are talking about a pitch-black Monday. Certain company shares lost almost two thirds of their value.

The biggest losses among large companies were suffered by the recruitment agency Adecco and the financial stocks Partners Group, UBS and Julius Baer, which fell between eight and nine percent. Swiss Life shares plummeted by almost 7 percent - almost wiping out the annual profit.

On the other hand, defensive stocks such as Lindt & Sprüngli (-2.8 percent), Swisscom (-3.8 percent) and Sonova (-5.3 percent), which had already fallen sharply recently, fared somewhat better.

Luxury goods stocks Richemont (-8.9 percent) and Swatch (-6.9 percent) were also unable to escape the waves of selling. The same applied to heavyweights Nestlé (-5.7 percent), Novartis (-5.4 percent) and Roche GS (-6.7 percent)

9.15 a.m.

Dax plunges 10 percent

The stock markets in the rest of Europe are also crashing. Paris is currently down 6.5 percent, the DAX in Frankfurt is down around 10 percent.

9.11 a.m.

Total crash? SMI now trading at -6.9 percent

The crash has now increased significantly. The overall SMI market is now down 6.9 percent shortly after the start of trading. The panic reaction to the recent flood of US tariffs on "Liberation Day" thus continued at the start of the new week. In Asia, the most important indices fell significantly and in New York, too, the signs point to further losses

Last week, the Swiss stock market had already experienced its worst week since the coronavirus crash in March 2020, falling by over nine percent. On Friday alone, the losses amounted to over 5 per cent.

9.01 am

SMI loses 1.5 percent at the start of trading

The SMI loses significantly at the start of trading and plummets to 10,400 points.

7.55 am

Dollar loses against the euro and franc - Bitcoin slips

Risk aversion remains the dominant theme on the financial markets. Investors are fleeing risky securities for safe havens, according to the market. Once again, this includes the Swiss franc. The reason for this is the increased fear of recession due to the US trade dispute.

The dollar/franc currency pair fell over the weekend to its current level of 0.8530. On Friday evening, it still cost slightly more than 86 centimes. The dollar has also lost value against the euro. The euro is currently trading at 1.0995 dollars, up from 1.0953 on Friday. Meanwhile, the euro/franc pair is also valued slightly lower, at 0.9380 after 0.9419 before the weekend.

The digital currency Bitcoin also continued to fall sharply. On Monday, the price slipped below the 80,000 dollar mark in early trading. At around 7 a.m., the world's oldest digital currency was trading at just under 77,000 dollars.

7.01 a.m.

Swiss benchmark index SMI deep in the red in pre-market trading

The price avalanche on the international stock markets is likely to continue at the start of the new week. The escalating trade war unleashed by US President Donald Trump is causing a sell-off worldwide. According to calculations by broker IG, the leading Swiss SMI index is likely to fall by around two percent.

Last week, the SMI had already lost more than nine percent. The recent double-digit price gains since the beginning of the year have thus been practically wiped out. Now it is likely to give way to a clear minus. The reason for this is the concern that the customs dispute could cause inflation to rise and plunge the economy into recession.

"The risk of recession has increased significantly," comments the broker IG. Numerous strategists, such as those at JPMorgan, are also increasing the probability of an economic downturn in their models.

The broker also indicates further losses for the German Dax and the British FTSE 100 at around 6.35 am. The Dax is expected to fall by more than four percent and the British FTSE 100 by around 2.5 percent. However, losses of between 3 and 5 percent are also expected for US equities.

Monday, April 7, 2025, 4:56 a.m.

Tariff conflict triggers stock market slump

There are no signs of any easing in the tariff conflict between the USA and the European Union. At the start of the week, US President Donald Trump's all-out trade policy attack caused stock market prices to plummet even further. The Republican, who is backing high import tariffs, signaled a willingness to talk under certain conditions. However, his Secretary of Commerce Howard Lutnick had previously announced that the US government intended to push through its tough course with high import duties on goods from almost every country in the world. The trade ministers of the EU member states are meeting in Luxembourg today to discuss what strategy could be used to persuade Trump to give in on the special tariffs.

For many private investors, the week began with a shock: stock markets in Asia recorded massive losses on Monday morning. Following the negative cues from Wall Street, the Nikkei index of 225 stocks on the leading stock exchange in Tokyo plummeted by more than eight percent at one point and was down a hefty 2,086.71 points or 6.18 percent at an interim level of 31,693.87 points a good hour after the start of trading.

The stock exchanges in China, Hong Kong and Australia also showed significant losses in early trading. The Shanghai Composite Index fell by 4.4 percent to 3,342 points shortly after the start of trading. Hong Kong's Hang Seng Index initially fell by as much as 9.3 percent to 20,730 points. The Australian S&P/ASX 200 fell to a new 100-day low in early trading. In Germany, the stock markets will open a few hours later, but losses are also expected there.

Trump's tariff package had already sent stock markets around the world into a tailspin last week. The DAX recorded a weekly drop of more than 8%, its biggest loss in a trading week since the start of the Ukraine war in spring 2022. In New York, the Dow had its worst trading week in years with a weekly drop of more than 8%.

A recovery is not in sight. Market observers expect further major price fluctuations until the effects of the tariff conflict become clearer, more is known about counter-tariffs or initial deals are discussed with the counterparties.

Saturday, April 5, 7.12 a.m.

SMI with a pitch-black weekly balance sheet

Trump's tariff hammer has sent share prices tumbling on the stock market. The Swiss Market Index (SMI) slumped by almost 10 percent this week and closed at 11,649 points. This has drastic consequences: The 20 largest Swiss stocks have lost more than CHF 120 billion in value this week. Since Thursday - the day after Trump's announcement - share prices have been in free fall.

Computer accessories manufacturer Logitech has been hit the hardest. The company has lost almost a quarter of its value since Thursday.

10.32 pm

China's counter-tariffs cause a sell-off on Wall Street

The announcement of counter-tariffs on US imports by China has exacerbated the recent slump on the New York stock exchanges on Friday. The Dow Jones Industrial fell by a further 5.50 percent to 38,314.86 points. The heavy losses were accompanied by far above-average trading volumes, which probably justify the term sell-off.

The previous day, the world's best-known share index had already fallen by 4% after US President Donald Trump announced extensive import tariffs. On Friday, the Dow fell to its lowest level since the middle of last year. With a weekly drop of more than 8 percent, it was the Dow's worst week on the stock market for years.

The Nasdaq 100, which is dominated by the major technology stocks, lost 6.07% to 17,397.70 points and fell to its lowest level since May 2024. The stock market year 2025 now shows a loss of more than 17%. As on the previous day, shares of major chip manufacturers were among the biggest losers. The market-wide S&P 500 slipped by 5.97% to 5074.08 points. The weekly loss was the biggest since March 2020.

3.40 pm

US stock markets also in the red

Wall Street is also trading in the deep red again at the start of the last trading day of the week. At the start, the Dow Jones Index is down around 3 percent. The S&P 500 is also trading in this range, as is the technology-heavy Nasdaq index.

12.37 pm

SMI now in complete free fall

Following China's announcement of counter-tariffs, the SMI is now in free fall. The SMI has lost more than 200 points within a few minutes.

After briefly slipping below the 11,700 mark, the leading index is currently trading 4.5 percent lower at 11,746 points. It had already fallen by 2.5 percent on Thursday.

11.51 a.m.

Pharmaceutical shares crash after Trump threat

US President Donald Trump is now also threatening the pharmaceutical industry with tariffs. Such a development would place a heavy burden on the Swiss pharmaceutical industry - after all, the USA is the most important sales market.

The reaction of the two Basel pharmaceutical giants is correspondingly strong: The shares of Roche and Novartis each lost almost 4 percent on Friday morning. The market as a whole is also under pressure: the SMI falls by a further 2.5 percent, having already fallen by the same percentage the previous day.

10.46 am

US stock market: Trump's tariffs burn two trillion dollars in just one day

Yesterday, Thursday, US companies lost no less than two trillion dollars in value on the stock market, reports the Associated Press (AP) news agency. Traders have not seen such a sharp decline since the pandemic five years ago.

Many experts had expected less harsh tariffs, the report continues. It is expected that the additional costs will be passed on to customers: Domestic consumption accounts for 70 percent of economic activity in the US, AP said.

"This is a turning point, not just for the US economy, but for the global economy," says Olu Sonola from the rating agency Fitch. "Many countries are likely to end up in recession."

The S&P 500 lost 4.8 percent and the Nasdaq 6 percent, costing more than two trillion dollars. Among the biggest losers were retailers Kohl's (down 22.8 percent) and Best Buy (down 17.8 percent), as well as clothing manufacturers such as Ralph Lauren, Under Armor and Nike (down 16.3 percent, 18.8 percent and 14.4 percent respectively).

Technology companies Dell and HP (down 19 percent and 14.7 percent) and airlines such as United Airlines and Delta Airlines (down 15.6 percent and 10.7 percent) were also hit hard. Bank of America was down 11.1 percent.

9.25 a.m.

SMI clearly loses again

The Swiss Market Index (SMI) starts trading down by around one percent. The list of losers is headed by UBS with a decline of 3.5 percent. It is followed by Logitech, which is down 2.0 percent, and ABB, whose shares are down 1.6 percent. Across the board, Vontobel (-6.8 percent) and Huber + Suhner (-4.2 percent) are also down significantly.

7.37 a.m.

Major US bank now sees risk of recession at 60 percent

The US bank JPMorgan is changing its economic forecast: the new tariff regime has increased the risk of a recession in the United States to 60 percent.

"Disruptive US policy has been seen as the biggest risk to the global outlook all year," said Bruce Kasman, chief economist and head of global economic research at JPMorgan. "The latest news reinforces our fears, as US trade policy is significantly less business-friendly than we had expected."

Friday, April 4, 7:11 a.m.

Stock markets continue to slide today

Anyone hoping for calm at the end of the week after the US tariffs will probably be disappointed for the time being. The sell-off on the financial markets is likely to continue today.

However, the losses may not be quite as dramatic as on Thursday. For the most important Swiss share index SMI, for example, the broker IG estimates a pre-market drop of 0.6 percent after the leading index fell by 2.5 percent yesterday.

The broker also indicates further losses for the German Dax and the British FTSE 100 at around 6.45 a.m., but they are nowhere near as severe as yesterday. This also applies to futures on Wall Street. In Asia, however, the Japanese Nikkei, for example, fell by a further 3.5 percent at the end of the week.

Fears of a possible recession are now spreading on the markets. Numerous strategists, such as those at JPMorgan, are increasing the probability of an economic downturn in their models.

As RBC strategist Lori Calvasina writes in a recent commentary, she believes that a slump in growth similar to that of 2010, 2011, 2015-2016 and 2018 is underway. And a downturn in the US would have far-reaching consequences for the rest of the world.

7.32 pm

WTO predicts global decline in trade in goods

The World Trade Organization (WTO) fears a one per cent decline in global trade in goods due to the planned and already introduced US tariffs. This corresponds to a downward revision of the most recent forecast by 4 percentage points, announced WTO head Ngozi Okonjo-Iweala in Geneva. She expressed her deep concern. The situation could escalate into a tariff war with possible retaliatory measures, which would then further impair trade.

She pointed out that the majority of world trade continues to take place according to the negotiated WTO rules. This trade accounts for around 74 percent, compared to 80 percent at the beginning of the year - i.e. before US President Donald Trump took office.

"Trade measures of this magnitude have the potential to lead to significant detour of trade flows," she also warned. "I call on the member states to handle the resulting pressure responsibly in order to prevent trade tensions from escalating."

The EU, among others, has justified its own planned tariffs on the grounds that it needs to protect itself from goods that are no longer supplied to the USA ending up in the EU on a large scale.

18.13 hrs

SMI loses 2.45 percent at the close of trading

US President Donald Trump has thrown stock markets into turmoil. Prices around the world slid, and the Swiss stock exchange also closed significantly lower.

The leading SMI index fell by 2.45% to 12,279.48 at the close of trading, closing only slightly above the day's low of 12,252.7 points. The SLI, which includes the 30 most important shares and caps the weighting of the most important stocks, even lost 3.11 percent to 1966.07 and the broad SPI 2.55 percent to 16,362.24 points. Among the 30 blue chips, 24 losers were offset by six winners.

More than half of the SLI stocks fell by more than 3 percent, ten even by more than 6 percent. The fact that the SMI did not fall even further was due to the price gains of the heavyweights Nestlé (+1.0%) and Novartis (+0.5%).

Novartis benefited from the fact that pharmaceutical products remain excluded from the tariffs. The previous day, the pharmaceutical sector was still under pressure across Europe in anticipation of high tariffs. However, the share price of pharmaceutical giant Roche (-2.9%) fell sharply. The reason for this was a research failure with the MS drug Ocrevus, which had been announced the previous evening.

Logitech (-16.5%) came under heavy pressure. The manufacturer of computers and gaming accessories was hit hard by the tariff hammer, according to the market. The company manufactures around two-fifths of its products in China. It also has other production facilities in Taiwan, Malaysia and Vietnam.

Kühne + Nagel (-8.5%) also fell significantly. Investors feared that global trade would suffer as a result of the tariffs. The shares of luxury goods manufacturers Swatch (I -6.1%) and Richemont (-6.3%) were also on offer. Around a fifth of Swiss watch exports go to the USA. The country was seen as a growth market following the weakness in China.

Technology stocks VAT (-11%), AMS Osram (-8.4%), Comet (-8.1%) and Inficon (-8.0%) as well as Partners Group (-6.6%) closed significantly lower in the wake of the very weak Nasdaq. Their share prices will suffer particularly if the growth outlook weakens.

The banks UBS (-8.3%) and Julius Baer (-6.9%) suffered on the one hand from falling yields, which could mean lower margins, and on the other hand from the general weakness on the stock markets, according to traders.

3.58 pm

Wall Street responds to Trump's tariffs with stock sales

Investors have reacted to the Trump administration's extensive and high import tariffs with large-scale share sales. The Dow Jones Industrial benchmark index fell 2.7 percent to 41,098 points at the start of trading. However, it initially avoided falling below the most recent low of 40,661 points in mid-March. This would be the Dow's biggest daily percentage loss since September 2022.

The losses on the Nasdaq stock exchange, which is dominated by large technology stocks, were even greater. The Nasdaq 100 Index plummeted by 3.9% to 18,828 points and fell to its lowest level since September last year. A loss of more than 10 percent is now recorded for the stock market year 2025.

The S&P 500 slipped by 3.2 percent to 5,487 points. This broad market index also found itself at its lowest level since September 2024.

3.36 p.m.

On share loses significantly

The shares of Swiss shoe manufacturer On plummet by over 10 percent at the start of trading. The reason is Donald Trump's tariff hammer. On manufactures a large proportion of its shoes in Vietnam - a tariff of 46 percent will be levied on their goods in future.

3.31 pm

US stock markets slump

The Dow Jones loses around 2.8 percent at the start of trading after the tariff hammer, the Nasdaq slumps by 3.8 percent.

+++ Update to follow +++

15:25

Gloomy outlook for the US stock market

The outlook for the trading day on Wall Street is clearly gloomy in view of the US government's new tariff package: futures on the Dow Jones are down 2.8 percent, those on the Nasdaq even almost 4 percent.

Shares in international companies such as Nike and Apple are under particular pressure in pre-market trading, falling by 9 and 7 percent respectively. Nvidia and Tesla also recorded losses of 4 percent each.

How much the stock market falls will become clear in a few minutes when trading opens.

1.55 pm

SMI falls further - Logitech loses 15 percent

Prices on the Swiss stock market continue to plummet following US President Donald Trump's tariff announcement. The leading SMI index extended its losses and is currently trading below 12,300 points with losses of more than 2 percent.

Investors are dumping riskier investments such as equities from their portfolios and opting instead for safe investments such as gold. Accordingly, the price of gold has set a new record of 3167 US dollars.

On the other hand, those stocks that will suffer particularly badly from the new customs policy are taking a hit. Among the Swiss blue chips, the shares of computer accessories manufacturer Logitech are leading the way. The last time the shares saw price losses of 15 percent was in 2023. The tech company manufactures its products in China, Asia and Latin America, among other places. The new tariffs are therefore likely to weigh accordingly.

11.47 a.m.

SMI loses over 1.8 percent shortly before midday

Stock markets around the world are reacting to the latest tariff announcement by US President Donald Trump with heavy losses. The Swiss stock market was also hit hard: The SMI benchmark index lost 1.83 percent on Wednesday, falling to 12,357 points. The SLI fell even more sharply, dropping 2.12 percent, while the SPI was down 1.79 percent.

Stock markets around the world went downhill. The Dax, the Cac 40 in France and the British FTSE 100 lost over one percent. In Asia, the losses were even more pronounced. US futures also point to a weak start to trading.

Individual Swiss stocks were able to escape the downward trend: Novartis (+0.5 %), Nestlé (+0.1 %) and Lonza (+0.1 %) traded slightly higher.

The performance of pharmaceutical stocks was mixed. While Novartis benefited from the exemption from US tariffs on medicines, Roche came under heavy pressure. Following a study failure with the MS drug Ocrevus, the shares lost 2.6% - analysts doubt whether the patent can be extended beyond 2028.

Tech and luxury goods manufacturers fell sharply. Logitech slumped by over ten percent, VAT by 4.7 percent. Richemont (-5.6%) and Swatch (-4.8%) also suffered heavily - around a fifth of Swiss watch exports go to the USA. The logistics group Kühne+Nagel lost 5.7 percent.

10.20 a.m.

Dax slumps by 2 percent

The German leading index Dax and the European selection index EuroStoxx 50 both record losses of over two percent. There are also signs of a weak start on Wall Street: US futures are signaling price declines of at least two percent at the start of trading.

9.47 am

Logitech and Oerlikon lose 10 percent

The tariff hammer also has a massive impact on the broad market. The Logitech share loses over 10 percent shortly before 9.45 a.m., OC Oerlikon is also down 9.8 percent. The SMI has now settled at a loss of around 1.6 percent.

9.40 a.m.

Apple shares crash

Apple shares traded in Frankfurt come under pressure after the USA raises tariffs. The iPhone manufacturer's shares lose over seven percent, falling to their lowest level since August.

Over 90 percent of Apple's production takes place in China. If there is no exception, the tariffs would have a massive impact on the company.

9.05 a.m.

Raven-black start

As expected, share prices fall sharply at the start of trading at 9 am. A few seconds after the start of trading, the leading SMI index is down almost 2.5 percent. Richemont and Roche are down the most, with both shares losing over five percent at times. UBS is also down more than 4.5 percent, Lonza (-3 percent) and Holcim (-3.06 percent) are down significantly.

8.59 am

The stock market is about to open - how much will it fall?

At Julius Baer, the Swiss Market Index is expected to fall by 1.83 percent a few minutes before the start of trading. Richemont and Logitech are under particularly heavy pressure, with a drop of 3.7 percent and 3.4 percent respectively.

In the broad market, OC Oerlikon recorded a significant drop of 7 percent due to the dividend payment. Swatch also loses noticeably and is down 3.7 percent.

8.34 a.m.

Gold price reaches record high

The aggressive US tariff policy has driven the price of gold to another record high overnight. US President Donald Trump had previously declared war on trading partners around the world with a huge tariff package. Gold is one of the few commodities not currently affected by tariffs.

On Thursday night, the price of a troy ounce (approx. 31.1 grams) rose to a new high of 3,167.84 US dollars on the London Stock Exchange, having last traded slightly below this level. This means that gold has already risen in price by a fifth this year, after the price of the precious metal had already risen by almost half in the previous three years. In addition to the uncertainty caused by wars and conflicts, one of the price drivers is US customs policy.

Trump's huge tariff package31 percent on Swiss exports - perfect trade dispute

8.10 a.m.

Euro gains

The euro has gained further ground following US President Donald Trump's tariff announcement. The exchange rate for the single currency rose to just under 1.0925 dollars on Thursday night. The euro recently gave back some of its gains, but at 1.0907 dollars was still higher than before Trump's press conference on the tariffs at 10 p.m. on Wednesday evening. Shortly before that, the euro had cost 1.0850 dollars.

US President Donald Trump is declaring war on trading partners around the world with a huge tariff package. His administration is introducing new blanket tariffs of ten percent on imports from all countries. Depending on the trade deficit, many countries will face significantly higher penalties. Imports from Germany and other European Union countries into the USA are to be subject to new tariffs of 20 percent.

Thursday, April 3, 7:20 a.m.

Trump's tariff cudgel causes turmoil on financial markets - including in Switzerland

A pitch-black trading day is looming for the global financial markets - including the Swiss stock exchange. US President Donald Trump presented his long-awaited tariff plans on Wednesday evening.

The SMI is expected to fall by more than 1 percent at the start of trading. Broker IG puts the leading index at 12,431 points at around 6.45 a.m., which represents a drop of almost 130 points compared to the closing price. The barometer had already closed significantly weaker (-0.8%) on Wednesday in the run-up to the tariff announcements.

While the stock markets in Asia are already reacting to the news with significant losses - the Japanese Nikkei, for example, is down 3.6% - the European and US stock markets are also off to a weak start. The German Dax is expected to fall by 2 percent and the futures for Wall Street are also pointing to deep red prices.

On the other hand, safe havens are in demand. The price of gold climbed to a record of 3167.84 US dollars during the night. The troy ounce last traded at 3149 dollars.

Wednesday, April 2, 08.46 a.m.

Swiss stock market starts weak - 19 of 20 SMI stocks are in the red

The Swiss stock exchange is likely to get off to a subdued start to the trading day on Wednesday. According to Bank Julius Baer, the SMI is expected to be 0.03 percent weaker one hour before the start of trading. The picture among the index stocks is gloomy: 19 out of 20 SMI stocks are trading in the red. The only bright spot is Novartis, which is up 0.4 percent in pre-market trading.

The broad market is also dominated by the color red. Most stocks are down between 0.1 and 0.3 percent. Straumann was hit particularly hard with -1.2 percent and Swatch with -0.6 percent.

The expected tariff announcement by the US government under Donald Trump is causing additional uncertainty. The former president wants to present new trade tariffs on Wednesday - aimed at countries with high trade surpluses with the US. Trump recently spoke of a "day of liberation", which has reignited concerns about a trade war.

"The risk of a trade war has not been as great as it is now for a long time," warns Thomas Altmann, Portfolio Manager at QC Partners. Accordingly, investors are exercising caution - at least until the expected tariff announcement in the evening.

7.07 pm

Trump tariffs and recession worries weigh on stock markets - SMI also affected

US President Donald Trump'snew tariff announcements against Canada have weighed heavily on the already battered stock markets in Switzerland and around the world. Investors are increasingly fearing negative effects on the economy as a result of the US president's actions and the government cutbacks led by tech billionaire Elon Musk.

The Swiss stock market recorded its weakest day since last August. The leading SMI index also lost the 13,000-point mark, which it had recently managed to defend, and closed 2.5 percent lower at 12,692 points. In Germany, the leading Dax index fell for the third day in a row and ended trading with a loss of 1.3 percent, while the leading US Dow Jones index was down 1.5 percent in the early evening.

One trigger for the downturn was Trump's announcement that he would double the tariffs on steel and aluminum from Canada to 50 percent. It was a response to Canada making electricity exports to the US more expensive in reaction to the first tariffs.

On the markets, the initial euphoria following the US elections in November has now "turned into an unpleasant hangover" as the political realities of Trump 2.0 gradually become clear, commented an analyst at US investment bank Goldman Sachs. There are now fears that Trump could trigger a recession with higher inflation during his time in office, another trader said.

On the Swiss market, heavyweight defensive stocks were also under pressure. The focus was on Novartis shares (-5.6 percent or 5.68 francs). They were traded ex-dividend of 3.50 francs, but the price decline was significantly higher. The profit participation certificates of competitor Roche (-3.6 percent) and the shares of food group Nestlé (-2.1 percent) also suffered significant losses.

Shares in the major bank UBS also closed significantly lower (-2.6 percent). Cyclically sensitive stocks such as Adecco, Schindler PS, Holcim and Sika, which had recently benefited from European defense and infrastructure plans, also fell between 1.7 and 2.9 per cent.

Tuesday, March 11, 2025, 2:06 a.m.

Tesla shares fall by more than 15 percent in one day

Shares in Tesla, the US electric car manufacturer led by Elon Musk, have fallen by more than 15 percent in one day. As a result, it also lost the last price gains after the US presidential election in November.

Musk had become a close ally of the ultimately victorious Republican Donald Trump during the US election campaign. Following his triumph in the presidential election, Tesla shares soared. At its peak in mid-December, it was worth around twice as much as on election day on November 4. This was followed by a downward slide, which recently became steeper.

Before the accelerated share price losses on Monday, another analyst had lowered the forecast for Tesla deliveries.

Tesla had closed 2024 with the first decline in deliveries in more than a decade, although Musk had previously forecast an increase. However, the tech billionaire is enticing investors with the prospect of big business in self-driving cars and humanoid robots. Although it is not certain that Tesla can be successful in either area, investors have so far overlooked the current business and are valuing the company much higher than other car manufacturers.

In mid-December, Tesla was worth more than 1.5 trillion dollars at a share price of around 480 dollars. Now the stock market value has fallen from just over 222 dollars to around 715 billion dollars. By comparison, the US car giant Ford is worth just under 40 billion dollars on the stock market, and its rival General Motors just under 48 billion dollars.

A significant fall in the Tesla share price could also become a problem for Musk personally. The tech billionaire is known for collateralizing loans with his Tesla shares, making him by far the richest person in the world, at least on paper. In such transactions, collateral often has to be provided if the share price falls below certain thresholds. The Bloomberg financial service still estimates Musk's assets at a good 300 billion dollars.

After the election, some market observers assumed that Musk's proximity to the US president could bring advantages for Tesla. Trump made him a cost-cutter on behalf of the US government and gave him far-reaching powers. The President assured him that no conflicts of interest would be allowed.

Among other things, Tesla's Autopilot assistance system is the focus of several investigations by the National Highway Traffic Safety Administration (NHTSA) following accidents. The authority would also play a key role in the approval of the self-driving robotaxis envisaged by Musk. He wants to dispense with the more expensive laser radars and rely solely on cameras for the self-driving cars. However, many experts believe that laser radars are essential if self-driving cars are to be safe on the roads. Google's sister company Waymo also uses such technology in its reliably functioning robotaxis.

Monday, March 10, 2025, 9.30 p.m.

Fear of US recession grows, stock markets plummet worldwide

Fears of a recession in the US as a result of President Donald Trump's erratic trade policy caused stock markets around the world to fall on Monday. Prices fell significantly on Wall Street in New York. The S&P 500 fell by 2.7 percent, its biggest daily loss since December, while the technology-heavy Nasdaq ended the day down four percent.

Prices also fell on the European stock exchanges in London, Paris and Frankfurt. EU Trade Commissioner Maros Sefcovic accused Trump's administration on Monday of a lack of willingness to negotiate with regard to the tariffs on steel and aluminum imports that are due to be imposed from Wednesday. "The US government does not seem ready to reach an agreement," he said. The EU would react with countermeasures to protect its interests.

"Uncertainty over the impact of Trump's tariffs is weighing on financial markets at the start of the week," said Susannah Streeter, Head of Money and Markets at Hargreaves Lansdown. "A recession is lurking in the US, consumer confidence is falling, businesses are facing increasing trade complexity and investors are becoming increasingly nervous."

Economic concerns are growing after US President Donald Trump refused on Sunday to rule out the possibility that his aggressive trade policy could cause a recession. The rapid fall in share prices goes hand in hand with an intensification of the trade war between the Trump administration and China: Beijing has responded to US tariffs with levies on American agricultural products.

In addition, the Canadian province of Ontario introduced retaliatory tariffs on energy exports to the US on Monday. In future, households in some US states close to the border will have to pay more for electricity imported from Canada. A surcharge of 25 percent will apply to 1.5 million customers in the neighboring country, announced Doug Ford, head of government of Ontario, Canada's most populous province

He justified this with the tariffs on goods from Canada introduced by US President Donald Trump and recently suspended again. Ontario supplies electricity to Minnesota, New York and Michigan. "President Trump's tariffs are a disaster for the US economy. They are making life more expensive for American families and businesses," Ford said Monday. "Until the threat of tariffs is finally off the table, Ontario will not back down. We will stand strong, use every tool in our toolbox and do whatever it takes to protect Ontario."

11:32 a.m.

SMI loses - several stocks under pressure

The Swiss stock exchange starts Friday's trading weaker. Shortly before midday, the SMI was down 0.4 percent. Traders blamed the losses on rising bond yields and uncertainty surrounding US President Donald Trump's economic policy.

The previous day, Trump had surprisingly postponed the introduction of tariffs on Mexican and Canadian goods covered by the North American trade agreement USMCA. The back and forth of political decisions is causing increasing uncertainty on the markets, according to one economist: "Volatility seems to be the only certainty, as policy measures are introduced, questioned, changed and then often reintroduced by Trump."

UBS (+0.88%) and Lindt & Sprüngli (+0.70%) are the biggest gainers (as at 11.30 a.m.). On the losing side, however, are Julius Bär with a hefty drop of 2.23%. Logitech (-2.85%), Richemont (-4.48%) and the shares of Zurich Airport (-3.04%) also lost considerable ground.

March 7, 9.42 a.m.

US tech stock markets plummet

Donald Trump has made another political U-turn: After announcing that he would impose punitive tariffs against Canada and Mexico, he surprisingly withdrew them on Thursday. The US president was apparently reacting to the poor mood on the financial markets - but his change of course did nothing to calm the stock markets.

The stock markets continued their slide. The technology exchange Nasdaq was particularly hard hit, falling by 7.5 percent within a week. Since its high in December, it has fallen by as much as 10.5 percent. This means that the Nasdaq is now officially in a correction phase, a term used for falls of at least ten percent from the last high.

However, the Nasdaq is still a long way from a so-called bear market, in which losses exceed the 20 percent mark. Nevertheless, it is clear that the uncertainty on the markets persists despite Trump's about-turn.

11.37 a.m.

SMI continues to rise

The SMI continues to rise towards midday. At midday, the SMI is up 1.14 percent. The large discrepancy between the individual stocks is striking.

Shares from the construction and infrastructure segment are particularly in demand. This is due to hopes of massive investment in infrastructure in Germany and possible tariff reductions by the USA. Construction stocks such as Sika (+7.5 %), Geberit (+6.2 %), Holcim (+5.3 %) and ABB (+4.9 %) are benefiting in particular.

In the second tier, Implenia (+6.4 %), Arbonia (+3.7 %) and Stadler Rail (+7.7 %) also stood out with strong gains.

Lindt & Sprüngli shares are at the other end of the spectrum. They lost 4.9% in the morning.

10.02 a.m.

Stock markets soar

The stock markets in Switzerland and Europe recover on Wednesday from the previous day's sharp losses. They are supported by new rumors that the USA could withdraw some of the tariffs it had imposed just a day earlier. Overall, however, there is still a great deal of uncertainty, as important decisions could change almost by the minute, especially with regard to Washington, according to market circles.

Shares - especially in Germany - are also receiving a tailwind from what has been described as Germany's "historic" financial package for defense and infrastructure, which was put together by the CDU/CSU and SPD the previous evening. For Germany's leading index, the Dax, this is "like a huge economic stimulus package", said one trader.

Other drivers for share prices are news from China. The annual session of the People's Congress has begun there. Premier Li Qiang announced an economic growth target of "around five percent" for the current year, which is seen as good news in market circles. In addition, the mood among China's service providers has improved.

There is also hope with regard to Ukraine. After the scandal at the weekend, new talks now seem more likely again.

This mix of positive news is prompting investors on the stock markets to take hold again after yesterday's dip. In Switzerland, the leading SMI index was around 0.8 percent higher at around 10 a.m. than the previous day, when it had lost 1.2 percent.

Cyclically sensitive stocks in particular are making significant gains, such as Adecco, ABB, Holcim and Sika, which are up 4 to 5 percent. In contrast to the previous day, the defensive heavyweights Nestlé, Novartis and Roche are not in demand.

The current gain of around 3 percent in the German Dax in Frankfurt looks spectacular, although it has not yet made up for Tuesday's losses of around 3.5 percent. In Paris, the French CAC is almost 2 percent higher.

March 5, 9:15 a.m.

European stock markets open on a high

The Swiss stock market was upbeat on Wednesday morning: the SMI started 0.5% higher at 13,074 points. ABB (+3.2 %), UBS (+3.1 %) and Sika (+3 %) are particularly in demand, benefiting from positive analyst comments. Yesterday's big loser Holcim also gains almost 3% at the start.

Sandoz (-1.1%) presented strong quarterly figures, increased its dividend and clearly exceeded analysts' estimates. However, the market is reacting cautiously as the outlook is seen as rather subdued.

The chocolate sector fell again after the recent price gains: Lindt & Sprüngli lost over 4% and Barry Callebaut 2.2%.

Kühne + Nagel saw its price target lowered after yesterday's figures, but the shares are still up 1.3% after losing 5%.

6.05 pm

Stock markets under pressure

Concerns about a trade war sent the financial markets into a tailspin on Tuesday. Prices fell even further, particularly after the clearly negative opening of the US stock markets. However, the local stock market received strong support from defensive heavyweights, which tend to receive encouragement in uncertain times. However, the mood was gloomy, said one trader.

The tariff dispute instigated by the USA and the associated negative consequences for the global economy as well as the developments in the Ukraine war would affect investors' mood. The tariffs against Mexico, Canada and China long announced by US President Donald Trump had previously come into force. Now a veritable trade war could break out with all kinds of negative consequences for the global economy, said one trader.

The stock markets reacted huffily to the USA's tariff policy. The leading SMI index closed 1.21 percent lower at 13,007 points. Had it not been for the gains made by Nestlé (+1.3%), Novartis and Roche (+0.5% each), the SMI's loss would have been significantly higher. The previous day, the index had climbed to a record high during trading.

Other markets were under considerably more pressure than the local stock exchange. The Dax in Frankfurt fell by 3.5 percent and the Cac 40 in Paris by 1.9 percent. On Wall Street, the leading Dow Jones index started the day down 1.6 percent.

3.30 p.m.

US stock markets also lose ground

On the US stock markets, the indices are being weighed down considerably by customs and economic concerns. The S&P 500, the Dow Jones and the Nasdaq technology index all lost more than 1.1 percent at the start of the day. "The stock markets are more politically driven than they have been for a long time," commented analyst Thomas Altmann from QC Partners. "And with the dominance of political issues, volatility is increasing."

Germany's leading index, the Dax, reached a record high of over 23,000 points on Monday. After the customs news, however, disillusionment set in. In early trading on Tuesday, the Dax fell below the record level again and lost over 2 percent by the early afternoon. The Eurozone's leading barometer, the EuroStoxx 50, also fell significantly, while on the Swiss stock exchange (SMI: -0.7 percent) price gains by defensive heavyweights prevented greater losses.

2.23 p.m.

Next solar company implodes

The crisis in the solar industry continues to worsen. Following the demise of Meyer Burger, the US company Sunnova Energy has now been hit. The Houston-based company's shares lost 50 percent of their value on Monday after Sunnova announced that it barely has enough cash to meet its obligations.

"There are significant doubts about its ability to continue as a going concern," it said in a statement. The share price has already lost over 98 percent of its value in the last five years. Refinancing costs are rising rapidly, while declining state subsidies are making solar installations more expensive for private households. As a result, Sunnova has already cut 15 percent of its workforce.

Sunnova CEO John Berger made it clear in a conference call that the current market environment is catastrophic: "High interest rates and regulatory and political uncertainties have unsettled consumers and investors." The US Congress and the Trump administration are also planning to cut tax credits for renewable energies - a measure that is likely to further worsen the financial situation of many companies.

March 3, 11.10 a.m.

SMI on diving station - individual stocks support

Concerns about a trade war sent the financial markets into a tailspin on Tuesday. Accordingly, the Swiss stock market also started the day weaker. However, the local stock market is receiving strong support from the defensive heavyweights Nestlé, Novartis and Roche, which tend to receive encouragement in uncertain times.

In general, there is great uncertainty on stock markets around the world about the possible consequences for the global economy in view of the tariffs imposed by US President Donald Trump on Mexico, Canada and China. Traders point to the fear of a further escalation of the tariff dispute. "It's no longer a threat. It's a reality," said the market.

In response to the US tariffs, China has announced tariff increases on a range of agricultural and food products from the US. In addition, 25 US companies will be subject to export and investment restrictions. Canada has also announced countermeasures. And as far as the war in Ukraine is concerned, the USA is suspending military aid to Ukraine for the time being.

The stock market reacts huffily to the US customs policy. Shortly before 10.30 a.m., the leading SMI index was trading 0.40 percent lower at 13,114 points. If it were not for the gains made by Nestlé (+1.5%), Novartis (+0.8%) and Roche (+0.3%), the SMI would be down significantly more. The previous day, the index had climbed to a record high of 13,199 points during trading.

International markets are under much more pressure than the local stock exchange. The Dax in Frankfurt fell by 1.6 percent and the Cac 40 in Paris by 1.0 percent. The falls in the FTSE 100 on the London Stock Exchange were less pronounced (-0.5%). On Monday evening, the uncertainty could already be felt on Wall Street, which weighed on the leading Dow Jones index by 1.5%.

The customs dispute is also an issue on the foreign exchange market. As a result, the euro has continued to gain against the US dollar and has climbed above the USD 1.05 mark. The euro is currently trading at 1.0542 dollars. According to foreign exchange experts, the US economy is also likely to suffer from the high tariffs. Meanwhile, the US currency fell back to 0.8916 francs against the Swiss franc, down from over 0.90 francs at the start of the week.

3.30 p.m.

SMI also at record level

The Swiss stock market started the new trading week with gains on Monday. After a friendly start, the SMI briefly fell into negative territory, but was able to recover quickly and marked a new high well above the 13,000-point mark. The market is thus unimpressed by the ongoing political turmoil. The headlines at the beginning of the week were dominated by the scandal in the White House last Friday. According to market observers, this is increasing the pressure on the upcoming EU summit, particularly with regard to further support for Ukraine. In addition, the uncertainty ahead of the European Central Bank's (ECB) interest rate decision on Thursday could lead to increased volatility on the markets.

At the same time, discussions about tariffs and possible countermeasures are having little impact on the domestic stock market. Zürcher Kantonalbank notes that investors have now become accustomed to the protectionist threats from the USA. It seems that the European stock markets are not taking the economic confrontation with Washington too seriously. Nevertheless, the bank warns against excessive euphoria, as the risk of higher import tariffs on European goods remains.

2.25 p.m.

Dax climbs to record high

The Dax has climbed above the 23,000 point mark for the first time in its history. It extended its annual gain to almost 16 percent. Most recently, the German leading index was up 2.69 percent at 23,158.47 points.

It is led by the armaments high-flyer Rheinmetall, whose shares, with double-digit growth, meanwhile cost almost 1,200 euros. They are being given a strong boost by the prospect of a special fund for the German armed forces and rising defense spending by European NATO states.

This was triggered by the scandal between Ukrainian President Volodymyr Selenskyj and US President Donald Trump on Friday. Instead of a raw materials agreement with the USA, which Trump sees as a quid pro quo for previous US military aid, among other things, and a peace agreement with Russia, for which Zelenskyi demanded security guarantees, the situation escalated. The talks were broken off.

10.47 am

Insider trading behind the announcement?

While investors are delighted with the price gains in Bitcoin and other cryptocurrencies, analysts and political observers are critical of the US President's comments. Trump is accused of influencing the market by specifically naming certain coins - possibly not by chance.

Particularly explosive: it was only in February that Trump appointed David Sacks, a former PayPal manager and close friend of his advisor Elon Musk, as the White House Commissioner for Artificial Intelligence and Cryptocurrencies. And it is precisely this David Sacks who is invested in several of the cryptocurrencies mentioned.

Critics speak of an obvious conflict of interest and ask whether Trump's statements may have been deliberately used to enable certain investors to make price gains.

Monday, March 3, 10:30 a.m.

Crypto world experiences surprising upswing

After a significant decline last week, the crypto market experienced a surprising upswing on Sunday evening. Bitcoin in particular benefited: After the currency had temporarily fallen to around 80,000 US dollars, the price is now back above 90,000 US dollars. Ethereum, Solana and other cryptocurrencies also recovered.

A U.S. Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration, which is why my Executive Order on Digital Assets directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL,…

— Trump Posts on 𝕏 (@trump_repost) March 2, 2025

The reason for this sudden price increase is quickly identified: US President Donald Trump published two posts on his "Truth Social" platform in which he announced a national crypto reserve. This would make the USA the leading nation in the crypto sector. He specifically mentioned the cryptocurrencies XRP, SOL and ADA - all digital assets that, according to him, immediately increased in value.

"A U.S. cryptocurrency reserve will enhance this important industry after years of corrupt attacks by the Biden Administration," Trump wrote. "That is why my Executive Order on Digital Assets directed the President's Working Group to advance a Strategic Cryptocurrency Reserve that includes XRP, SOL, and ADA. I will ensure that the U.S. is the crypto capital of the world."

A little later, he added that he of course also "loves" Bitcoin and Ethereum.

Friday, February 28, 08.43 am

SMI starts weak - crypto continues to dive

The Swiss Market Index (SMI) is off to a weak start to the trading day and is down one percent at 12,833 points at Bank Julius Baer. The leading index is particularly weighed down by Holcim, which is down 2.1 percent in pre-market trading.

Other heavyweights also come under pressure: Richemont and UBS both lose 1.2 percent.

The broad market also looks gloomy: Bucher is down a harsh 4 percent, while Swatch and Sandoz are also down 1.2 percent.

11.39 a.m.

Tesla shares slump

The shares of electric car manufacturer Tesla have slumped by more than 9 percent. This comes after Tesla's sales figures in the EU and the UK fell by almost half in January.

This drop in the share price caused Tesla's valuation to fall below the one trillion US dollar mark for the first time since November 2024.

The company is coming under increasing pressure in Europe as it has to contend increasingly with competition from China and other manufacturers. In addition, Tesla CEO Elon Musk is causing a stir on both sides of the Atlantic with his controversial political statements, according to one analyst.

February 26, 07.28 a.m.

Total crash on the crypto exchange

The cryptocurrency Bitcoin has lost almost 20 percent of its value in US dollars since its all-time high when US President Donald Trump took office. Bitcoin currently stands at around 88,500 dollars and is therefore significantly lower. In the past five days alone, Bitcoin has lost almost 9 percent in value.

The second-tier digital currencies, Ethereum and Solana, have also fallen sharply. Ethereum fell by 12.7 percent compared to the previous day to USD 2,380, while Solana plummeted by 14.8 percent to USD 136.

There are two main reasons for this: Investors promised themselves that the election winner Donald Trump would implement crypto-friendly regulation. However, some expectations have been disappointed since he took office. For example, Trump has not yet set up a national Bitcoin reserve in the US government budget, which many Bitcoin advocates had hoped for.

In addition, the crypto exchange is burdened by a spectacular crypto theft - probably the biggest crypto coup of all time: Last Friday, cyber criminals managed to illegally siphon off digital money worth 1.5 billion US dollars from the service provider Bybit. Those responsible at Bybit were deceived during a routine transaction so that the funds did not end up in a Bybit vault but were redirected to an unknown address.

February 24

SMI breaks all-time record

Record on the Swiss stock exchange: the SMI leading index exceeds the 13,000-point mark for the first time. The leading index reached its highest level on Monday morning at 13,009 points.

February 13, 09.44 a.m.

Nestlé gains six percent

Despite a challenging economic environment, Nestlé achieved sales of 91.4 billion Swiss francs in 2024 - a decline of 1.8 percent compared to the previous year. Net profit also fell slightly by 1 percent to 10.9 billion Swiss francs.

Despite the declining figures, Nestlé shares rose by around 6 percent to 83.40 francs on Thursday morning - the highest level since October 2024.

CEO Laurent Freixe emphasized the company's robust performance despite the tense consumer sentiment: "In a challenging economic environment, we delivered a solid result in line with our updated outlook."

Nestlé is focusing on a three-year cost-cutting program to save 2.5 billion Swiss francs. Additional savings of over CHF 300 million have already been secured for 2025. These measures are intended to boost organic sales growth from 2025.

Good news for investors: the Board of Directors is proposing a dividend increase of five centimes to CHF 3.05 per share.

09.24 a.m.

Dax little moved at record level

After jumping to a record high at the beginning of the week, the Dax initially barely moved today. Shortly after the start of trading, the leading German index was up slightly at 21,917.73 points.

The mid-cap MDax fell by 0.26% to 27,213.79 points. The Eurozone's leading index, the EuroStoxx 50, rose moderately.

The German news agency DPA reported:

"The air is becoming increasingly thin for the international share indices, as a great deal of economic optimism has already been priced in," said financial market expert Andreas Lipkow. For German equities in particular, it is still completely unclear whether there will be a broad economic recovery in the eurozone. The protectionism of the USA in terms of trade policy is playing a serious role from several points of view.

February 11, 08.33 a.m.

SMI up slightly in pre-market trading - majority of stocks down

The Swiss stock market is slightly firmer in pre-market trading, with the SMI expected to be 0.1 percent higher at Julius Baer. Nevertheless, 18 out of 20 stocks are in the red.

The only bright spots: Novartis (+0.5%) and UBS (+0.9%).

US President Donald Trump makes good on his threats and announces new tariffs of 25% on steel and aluminum imports. Exceptions? Not a chance. The US is also considering special tariffs on vehicles, computer chips and pharmaceutical products - a possible further escalation potential for the markets.

Euro, dollar and franc stable: At 0.9397, the euro/franc exchange rate is almost at the previous day's level. The dollar/franc pair also remains stable at 0.9115. The European single currency is also barely moving against the US dollar and was last seen at 1.0309.

February 6, 10.20 a.m.

Swiss stock exchange gains - one company loses significantly

The Swiss stock market continues its recovery after the crash at the beginning of the week: The SMI rises by 0.33% (as of 10.20 a.m.) and thus breaks through the 12,600 mark for the first time since 2022. Strong US data is supporting the market, while investors are looking ahead to tomorrow's labor market report.

UBS is making particularly strong gains - it is currently up almost 1.7 percent. Kühne & Nagel is also gaining over 1 percent thanks to news from its competitors.

Leonteq, on the other hand, is in free fall. The share is currently down 11 percent. This is due to weak business figures, with the derivatives specialist suffering a significant drop in profits. The dividend was also cut from CHF 1 in the previous year to 25 centimes per share. In the last twelve months, the share price has already fallen by more than 35 percent.

11.35 a.m.

UBS shares fall below 30 francs

The slide in UBS shares continues on Tuesday. Shortly before midday (11.37 a.m.), the share is trading with a daily loss of 5.7 percent and is thus just below the 30 franc mark.

As has almost always been the case recently, the big bank's figures clearly exceeded the market's expectations (measured by the AWP consensus). And the consensus had also assumed only half the increase in the dividend.

So while the market has quickly switched to the sell side, the UBS figures have been well received by analysts. ZKB, for example, said in an initial commentary: "The results confirm that the bank is on track with the CS integration." Bank Vontobel formulates it almost congruently and speaks of "good cost management" in this context.

ZKB also mentions the dividend increase for last year and the announcement of a further dividend increase for this year (around 10% according to UBS) as well as the announcement of share buybacks as positive aspects.

Tuesday, February 4, 10.10 a.m.

UBS on the decline - SMI loses ground

UBS shares got off to a strong start in trading on Tuesday, but then quickly slipped sharply into the red. The big bank published its annual results for 2024 before the market opened.

This exceeded expectations and the bank also announced a surprisingly high dividend. The generally weak sentiment on the stock markets and the ongoing discussions about capital adequacy regulations are therefore likely to be the main reasons for the share price losses.

At 9.55 a.m., UBS shares were down 3.5 percent at CHF 30.68, bringing them to the bottom of the SMI. They had started the day at an annual and multi-year high of 32.88 francs, making them the clear SMI winner. The leading SMI index, which had started slightly higher, also fell sharply (-0.6%).

18.28 hrs

Swiss stock exchange closes only slightly down

The Swiss stock exchange closed only slightly down on Monday, well above the day's low. Towards the end of trading, prices recovered somewhat as there were signs of an easing in the tariff conflict between the USA and Mexico.

The US import tariffs on Mexican goods would be postponed by one month, said Mexico's President Claudia Sheinbaum after talks with US President Donald Trump. This brings back hope for negotiations on the market, commented one market observer.

It was only on Sunday that Trump made good on his threat and imposed far-reaching tariffs on goods from Canada, Mexico and China. This initially weighed heavily on shares worldwide on Monday.

The decisive factor now is what happens next with the tariffs, according to the market. There are fears that Trump will next impose tariffs on the EU. This would also affect the export-oriented Swiss industry.

However, a lot is still open in this regard, according to stock market analysts. "It might be worth waiting and keeping calm," recommended one analyst.

12.33 pm

Why shares in German car manufacturers are plummeting

The threat of a trade war between the USA and key trading partners is causing car and truck shares to plummet. Shares in BMW, Mercedes-Benz and Volkswagen fell by 5 to 7 percent at times this morning. The shares of truck manufacturers Daimler Truck and Traton also fell significantly, and the share prices of suppliers such as Continental and Knorr-Bremse also slipped.

Over the weekend, US President Donald Trump imposed tariffs of 25 percent on imports from neighboring Mexico and Canada, and 10 percent on energy imports from Canada only. An additional 10 percent will be imposed on all imports from China. And the EU could soon follow suit.

The problem: the major German car manufacturers and many suppliers use Mexico as a production location - and serve the US market from there. VW, Audi and BMW have their own factories in the country, while Mercedes-Benz produces in a joint plant with Nissan.

However, analyst Philippe Houchois from investment firm Jefferies believes that it is not so much the German manufacturers that are affected as the large US car manufacturers. The import tariffs are likely to cause vehicle prices and production costs in the USA to rise by an average of 6 percent if there is no rapid de-escalation, he said.

The Jefferies expert sees comparatively lower risks - albeit based on an earlier analysis - due to the more global positioning of Volkswagen, for example. BMW and Mercedes-Benz are net exporters from the USA in terms of value, he points out. Jose Asumendi, analyst at the bank JPMorgan, on the other hand, sees the greater impact on Daimler Truck, Volkswagen, Traton and Stellantis.

10.20 a.m.

SMI loses significant ground

The leading SMI index falls by 1.10 percent to 12,458.85 points at around 10 am. Other stock markets are also weaker: the DAX in Frankfurt is down 1.6 percent and the FTSE 100 in London is down 1.2 percent. Before that, customs concerns put pressure on the Asian stock exchanges.

Meanwhile on the Swiss stock exchange, technology stocks such as Logitech (-3.7%) and VAT (-2.4%) are trading at significantly lower prices. Julius Baer (-10%) even collapsed. The asset manager did increase its profit again in 2024 after the previous year's slump due to the Signa debacle. Market observers explain the sharp drop not only by the "Trump effect" but also by profit-taking and the rejection of a share buyback.

Meanwhile, the US dollar, which investors like to turn to as a safe haven in uncertain times, is clearly trending upwards. The dollar-franc currency pair is trading at 0.9165 after 0.9106 francs late Friday evening. The euro-dollar pair fell to 1.0249 after previously trading at 1.0374 dollars.

The cryptocurrency Bitcoin in turn lost value and at times cost less than 92,000 dollars on the Bitstamp trading platform. On Friday, the price was still quoted at over 105,000 dollars. In uncertain times, investors usually sell high-risk investments such as Bitcoin.

10 a.m.

US tariffs cause setback for the Dax

Fears of a trade war have caused the German share index Dax to plummet at the start of the week. After reaching a record high of just over 21,800 points on Friday, the leading index has now fallen by 1.99% to 21,299 points.

The reason for the setback was the far-reaching tariffs on goods from Canada, Mexico and China imposed by US President Donald Trump at the weekend. Car stocks suffered greatly as a result.

Trump's decisions also had a negative impact on the second tier of German stock exchanges and across Europe: While the MDax slipped by 2.30 percent to 26,116 points, the leading eurozone index EuroStoxx lost around two percent.

There is concern on the financial markets that the tariffs will once again fuel inflation in the USA and dash hopes of interest rate cuts. According to UBS experts, investors should therefore prepare themselves for a phase of heightened uncertainty. This will also have an impact on European equities today, even if the European Union is not yet the focus of US tariffs in the first stage.

9.43 a.m.

Julius Baer loses 10 percent

Bank Julius Baer loses significantly on Monday morning following the announcement of a cutback. The share is currently down 9.93 percent. 400 jobs are to be cut, the bank announced at a conference call on the annual results. Read more here.

9.16 am

"Investors are jumping ship"

Triggered by fears of a trade war between the US and other countries, investors are abandoning risky assets such as Bitcoin en masse. On Monday morning, one Bitcoin on the Bitstamp trading platform cost less than 92,000 dollars at times. On Friday, the price was still quoted at over 105,000 dollars.

Expert Stephen Innes from asset manager SPI Asset Management fears that the turbulence on the crypto market could spill over into other asset classes. It is not just a crypto sell-off, but investors are selling speculative assets. Those who bought on credit need liquidity in the face of falling prices. Private investors are also likely to sell off more profitable positions because they fear more trouble.

The risk appetite for Bitcoin could therefore be satiated, at least for the time being, according to Timo Emden from Emden Research: "A cocktail of uncertainty, consisting of customs, inflation and interest rate worries, is causing investors to pull out."

In January, when Trump was inaugurated, the price of one Bitcoin had risen to a record of just over 109,000 dollars. Despite the price losses, Bitcoin is still over a third more expensive than before Trump's election as US president in November. Trump has promised to loosen the regulations for cryptocurrencies. He is also in favor of a national Bitcoin reserve for the USA.

Meanwhile, the rest of the crypto market is also experiencing a sell-off. Ether, the second-largest cryptocurrency by market capitalization, was down 16 per cent on the previous day to USD 2597.

9.09 am

Trading opens in deep red

The Swiss stock exchange slips significantly into the red at the start. The SMI sinks by minus 1.5 percent, the German leading index DAX even loses 2 percent.

9.00 a.m.

Trading opens

Trading now begins on the Swiss stock exchange. It is likely to be deep red.

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