Markets Stock markets react calmly to Venezuela crisis
Most European stock exchanges started the week with price gains. They largely ignored the geopolitical tensions surrounding the US attack on the South American oil state of Venezuela.
05.01.2026, 09:59
SDA
The Swiss SMI, on the other hand, was down slightly due to defensive heavyweights. In Zurich, the SMI started the day down 0.7 percent. The overall market was held back in particular by defensive heavyweights. Cyclically sensitive stocks, on the other hand, were bought in the opening phase. Profit-taking after the strong December was not surprising, according to market circles.
Tailwinds for Europe came from the Asian markets, where strong gains in technology stocks in particular provided positive impetus. In the first few minutes of trading, the leading index in London rose by 0.2 percent, in Frankfurt the Dax rose by 0.6 percent and in Paris the Cac 40 gained 0.3 percent. Market participants pointed out that the strong development in Asia was supporting sentiment in Europe, while the escalation surrounding Venezuela was only playing a minor role for the time being.
Tech stocks drive up
On the Asian stock exchanges, the markets in Japan and South Korea in particular made significant gains. The Nikkei index in Tokyo closed up almost three percent, while the Kospi in Seoul gained more than three percent. Shares from the technology and semiconductor sector were once again the drivers, benefiting from continued optimism surrounding artificial intelligence and a positive outlook for 2026.
The Venezuela crisis mainly had an indirect impact on the stock markets. While oil prices remained under pressure after initial losses, investors saw the situation on the oil market as manageable, as Venezuela currently only accounts for a small share of global production. Accordingly, there was no flight from riskier investments.
In contrast, classic safe havens were in greater demand. The price of gold rose significantly, reflecting a certain degree of hedging against geopolitical risks. Overall, however, confidence prevailed on the stock markets that the tensions between Washington and Caracas will not have a serious impact on the global economy and corporate profits in the short term.
