Zurich, March 1, 2026, 08:30 CET — The market remains closed.
- Swiss stocks open March trading with the SMI having closed out February above the 14,000-point mark.
- Swiss Re’s results and its buyback announcement grabbed attention, while Holcim’s guidance and new UBS regulatory news also drew the spotlight.
- Swiss central bank figures and inflation data take center stage for traders, with Friday’s U.S. jobs numbers up next.
The Swiss Market Index (SMI) wrapped up Friday at 14,014.30, climbing 0.72%. Swiss Re led the pack after posting results, while Holcim and UBS trailed. Defensive stalwarts Roche, Novartis and Nestlé moved higher, but Richemont slipped.
Swiss shares kick off March sitting at all-time highs, with investors now questioning how much more European equities can lean on so-called “safe” earnings. The focus has shifted to the next potential move in rates and credit — key factors that could pull banks and cyclicals back into the spotlight.
European stocks capped February at all-time highs, but banks took a hit, dragged down by concerns over possible credit losses and ripple effects from an AI-linked selloff. “Worries regarding potential irregularities in the mortgage space” are now setting investors on edge, said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. Reuters
Late in the week on SIX, insurance and construction stocks grabbed the spotlight. Pharma and food heavyweights, meanwhile, gave the market a defensive tilt. That combination offers some shelter when risk appetite fades, but it also means the index ends up riding on just a handful of outperformers.
Swiss Re’s net profit jumped 47% in 2025, with the reinsurer unveiling an extra $1 billion share buyback that cut outstanding shares and pushed earnings per share higher. Shares responded, moving up on Friday. The company, however, pointed to underperformance in its life and health segment as elevated claims—especially in Australia—dragged results below targets.
Holcim cited a pickup in infrastructure outlays while projecting adjusted sales growth of 3% to 5% for 2026. The company’s quarterly results, though, took a hit from currency translation, weighing on figures in Swiss-franc terms. CEO Miljan Gutovic described himself as “very optimistic about 2026” and noted “good momentum” in major markets. Reuters
UBS finds itself back in the regulatory spotlight this week. According to the Neue Zuercher Zeitung, the board is pushing for CEO Sergio Ermotti to extend his tenure, hoping he’ll guide the bank through a brewing battle over new Swiss capital requirements. UBS could be forced to set aside as much as $24 billion more under the draft rules—a prospect that has investors uneasy, since higher capital buffers often mean less cash for buybacks and returns. A UBS spokesperson called timeline talk “premature to speculate.” Reuters
First up on the domestic docket, the Swiss National Bank will publish the detailed breakdown of its annual result. The SNB confirmed it will release the definitive report on March 2, while the full Annual Report is set for later in March.
The next data point: inflation. Switzerland’s Federal Statistical Office drops the February CPI numbers on March 4 at 8:30 a.m., and that readout could quickly alter rate forecasts — with the franc reacting, a major concern for exporters earning money outside the country.
Beyond Switzerland, markets exposed to rate moves are taking in fresh U.S. inflation data. January’s U.S. producer prices came in hotter than anticipated, according to Reuters on Friday, fueling the ongoing global debate between optimism for a “soft landing” and nagging inflation concerns. Reuters
The risks are clear enough. Fresh credit jitters? Banks usually feel it first. A stronger franc would trim reported revenue for the major Swiss players with global reach. Throw in new tariff worries or AI-disruption fears, and risk appetite might dry up—right as Swiss stocks hover close to their all-time peaks.
Friday brings the week’s most clear-cut catalyst: the U.S. jobs report for February drops at 8:30 a.m. ET, a data point with the power to jolt global rate forecasts and land immediately in Zurich as markets open.
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