Swiss Stock Market Today: SMI Edges Higher Toward Record as Cyclicals Rally, Leonteq Crashes – 4 December 2025
Zürich’s stock market turned higher again on Thursday, 4 December 2025, as the Swiss Market Index (SMI) resumed its climb toward record territory, powered by cyclical and financial stocks on the back of renewed US rate‑cut hopes. By the close, the SMI was up around 0.3% at roughly 12,896 points, recovering the previous day’s 0.25% dip and leaving the benchmark just over 2% below its all‑time high of 13,199 set in March.MarketScreener+1 Yet the day was anything but quiet beneath the surface: high‑beta industrials and financials rallied, classic defensives lagged, and Leonteq plunged in double digits after warning of a