The Swiss Market Index (SMI) traded lower on November 18, 2025, as global risk-off sentiment weighed on cyclicals and financials. Roche surged on breakthrough breast cancer data, while ABB, Zurich Insurance and ams-Osram fell after major investor updates and earnings news
Market overview: SMI lower despite a powerful Roche rally
The Swiss stock market opened in reverse gear on Tuesday as global equity selling spilled into Zurich.
By 09:10 CET, the Swiss Market Index (SMI) was down around 0.3% at 12,565 points, after opening roughly 0.4% weaker near 12,560 compared with Monday’s close of 12,597.82. Finanzen
Selling pressure persisted into late morning: around 10:40 CET, real-time data showed the SMI near 12,505 points, down about 0.7%, with the broader SPI off roughly 0.8% and the SLI (30 largest Swiss stocks) lower by just over 1%. Cash
Notably, Roche’s share price jumped more than 6% to its highest level since March on blockbuster cancer-drug news, but that single heavyweight was not enough to offset broad-based losses in industrials, tech and financials. Finanzen
The weakness mirrors a wider global risk-off move. European indices including Germany’s DAX and the Euro Stoxx 50 were down around 1.3–1.5% as investors fretted over stretched tech valuations, the possibility of an “AI bubble”, and reduced odds of a near-term U.S. rate cut. The Guardian
Adding to the cautious mood, Bitcoin briefly slipped below $90,000 and global crypto market capitalisation has shed more than $1 trillion in recent weeks, reinforcing the retreat from speculative assets. The Guardian
With no major Swiss economic data scheduled this week, traders are focused almost entirely on company-specific news, from capital markets days at ABB and Zurich Insurance to key earnings at ams-Osram and an M&A twist at Cicor. Finimize
Roche rockets on breakthrough breast cancer pill
The standout positive story on the Swiss market today is Roche.
The Basel-based pharma group announced positive phase III results from its lidERA Breast Cancer study of the experimental oral SERD (selective oestrogen receptor degrader) giredestrant in early-stage, ER‑positive, HER2‑negative breast cancer. The trial showed a statistically significant and clinically meaningful improvement in invasive disease‑free survival versus standard endocrine therapy. Roche
Roche highlighted that giredestrant is the first oral SERD to demonstrate superior invasive disease‑free survival in this early-stage setting, underscoring the drug’s potential to become a new standard of care after surgery. Roche
Markets reacted immediately:
- Roche shares surged over 6%, making them the strongest performer in the SMI and pushing the stock to its highest level since March. Finanzen
- The move gave the SMI some much‑needed support, with Roche’s heavy index weight partly offsetting sharp falls in ABB, UBS, Zurich and ams‑Osram. Finanzen
For investors, today’s data strengthen Roche’s long‑term oncology narrative. The company had already reported promising giredestrant results in advanced disease; success in early‑stage cancer widens the commercial opportunity and reinforces Roche’s competitive position in ER‑positive breast cancer. SWI swissinfo.ch
ABB: higher margin targets, lower share price
Another focal point is ABB’s Capital Markets Day, where the Swiss engineering group updated its mid‑term ambitions.
ABB raised its target operational EBITA margin to 18–22%, up from a previous 16–19% range, reflecting the group’s shift toward higher‑margin electrification and automation businesses and its plan to divest the robotics unit to SoftBank for about $5.4 billion. Reuters
Despite the upbeat guidance:
- ABB shares fell around 3.8–4.2% on the SIX, making them one of the worst performers in the SMI by late morning. Cash
- Analysts at Zürcher Kantonalbank suggested investors may have hoped for even more ambitious targets, which helps explain the “sell-the-news” reaction. Reuters
The market’s message is clear: ABB’s story — driven by electrification, industrial automation and data‑centre demand — is well understood, and investors now want evidence of delivery rather than just higher margin ranges.
Zurich Insurance: Investor Day met with selling pressure
Zurich Insurance Group is hosting its “Zurich Insights 2025” Investor Update in the Swiss capital today, highlighting progress against its three‑year plan and outlining priorities up to 2027. Zurich
Key strategic themes include: MarketScreener
- A return to long‑term levels of profitability across the group
- An accelerated focus on customer loyalty, especially in retail P&C and life
- Ambitions to grow Life protection gross written premiums by about 8% CAGR
- Continued commitment to high capital returns for shareholders, subject to a strong Swiss Solvency Test (SST) ratio
Yet the stock price reaction was negative:
- Zurich shares were down around 2% near CHF 556–557, leaving the insurer among the morning’s SMI laggards. Cash
The mild sell‑off suggests that, while investors appreciate Zurich’s strong execution and capital return story, today’s update largely confirmed existing targets rather than unveiling new upside surprises.
ams‑Osram plunges on debt and outlook worries
In the Swiss mid‑cap space, ams‑Osram delivered some of the day’s most dramatic moves.
The sensor and lighting specialist reported third‑quarter 2025 results showing: ams-osram
- Revenue roughly in line with expectations
- A solid adjusted EBITDA margin and free cash flow of about EUR 43 million
- Around 9% comparable growth in its core semiconductor business
On paper, those numbers look respectable. But the outlook and balance sheet spooked investors:
- According to Swiss market commentary, the Q4 revenue guidance sits roughly 5% below consensus, while the margin outlook is about 15% under expectations. Cash
- Analysts flagged that free cash flow was not strong enough to materially reduce net debt, leaving net debt to EBITDA above 3.7x and asset‑sale progress underwhelming. Cash
The reaction was brutal:
- ams‑Osram shares slumped more than 14% intraday to around CHF 8.48, their lowest level in roughly five months. Cash
For now, both Vontobel and Zürcher Kantonalbank remain cautious, maintaining “Hold” ratings and signalling that leverage and execution risks need to come down before sentiment can turn. Cash
Cicor’s sweetened TT Electronics bid lifts sentiment in Swiss mid-caps
While ams‑Osram sank, Cicor Technologies generated more upbeat headlines with a revised takeover offer for UK‑based TT Electronics.
Cicor announced a final, recommended all‑cash offer of 150 pence per TT share, with an alternative of 0.0084 new Cicor shares per TT share, valuing both options equivalently based on recent market prices. Investegate
Key deal details:
- The new terms represent roughly a 58% premium to TT’s closing price of 95p on 29 October 2025. Evertiq
- TT’s board has unanimously backed the revised offer, which responds to shareholder concerns about the previous cash‑and‑share mix. TradingView
- To finance the deal, Cicor plans to issue around CHF 75 million of new equity, strengthening its capital base for the combined group. Cash
On the Swiss market, Cicor shares jumped around 7–8%, making the company one of the standout gainers in the broader SPI as investors welcomed both the improved offer structure and the strategic expansion of Cicor’s global electronics footprint. Cash
Nestlé in the spotlight over Perrier case and vitamin brands
Nestlé, another SMI heavyweight, traded lower as regulatory and strategic issues weighed on sentiment.
- Perrier “natural mineral water” court case
A French court in Nanterre was due to rule today on whether Perrier bottles must be withdrawn from shelves after consumer group UFC‑Que Choisir accused Nestlé Waters of deceptive marketing for continuing to label the brand as “natural mineral water” despite past use of unauthorised treatments to remove contaminants. Reuters
Nestlé has acknowledged using certain filtration techniques historically but now says it relies on microfiltration that it argues is safe and compliant. The consumer group disputes that and is seeking temporary suspension of sales as “natural mineral water” while regulatory reviews continue. Reuters
The case underscores reputational and regulatory risk for Nestlé, even though the direct financial impact is likely manageable.
- Exit from mass‑market vitamins
Separately, Reuters reported that Nestlé is looking to exit lower‑growth mass‑market vitamin brands as consumers shift toward more premium, science‑backed supplements. That portfolio review could complicate efforts to achieve a high sale price for underperforming assets. MarketScreener
Against this backdrop, Nestlé shares were down around 1% near CHF 79, underperforming the broader SMI but still up mid‑single digits year‑to‑date. MarketScreener
Banks and luxury: UBS and Richemont feel the risk-off chill
UBS and Richemont — both influential SMI components — also traded lower.
- UBS: Reuters noted that the bank informed investors the co‑heads of O’Connor’s capital solutions unit had opted not to accept roles at Cantor Fitzgerald, amid ongoing restructuring and leadership shifts in UBS’s asset‑management franchise. TradingView
- UBS shares were down about 2% around CHF 30.20, reflecting both the global financials sell‑off and some fatigue after strong year‑to‑date gains. Finanzen
- Richemont: JP Morgan raised its target price to CHF 190 from CHF 170, highlighting confidence in the Swiss luxury group despite a quiet macro backdrop. TradingView
- Even so, Richemont stock fell close to 2% to about CHF 166 as investors trimmed exposure to cyclical consumer names amid broader risk aversion. Finanzen
The divergence — bullish analyst calls but falling share prices — shows how macro risk sentiment is overriding stock‑specific good news today.
Global backdrop: AI bubble worries, volatile crypto and no Swiss data
Today’s Swiss trading session is unfolding against a turbulent global backdrop:
- European stocks are extending a multi‑day sell‑off, with volatility gauges in the eurozone reaching their highest levels since last year’s regional bank turmoil. The Guardian
- Concerns about overheating AI‑related investments, heavy debt‑funded capex by U.S. tech giants and nervy positioning ahead of Nvidia’s earnings are all contributing to the risk‑off tone. The Guardian
- The crypto market has lost around a quarter of its value in six weeks, with Bitcoin’s drop below $90k symbolising investors’ retreat from speculative trades. The Guardian
Crucially for Switzerland, there are no major domestic data releases this week, leaving equity traders to trade almost entirely off corporate headlines and global macro news rather than fresh readings on GDP, inflation or employment. Finimize
SMI winners and losers (late morning snapshot)
Based on late‑morning data from SIX‑linked feeds and Swiss financial portals: Finanzen
Biggest SMI winners
- Roche: +6–6.2% around CHF 305
- (Defensive names such as Swisscom and Givaudan were only marginally lower, effectively outperforming the market.)
Biggest SMI losers
- ABB: roughly –3.8 to –4.0% near CHF 54
- UBS: about –2.2% around CHF 30.20
- Richemont: about –2.0% near CHF 166
- Zurich Insurance: around –1.9 to –2.0% near CHF 557
- Partners Group: around –1.8%
In the broader market:
- ams‑Osram: about –12 to –14% near CHF 8.5
- Cicor: roughly +7.5% after its revised TT Electronics offer
What today’s moves mean for Swiss investors
For Swiss and international investors tracking the SMI and SPI, today’s session highlights several themes:
- Stock‑picking matters more when macro data are quiet
With no new domestic statistics, company news is driving share prices. Roche, ABB, Zurich, ams‑Osram and Cicor each moved sharply on their own headlines rather than macro surprises. TradingView - Quality growth can still outperform in a risk‑off tape
Roche’s strong clinical data show that idiosyncratic, fundamental breakthroughs can attract capital even on a down day. Defensive cash‑generative names with credible innovation pipelines remain in favour. - Leverage and guidance are critical in a higher‑rate world
ams‑Osram’s experience is a reminder that elevated debt and cautious guidance can erase equity value quickly when investors are already nervous about risk. Balance‑sheet repair is as important as growth. - Capital‑markets messaging must exceed expectations
Both ABB and Zurich technically delivered “good” news — higher margin targets and reaffirmed mid‑term goals — yet both saw shares fall as investors had apparently priced in optimistic scenarios already. For seasoned names, the bar for positive surprises is high. cash.ch - Regulation and reputation are major valuation drivers
Nestlé’s Perrier case shows how regulatory risk, ESG scrutiny and product‑labelling issues can weigh on even the largest blue chips, particularly when combined with portfolio challenges such as underperforming vitamin brands. Reuters
Key things to watch next
Looking beyond today’s trading:
- Roche will likely provide further details on giredestrant at upcoming oncology conferences and in regulatory interactions, which could refine market estimates for peak sales. Roche
- ABB’s execution against its new 18–22% margin band will be scrutinised closely in 2026 guidance and quarterly updates. Reuters
- Zurich Insurance’s ability to sustain high capital returns while hitting growth targets into 2027 will remain a key driver for its valuation. MarketScreener
- ams‑Osram faces pressure to show concrete deleveraging steps, including asset disposals and stronger cash generation. Cash
- Cicor’s TT Electronics deal will move toward shareholder votes and regulatory approvals, shaping the future scale and geographic mix of the Swiss electronics group. TradingView
- For the wider market, investors will be watching Nvidia’s earnings and further central‑bank signals to see whether today’s risk‑off mood deepens or stabilises. The Guardian
