Zurich, Feb 28, 2026, 08:11 CET — The market is closed.
Swiss blue chips wrapped up last week on a high note, boosted by Swiss Re, which topped the leaderboard. The SMI benchmark closed Friday at 14,014.30, up 0.72%. For the week, the index added 1.12%, bringing February’s rally to 6.26% and pushing its year-to-date advance to 5.63%. Swiss Re surged 3.74% Friday. Richemont slid 3.35%, and Holcim shed 1.42%.
Investors kept favoring Zurich’s defensive core, with healthcare and food names shouldering much of the gains as the rally unfolded. “The recent stress seen in the private credit market… is being topped by worries regarding potential irregularities in the mortgage space,” Swissquote Bank senior analyst Ipek Ozkardeskaya said. Reuters
Fresh Swiss figures landed, hinting at only slight momentum domestically. Switzerland’s sport-event-adjusted GDP managed a 0.2% gain in the fourth quarter after dropping 0.4% the previous quarter, according to the government. The KOF Economic Barometer—a key leading gauge—ticked up to 104.2 in February, compared to a revised 103.3 in January.
Swiss Re got things moving. The reinsurer reported a 47% jump in 2025 net profit, up to $4.762 billion—just topping what analysts had penciled in, thanks to a strong showing in property and casualty. Investors zeroed in on a new $1 billion buyback, which will trim the share count, while the company also pointed to ongoing strain in its life and health segment.
Holcim is juggling optimism and caution: the company sounded upbeat about demand but kept a careful eye on currency headwinds. The group is aiming for 3% to 5% adjusted sales growth in 2026, pinning its hopes on government-driven infrastructure investments. CEO Jan Jenisch reiterated plans to push ahead with acquisitions after snapping up 18 companies in 2025. For the fourth quarter, reported sales dropped 4.8% to 3.82 billion Swiss francs, with the stronger Swiss franc dragging on results.
Novartis injected a dose of M&A activity into the sector, closing its purchase of Avidity Biosciences for $72 a share in cash—a deal pegging Avidity’s value at roughly $12 billion. With the transaction done, Avidity’s Nasdaq listing has ended. “Avidity’s breakthrough science combined with Novartis capabilities will help reimagine what’s possible,” CEO Vas Narasimhan said. Novartis
Regulatory risk nudged back into focus for Swiss banking. The U.S. Treasury moved to cut MBaer Merchant Bank out of the American financial system, alleging connections to illicit finance streams involving Iran, Russia, and Venezuela. Switzerland’s FINMA later confirmed its liquidation order had taken effect, following the bank’s decision to drop its appeal.
This week’s action sent out a caution flag, too: a stronger Swiss franc keeps pressuring exporters’ earnings, while that “safe haven” trade can unravel quickly if global credit nerves or tech wobbles return. Swiss Re’s lagging life and health division, plus Holcim’s currency drag, showed that even Zurich’s defensive heavyweights aren’t immune to rough patches.
Markets won’t have to wait long for fresh data: Switzerland’s procure.ch manufacturing PMI drops Monday, March 2. On its heels, the euro zone releases the February inflation flash estimate Tuesday, March 3. Then on Friday, March 6, eyes shift to the U.S. February jobs report. These three could nudge rates and shake up risk sentiment before the next SIX session cycle.
