Stock market summary: SMI concludes with another decline - Sonova and Logitech rise - Swiss Re and Amrize suffer major setbacks - Dollar dips below 79 Swiss francs
On Tuesday, global markets saw a mix of gains and losses, with some indices reaching new highs while others experienced significant declines. In the Asia-Pacific region, the broad-based MSCI index for Asian stocks outside Japan rose to its highest level in over four years, trading 0.3% higher. In Tokyo, the Nikkei index and the Topix index hit new record highs, with the Nikkei peaking at a record 45,055 points, surpassing the important 45,000 mark for the first time. Logitech led the index with a gain of 2.9%, and other tech stocks also saw gains, boosted by gains on the Nasdaq the previous evening.
In Europe, the story was different. The SMI, Switzerland's leading index, traded 0.2% lower at 12,118 points at 10 am. The SMI heavyweights Roche, Nestlé, and Novartis lost on Tuesday: Roche (-0.8%), Nestlé (-0.1%), and Novartis (-0.8%). The Euro Stoxx 50 and DAX also experienced significant declines during the last trading session on September 16, 2025, reflecting broad losses among financial sector stocks before the US Federal Reserve's interest rate decision on the same day. Swiss Re had the biggest losses in the leading index, with a decline of 3.1%. Amrize also fell, nearly 3%.
In the United States, the S&P 500 fell 0.15% to 6,605 points. One of the standout performers was Sonova, which gained 0.9%, and Logitech also saw gains, with a rise of 0.7%. UBS has raised its price target and maintained its buy recommendation for Logitech. However, Adecco was down following a cautious analyst comment.
The oil market also saw price fluctuations. Oil prices defended their gains from the previous days on Tuesday morning. A barrel (159 liters) of the North Sea Brent crude for November delivery last traded at $67.52. The gold price is trading at another high with the prospect of a US interest rate cut. The price for a troy ounce (about 31.1 grams) is currently $3,683 in New York trading.
The US Dollar gave way to the major currencies on Tuesday ahead of the Fed's interest rate meeting on Wednesday. The Euro gained against the US Dollar to 1.1836 Dollars, breaking the 1.18 Dollar mark and reaching a multi-year high. Schindler is falling back, with traders reporting a major shareholder is selling a large block of shares.
On the Swiss market, the SLI, which currently includes 31 stocks, is down 0.30% to 2,001.75 points. The broader SPI is down 0.27% to 16,842.32 points. Among individual stocks, Oracle shares rose 4%. However, 18 stocks in the SLI are down, while 11 are up.
Investors are holding back ahead of the Fed's interest rate decision on Wednesday, which could potentially impact the direction of the markets in the coming days.
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