SMI Gains 1.05% at Midday as Swiss Banks Lead
Published on 11/04/2026 at 13:35 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSSMI rises as banks lead gains
- The SMI stood at 14,897.71 points at 13:17:40 Berlin time on November 4, up 1.05% from the November 3 close.
- Swiss banks led the advance as investors assessed the Democratic Party's takeover of the US Congress in the midterm elections.
- Market participants weighed possible regulatory pressure on artificial intelligence and pharmaceuticals against lower long-term inflation and interest-rate risks.
Swiss equities advanced in early afternoon trading on Wednesday. The SMI rose to 14,897.71 points at 13:17:40 Berlin time on November 4, 2026. Compared with the November 3 close of 14,743.09 points, the blue-chip index was up 154.62 points, or 1.05%. The session was still ongoing, so the reading does not represent a closing level.
The SMI is Switzerland's leading blue-chip index and comprises the 20 largest and most liquid stocks from the broader SPI, according to SIX. The index is calculated in real time as transactions in its constituents are recorded.
Banks provide the main support
An AWP report published by finanzen.ch said the SMI had recovered the 14,800 mark after starting cautiously. At 11:00, the index was reported up 0.58% at 14,827.98 points, with 16 of the 20 constituents higher. UBS and Partners Group were among the strongest large-cap names at that time, while Holcim, Richemont and Logitech also gained.
The report linked the broader market move to the US midterm result, in which Democrats took control of Congress. Investors were weighing the possibility of tighter regulation for artificial intelligence and pharmaceuticals, although the major Swiss pharmaceutical stocks were not materially affected in the reported morning trading. The acceptance of the election defeat by President Donald Trump was described as a stabilizing factor.
Political shift shapes market interpretation
According to the same report, market participants viewed the result more as a political change than as an economic shock. A possible slowdown in executive action and a less expansive US fiscal policy were seen as factors that could reduce longer-term inflation and interest-rate risks. Those considerations helped support a rotation toward banks, even as the implications for technology-related shares remained mixed.
Oil prices were another part of the market backdrop. Brent crude was trading below 103 US dollars in the cited morning update, down from levels of 115 to 118 US dollars seen in the final week of October. Geopolitical risks in the Middle East remained relevant, but the lower oil price level offered some relief to broader inflation concerns.
The SMI's gain should therefore be read as an intraday market snapshot rather than a completed daily performance. Further movement will depend on developments in US markets, fresh company news and the direction of the large pharmaceutical and consumer names that carry significant weight in the index.
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