Swiss Market Index Suffers Significant Drop

The Swiss Market Index (SMI) experienced a dramatic fall, losing over 5% of its value this Wednesday. This significant drop was primarily fueled by the escalating trade tensions initiated by the United States, with a particular focus on the pharmaceutical sector.

US Tariff Announcement Shakes Pharma Stocks

US President Donald Trump revealed plans to impose a "major tariff" on pharmaceuticals, a move that has sent shockwaves through the market. The announcement led to a widespread selloff, especially impacting Swiss pharmaceutical giants.

Notable Declines in Pharma Giants

By 1:43 pm CET, the SMI had plummeted by 5.55%. Individual companies felt the brunt of the market's reaction, with Novartis AG and Roche Holding AG seeing their shares tumble by 6.97% and 6.08%, respectively, by 1:26 pm CET.