Swiss Market Index Takes a Hit

The Swiss Market Index (SMI) experienced a significant drop, losing over 5% of its value on Wednesday. This downturn was primarily fueled by the escalating trade war initiated by the United States, with President Donald Trump announcing a "major tariff" on pharmaceuticals.

Impact on Swiss Pharma Companies

The announcement led to a widespread selloff among Swiss pharmaceutical giants. Novartis AG and Roche Holding AG saw their shares decrease by 6.97% and 6.08%, respectively, contributing to the SMI's sharp decline.