Swiss Market Index Faces Sharp Decline

The Swiss Market Index (SMI) experienced a dramatic drop of over 5% this Wednesday, as tensions in the US-led trade war escalated. The announcement by US President Donald Trump regarding a "major tariff" on pharmaceuticals has sent shockwaves through the market, particularly affecting Swiss pharmaceutical companies.

Impact on Pharma Stocks

At 1:43 pm CET, the SMI was down by 5.55%, with Novartis AG and Roche Holding AG seeing significant losses of 6.97% and 6.08%, respectively, by 1:26 pm CET. This selloff highlights the vulnerability of the pharma sector to geopolitical tensions and trade policies.