Swiss stocks were notably stronger on Wednesday, but failed to build on significant early gains after Greece passed austerity measures in an effort to avoid defaulting on its sovereign debt.
It is expected that the budget reforms will trigger another massive bailout package for Athens. Still, there was little euphoria in Zurich as bargain hunters mere picked over beaten-down shares.
"After the disaster in the EU is now averted, the focus has shifted back to other crises such as the limping U.S. economy or the galloping inflation in the emerging economies of China and India," said one expert.
The Swiss Market Index (SMI) was up 1.65 percent at 6,101, with all components in the green. The Swiss Leader Index (SLI) increased by 2.02 percent to 949.55 and the broad Swiss Performance Index (SPI) gathered 1.60 percent to 5,605.
Banks were strong, but defensive stocks were less in demand. Nestlé posted a comparatively meager increase of 0.5 percent. Cyclicals ABB and Holcim were up more than 3 percent each.
Actelion said a $577 million provision for the Asahi Kasei litigation may lead to a 2011 U.S. GAAP operating loss. Analysts say the dispute will be settled at a lower payment. Actelion shares rose 3.4 percent.
Studies showed that Roche diabetics taking Lucentis had significant and sustained vision improvement compared with those who received a placebo. Roche shares were up 1.3 percent.
Nobel Biocare was up 2.4 percent on a recommendation from UBS.
Solar company Meyer Burger signed a new contract with GCL in China worth more than 160 million Swiss francs. Shares were up 3.9 percent.
Banking stocks were positive amid hopes for a Greece bailout. UBS picked up 1.6 percent, while Credit Suisse gained 1.4 percent. Zurich Financial CFO Dieter Wemmer is leaving the company by the end of the year, and shares were up 1.1 percent.
Logitech shares jumped 7.4 percent as investors snapped up beaten-down tech stocks.
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April 17, 2026 15:29 ET The ongoing conflict in the Middle East continues to raise concerns for policymakers who worry about the impact of the supply shock and high energy prices on the real economy. Producer price data and various survey results on the housing market were the main news from the U.S. this week. In Europe, industrial production data for the euro area gained attention. GDP figures out of China and the policy move by the Singapore central bank were in focus in Asia.