SMI and DAX Analysis
This article was created with the help of artificial intelligence.
Key Takeaways
- The SMI traded pre-market on April 2, 2026 down 0.12% at 13,200 points (Source: Julius Baer)
- Mid-week, the SMI gained 214 points or 1.68% to 12,991 points
- The Swiss franc is continuously appreciating against the US dollar, raising questions about possible SNB measures
- In March 2026, Kühne+Nagel and Asmallworld were among SMI winners, while Amrize and Montana Aerospace performed weaker
- The SMIM fell more sharply with a loss of 1.12% to 2,919.79 points
- Geopolitical hopes for an end to the Middle East conflict are supporting expectations for SMI and DAX
The SMI traded pre-market on April 2, 2026 down 0.12% at 13,200 points, as calculated by Julius Baer around 8:15 a.m. However, after initial losses, a pronounced recovery set in mid-week: the Swiss leading index gained 214 points or 1.68% to 12,991 points on Wednesday.
Mixed Developments in Swiss Mid-Caps
While the SMI recovered its losses, the mid-cap indices showed weaker performance. The SMIM (Swiss Market Index Mid) recorded a decline of 1.12% to 2,919.79 points. The broadly based SPI fell 0.69% to 18,009.32 points. In the SMI, 18 losers faced just two gainers, clearly highlighting the initial market weakness.
March Recap: Winners and Losers in the SMI
The expired month of March 2026 brought a clear separation between winners and losers. Among the positively outstanding shares were logistics company Kühne+Nagel and Asmallworld. On the losing side were Amrize and Montana Aerospace, which were burdened with significant price declines.
Dollar Weakness and Franc Strength in Focus
In the foreign exchange markets, the downward trend of the US dollar continues. The Swiss franc is continuously appreciating, raising questions about potential responses from the Swiss National Bank (SNB). Excessive franc appreciation can impair the competitiveness of Switzerland's export-oriented economy and prompt the SNB to take monetary policy measures.
Parallel to the weak dollar, the gold price continues its record run. The precious metal benefits both from dollar weakness and from persistent uncertainty factors in the markets that drive investors to safe havens.
Geopolitical Hopes Supporting Exchange Rate Expectations
Market expectations for the SMI and DAX appear friendly, supported by hopes for a de-escalation of the Middle East conflict. Asian exchanges also recorded gains, indicating improved global risk sentiment. Such geopolitical developments can have considerable short-term influence on investor risk appetite.
Monetary Policy Remains Central Driver
The monetary policy of major central banks remains a key influencing factor for stock markets. Globally, there is pronounced "rate-cut fantasy," particularly with regard to the US Federal Reserve. Rate cuts can support equity valuations by lowering financing costs and making alternative investments like bonds less attractive.
Beyond fundamental factors, technical aspects also play a role in short-term market movements. Trading volumes, chart patterns and technical indicators can provide clues about the further direction of the SMI and DAX. The dynamic recovery mid-week suggests that investors used pullbacks as entry points.
Outlook for the Coming Trading Days
The further development of the SMI and DAX is likely to depend on several factors: the sustainability of geopolitical easing hopes, the development of the dollar-franc rate, and possible signals from central banks regarding monetary policy. The strength of the Swiss franc remains a double-edged sword for the SMI, as while it increases purchasing power, it simultaneously burdens the export economy.
Investors in the DACH region should carefully monitor developments in currency markets and potential SNB responses. An intervention by the central bank to weaken the franc could provide short-term market movement.