The Swiss20 index touched new all-time highs today. The index is up over 13.5% year to date. The Swiss Market Index (SMI) represent 80% of the entire Swiss equity market Cap and 90% of the trading volume on the SIX Swiss Exchange.
The top 5 companies in the Swiss index:
Nestle
Novartis
Roche
Swiss Re
UBS
Is the performance of the Swiss index, which is heavy on banks, Insurance, pharma and food/beverage a signal for the rest of the markets that valuations and global growth are positive and we can expect new highs soon in other markets? Or are we seeing a heavy dose of FOMO (Fear Of Missing Out) and investors are not afraid of a market correction, rather on missing the next leg higher?