Switzerland (AO) | La Petite Suisse

Research evidence excerpt

Switzerland (AO) | La Petite Suisse

News comment

Release date: 12 June 2026

Torsten Sauter

Head of Swiss Equity Research

+41 43 333 6002

Switzerland tsauter@keplercheuvreux.com

All Caps

La Petite Suisse

Key points:

The week ahead is light on Swiss corporate reporting, with Addex Q1 and Kuros CMD (link to details here) being the only major

company events. Investor attention will instead focus on the SNB's monetary policy decision on 18 June. Consensus expects the

SNB to keep its policy rate unchanged at 0.0%. After the recent share price drop, we note insider buying at Partners Group.

Effective today, we remove Kardex from the Swiss top picks. The stock remains a Buy.

Switzerland votes on the SVP's "No to a 10 Million Switzerland" initiative on 14 June, which seeks to cap the population at

10 million by 2050. If the cap is breached, Switzerland could ultimately be forced to end EU free movement, potentially

jeopardising key bilateral agreements with the EU. The initiative is opposed by the Federal Council, Economiesuisse, but also

many Blue Chip companies such as Roche, Novartis, Nestlé, UBS and other major employers that depend on access to EU labour.

While recent polls show a narrow lead for the No camp, immigration votes have historically been difficult to poll accurately

because some voters do not openly disclose their preferences. As a result, many observers view the result as more uncertain than

headline polling suggests, with a late Yes surge remaining possible.

Switzerland strongly rejected US allegations related to imports of goods allegedly produced with forced labour and will

submit an additional written response to US authorities. Bern maintains that Swiss laws and enforcement standards do not

support the accusations raised in the investigation.