Market Update – Swiss Performance Index (SPI)
Overview of the Swiss Performance Index
The Swiss Performance Index (SPI), the benchmark equity index for the SIX Swiss Exchange, closed at 17 342,35 points on 20 November 2025. This level represents a 0,51 % gain from the previous close, placing the index near its 52‑week high of 17 689,3. The index’s constituent companies collectively hold a market capitalization of 2,227 billion Euro. Historically, the SPI has ranged between 14 361,7 at its 52‑week low (8 April 2025) and the current near‑peak value, reflecting a robust upward trajectory over the past year.
Trading Progression on 21 November 2025
The trading day on 21 November was marked by a series of modest intraday fluctuations before culminating in a decisive rally:
| Time (SIX) | Action | Resulting Level | Market Cap |
|---|---|---|---|
| 08:27 UTC | Opening – slight decline | 17 239,87 | 2,227 billion Euro |
| 11:25 UTC | Mid‑day – modest gain | 17 269,81 | 2,227 billion Euro |
| 16:57 UTC | Close – strong gain | 17 342,35 | 2,227 billion Euro |
The early session witnessed a 0,08 % dip at 09:09 UTC, after the index had benefited from the previous day’s gains. By mid‑day, the index had recovered to 0,09 % above the 17 158,26 level recorded at 12:09 UTC. The final close reflected a 0,51 % rise, signalling renewed investor confidence in Swiss equities.
Broader Context – Global Market Sentiment
While the SPI advanced on its own merits, global equity futures were also moving higher, buoyed by a tentative rebound in U.S. markets ahead of the Thanksgiving trading week. U.S. stock futures, for instance, posted gains on Sunday, reflecting optimism as investors awaited upcoming retail data and the holiday‑shopping season. This broader positive sentiment appears to have dovetailed with the Swiss market’s trajectory, supporting the index’s rise.
Local Economic Indicators
In the United Kingdom, inflation data for the week ending 20 November showed a modest increase of 0,07 % for the combined consumption group, according to the Sensitive Price Indicator (SPI). While this figure pertains to a different SPI, it underscores a generally subdued inflationary environment in the region. In contrast, Pakistan’s recent reports highlighted a 3,53 % year‑on‑year rise in short‑term inflation, driven by higher food costs. Such divergent inflationary trends may influence global risk sentiment, thereby affecting European equity markets.
Market Outlook
With the SPI approaching its 52‑week high and maintaining a positive trajectory, market participants may anticipate continued strength in Swiss equities, particularly if global markets sustain their recent optimism. However, vigilance is warranted should global risk premiums shift—especially given the ongoing volatility in global markets and the potential for tighter monetary policy in major economies.
In summary, the Swiss Performance Index closed the 21 November trading session on an upward swing, reflecting both domestic market resilience and a supportive global risk‑on backdrop.
