Just caught the Swiss market taking a real hit today. The SMI benchmark dropped hard, closing down 202.75 points at 13,095.55—that's a 1.52% loss for the session. Middle East tensions continue to weigh heavily on investor sentiment across Europe, and Switzerland definitely felt the pressure.

The selloff was pretty broad-based. You saw some of the major names getting hammered: Amrize down 5.41%, Sika and Holcim both sliding around 3.3% to 3.65%, with Geberit and Roche Holding each losing close to 3%. The blue chips weren't spared either—UBS Group, Alcon, VAT Group, Kuehne + Nagel and Lonza Group all took 2% to 2.5% hits. Swiss Life Holding, Partners Group, Helvetia, Novartis, Zurich Insurance and Julius Baer also finished notably lower.

Not everything was red though. Galderma Group, Lindt & Spruengli and Swisscom managed modest gains of 0.5% to 0.7%, while Nestle barely moved.

What's interesting is the broader context here. The Swiss National Bank just reported that foreign exchange reserves dropped to CHF 710 billion in February, marking the third consecutive decline and the lowest level since May 2025. That's the kind of data that weighs on confidence when geopolitical risks are already running high.

The whole thing feels like a classic risk-off day where investors are pulling back across the board. Worth keeping an eye on how this develops, especially if Middle East concerns persist.