Swiss Market Index Retreats; UBS, Sandoz Shares Fall Post-earnings

12:50 PM EDT, 10/28/2026 (MT Newswires) -- Swiss stocks slipped into the red on Wednesday, with the Swiss Market Index down 0.11%, amid a flurry of corporate updates and earnings releases. UBS Group's (UBSG.SW) third-quarter net profit attributable to shareholders rose to $2.69 billion from $2.48 billion a year before, while total revenue increased to $13.35 billion from $12.76 billion, supported by strong client momentum across its businesses. Regarding Credit Suisse's integration into the group, the Swiss bank said the final phase is progressing as planned and is on track to reach "substantial completion" by the end of 2026. "UBS remains strategically committed to its diversified business model and its global and regional footprint. As the political process on future regulatory requirements in Switzerland progresses, we will continue to engage constructively in the hope that Parliament will reach a solution that supports the country's financial stability without imposing undue costs on UBS's shareholders, clients and employees and without impacting its long-term competitive position," according to the bank. The stock shed 0.62% at closing. Meanwhile, Sandoz Group (SDZ.SW) booked a year-over-year increase in net sales to $2.94 billion in the third quarter from $2.83 billion, with its biosimilars business seeing a 17% sales growth over the period and its generics segment logging stable sales, both at constant currency. For 2026, the Swiss drugmaker narrowed its constant-currency net sales growth guidance to between 5% and 6%, from its previous forecast of mid-to-high single-digit growth. Sandoz's shares ended the trading day 2.70% lower. Switzerland-listed computer peripherals and software company Logitech International (LOGN.SW), security systems group Dormakaba (DOKA.SW) and dental products group Straumann Holding (STMN.SW) also published financial results. On the economic front, data from UBS & CFA Society Switzerland showed that the country's economic sentiment index dropped to -15.3 points in October from 2.6 points in September. Elsewhere and in geopolitical news, Qatari mediators reportedly presented Iran with a new draft proposal aimed at ending the US-Iran war, with Tehran expected to respond to the proposal by the end of the week, according to Reuters. A senior Iranian official involved in the talks said Tehran only received "unacceptable ideas" instead of an offer.