While investors are cautious on the eve of the Jackson Hole summit, Swiss equities are stabilizing below 9900 points.
Since the beginning of August, the SMI has indeed lost only 1% despite the reappearance of tensions over the trade dispute.

Nevertheless, this moderate decline hides more negative trends, particularly in luxury with Richemont (-9%) or The Swatch Group (-6%), which are giving way with fears added by the demonstrations in Hong Kong. Banks also experienced headwinds, such as UBS and Credit Suisse, both at -5.5%, for the same reference period.

Graphically, in daily data, prices evolve in the form of a W. This configuration in double contact, at the level of 9530 points, has allowed a relaunch towards 9880 points. It would take a crossing of this level to open the way again to 10,000 or more points, in order to get closer to absolute records. A scenario that is not preferred at this stage of the recovery movement, which is more like a pullback limited to the intermediate point of 9900 points.