{"id":73537,"date":"2026-10-24T04:08:22","date_gmt":"2026-10-24T08:08:22","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/global-markets-update-swiss-equities-surge-as-haven-tech-tensions-escalate\/73537\/"},"modified":"2026-10-24T04:08:22","modified_gmt":"2026-10-24T08:08:22","slug":"global-markets-update-swiss-equities-surge-as-haven-tech-tensions-escalate","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/global-markets-update-swiss-equities-surge-as-haven-tech-tensions-escalate\/73537\/","title":{"rendered":"Global Markets Update: Swiss Equities Surge as Haven; Tech Tensions Escalate"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>Swiss Market Index (<a href=\"\/stock\/SMI\">SMI<\/a>) outperforms Euro Stoxx 50 by 8% in October<\/strong>, as investors pivot toward ultra-defensive stalwarts like Roche (<a href=\"\/stock\/ROG\">ROG<\/a>) and Nestl\u00e9 (<a href=\"\/stock\/NESN\">NESN<\/a>).<\/li>\n<li><strong>Ukraine reports restoration of Starshield speeds to 400 km\/h<\/strong> following a week of critical disruptions, despite conflicting claims between Kyiv and the White House regarding the lifting of restrictions.<\/li>\n<li><strong>President Donald Trump defends Elon Musk as a &quot;genius&quot;<\/strong> against potential Democratic-led congressional probes into his political spending and government efficiency roles.<\/li>\n<li><strong>North Korean leader Kim Jong Un makes a surprise visit to China<\/strong>, crossing the newly opened New Yalu River Bridge for high-level talks in Dandong.<\/li>\n<li><strong>Ukrainian drones strike the Tolyattikauchuk petrochemical plant<\/strong> in Russia\u2019s Samara region, causing significant fires at a facility critical for rocket propellant production.<\/li>\n<\/ul>\n<h2>Swiss Equities Emerge as Premier European Haven<\/h2>\n<p>Shares of Switzerland\u2019s largest companies have become a primary refuge for investors navigating a volatile period for European equity markets. The <strong>Swiss Market Index (<a href=\"\/stock\/SMI\">SMI<\/a>)<\/strong> has climbed <strong>4.6% this month<\/strong>, significantly outperforming the <strong>Euro Stoxx 50<\/strong>, which fell <strong>3.2%<\/strong> over the same period. This nearly eight-percentage-point performance gap is the widest since the onset of the pandemic in March 2020, as capital rotates out of &quot;crowded&quot; AI trades and into high-profitability defensive sectors.<\/p>\n<p>The rally is being spearheaded by the &quot;big three&quot; Swiss giants: Roche Holding AG (<a href=\"\/stock\/ROG\">ROG<\/a>) and Novartis AG (<a href=\"\/stock\/NVS\">NVS<\/a>), which are up <strong>12%<\/strong> and <strong>6.7%<\/strong> respectively, and food giant Nestl\u00e9 SA (<a href=\"\/stock\/NESN\">NESN<\/a>), which has gained <strong>10%<\/strong>. Analysts note that these companies offer stable earnings and strong balance sheets, making them attractive as borrowing costs rise and political uncertainty persists in the Eurozone.<\/p>\n<h2>Starlink Tensions and Battlefield Connectivity<\/h2>\n<p>Conflicting reports emerged regarding the status of <strong>SpaceX\u2019s<\/strong> Starlink and its military-grade counterpart, <strong>Starshield<\/strong>, in Ukraine. While President Donald Trump stated that restrictions had been fully lifted, Ukrainian officials initially reported that speed caps remained at <strong>161 km\/h (100 mph)<\/strong>, hindering high-speed drone operations. However, by the morning of October 24, Ukraine&#39;s Defense Ministry confirmed that speeds had been restored to over <strong>400 km\/h<\/strong>, allowing for stable battlefield communications.<\/p>\n<p>The disruption, which lasted nearly a week, has intensified European calls for an independent military satellite network. The reliance on a system controlled by Elon Musk has become a point of contention, particularly as the <strong>Trump administration<\/strong> and <strong>SpaceX<\/strong> reportedly engaged in high-level discussions to resolve the &quot;throttling&quot; that had impeded Ukrainian midrange strike campaigns.<\/p>\n<h2>Political Shielding for Musk Amid Midterm Heat<\/h2>\n<p>President Donald Trump has publicly defended Elon Musk, calling him a &quot;brilliant guy&quot; and a &quot;genius&quot; whom the U.S. has an &quot;obligation to protect.&quot; These comments come as Democratic lawmakers signal potential investigations into Musk\u2019s <strong>Department of Government Efficiency (DOGE)<\/strong> role and his <strong>$277 million<\/strong> in political donations to Republican causes. Trump rejected suggestions of impropriety, emphasizing Musk&#39;s technological contributions through Tesla (<a href=\"\/stock\/TSLA\">TSLA<\/a>) and SpaceX.<\/p>\n<p>The alliance between the two has become a focal point of the 2026 midterm elections. Musk has warned that he will &quot;come for&quot; those who initiate congressional probes against him, using his platform on <strong>X<\/strong> to signal a combative stance against potential oversight. This political friction occurs as Musk&#39;s companies continue to secure multibillion-dollar federal contracts, raising concerns among critics regarding conflicts of interest.<\/p>\n<h2>Geopolitical Shifts: Kim Jong Un in China and Russian Industrial Strikes<\/h2>\n<p>In a significant diplomatic move, North Korean leader <strong>Kim Jong Un<\/strong> arrived in Dandong, China, on Saturday via the <strong>New Yalu River Bridge<\/strong>. This visit, his first in over a year, coincides with the 76th anniversary of China\u2019s participation in the Korean War and comes as the U.S. seeks to resume dialogue with Pyongyang. The opening of the bridge, completed over a decade ago but only recently operational, signals a deepening of economic ties between the two nations.<\/p>\n<p>Simultaneously, the conflict in Eastern Europe escalated as Ukrainian drones targeted the <strong>Tolyattikauchuk<\/strong> petrochemical plant in Togliatti, Russia. The facility, which produces synthetic rubber used in solid rocket propellant, was seen ablaze following a series of explosions. The attack forced an evacuation of the nearby <strong>AvtoVAZ<\/strong> plant and disrupted operations at the local airport, highlighting Ukraine&#39;s ongoing strategy of targeting Russian military-industrial infrastructure.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Swiss Market Index (SMI) outperforms Euro Stoxx 50 by 8% in October, as investors pivot toward ultra-defensive stalwarts 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