Swiss Stocks Beat Eurozone Peers by Widest Margin Since 2020 on AI Rotation

Switzerland's benchmark Swiss Market Index outperformed euro-area peers by nearly 8 percentage points in October, recording its strongest relative performance since March 2020. The index advanced 4.6% month-to-date while the Euro Stoxx 50 declined 3.2%. The rally comes as investors rotate away from crowded artificial intelligence and semiconductor holdings into defensive quality assets. Gains in the Swiss benchmark were driven entirely by three blue-chip heavyweights: Roche climbed 12%, Nestlé advanced 10%, and Novartis rose 6.7%. The surge lifted Swiss stock valuations to their highest premium over eurozone equities in nearly two years.