AI Worries Rattle Markets as Swiss Stocks Outperform Eurozone by Nearly 8 Percentage Points This Month

October 24: According to Bloomberg, during a period of turbulence in European stock markets, Swiss defensive large-cap stocks have become a safe-haven choice. The Swiss Market Index (SMI), which tracks the 20 largest and most liquid Swiss stocks, has risen 4.6% this month, while the eurozone's Euro Stoxx 50 index has fallen 3.2% over the same period. The spread of nearly 8 percentage points marks the SMI's largest relative gain since March 2020, when the onset of the COVID-19 pandemic also drove investors to seek shelter in safe havens.