🇨🇭 Swiss Space: No Drama, Just Data
No national champion, just laser-focused hardware and zero slogans.
Last Tuesday, at 05:52 Swiss time, a satellite called Smile left a pad in French Guiana to study what happens when solar wind hits Earth’s magnetic field. Charged particles at 2 million kilometres per hour, auroras, fried satellites, the odd power grid going dark. Useful work. It’s a joint European-Chinese mission, which is its own small geopolitical curiosity nobody wants to discuss, but never mind.
Forget the mission for a second. The cooling system is the story.
The cooler for the X-ray camera, without which the camera does not work, was designed, built and tested at a university of applied sciences in Windisch. Population: about 7,500. The radiator measures roughly 30 by 40 centimetres. It has to hold a detector at minus 110 degrees while the sun-facing side of the spacecraft hits 160 and the shade side drops to minus 200. For years. Alone, in vacuum, with no maintenance window. Eight years of work by teams in Windisch, Zurich and a couple of Swiss SMEs nobody outside the industry has heard of rode on it surviving the first 90 seconds. It did. The Swiss have form.
This is where the measured take belongs. There won’t be one. The country has been doing this for 50 years. Hardware on more than 50 missions. Atomic clocks. Payload fairings on almost every American and European rocket that isn’t a SpaceX. About CHF200M a year into ESA, 2,500 people in the sector, currently chairing the ESA Council. In absolute francs, the Swiss contribution is smaller than what some European capitals spend on a tram extension. (I checked. I checked twice.)
No national champion. No five-year plan rolled out at a press conference with a slogan and a stage. There’s a federal foundation called the Center for Space and Aviation, set up in 2024, which sounds boring on purpose. Decisions get made close to the work, the work gets done by people who have done it before, and eight years later a panel goes up that has to survive the cold side of space. It is not glamorous. The Swiss don’t seem to want it to be.
The project lead told a journalist he’d rather hide in a basement during the launch. That’s what a real engineer sounds like. Not « we are proud to unveil our bold vision for European strategic autonomy. » More like: please, for the love of God, don’t let my radiator shake apart in the first 90 seconds.
It didn’t. ESA had just collected €22.3B in pledges; Switzerland’s share runs about 3%, with no launcher of its own and nothing you’d call a national space agency. Smile’s solar arrays deployed on schedule and the thing is now climbing toward its orbit. Whether the panel holds minus 110 for three years, ask again in 2029. Nobody wrote a press release about it. It didn’t need one.
M. Hantale 🧀
- 🇬🇧 Defence. The United Kingdom is preparing a naval mission to secure the Strait of Hormuz and clear mines in the area in anticipation of a possible end to the conflict with Iran.
- 🇨🇭 Growth. The Swiss economy accelerated in early 2026 with GDP growth of 0.5% over three months, a pace exceeding analysts’ expectations.
- 🇨🇭 Economy. A parliamentary commission recommends that Switzerland–EU agreements be subject to a double majority of the people and cantons before their adoption.
- 🇺🇸 Diplomacy. Trump claims that a deal to reopen the Strait of Hormuz and end the war with Iran is « largely negotiated » and will be announced soon.
Economy & Finance
- 🇺🇸 Growth. The US consumer confidence index falls to 44.8 in May, its lowest level ever recorded.
- 🇬🇧 Employment. The unemployment rate in the United Kingdom has slightly increased to 5.0% over the three months ended in March, compared with 4.9% previously.
- 🇮🇹 Taxation. Italy introduces a health tax of 3 to 6% on the salaries of cross-border workers employed in Switzerland, raising concerns in Bern.
- 🇨🇭 Real estate. Raiffeisen anticipates an acceleration in rental price increases in Switzerland, driven by housing shortage and the end of moderating effects from low interest rates.
- 🇨🇭 Investment. The Swiss crowdfunding market rebounded in 2025, with a jump of 14% to 629m CHF after three years of decline.
- 🇪🇺 Agriculture. The EU announces « exceptional support » for farmers affected by the surge in fertiliser prices, without specifying the allocated amount.
- 🇪🇺 Commodities. European natural gas prices breach €50/MWh, driven by persistent uncertainty in the Middle East and historically low stocks.
- 🇨🇭 Industry. Six out of ten Swiss companies are already integrating artificial intelligence into their operations, according to a UBS study.
- 🇪🇺 Rates. Members of the ECB Governing Council are discussing the possibility of action in June in response to the persistence of the energy shock on inflation.
- 🇺🇸 Rates. Despite Donald Trump’s pressure for a rate cut, markets anticipate a Fed hold until the end of 2026.
- 🇬🇧 Trade. The United Kingdom has proposed to the EU the creation of a single market for goods to strengthen their trade, an initiative rejected by Brussels.
Switzerland
- 🇨🇭 Taxation. Ticino threatens to suspend tax revenue sharing paid to Italian border municipalities in response to the new Italian tax on former cross-border workers.
- 🇨🇭 Immigration. The cantons of central Switzerland reject the federal project to transform the temporary S status of refugees, notably Ukrainians, into a permanent work permit.
- 🇨🇭 Mobility. Switzerland now has more than 18,000 public charging points for electric vehicles, distributed across 8,535 sites throughout the country.
- 🇨🇭 Mobility. 42% of Swiss people report using public transport more frequently in response to rising fuel prices, according to a survey.
- 🇨🇭 Mobility. Swiss airports welcomed a record 13.3M passengers in the first quarter of 2026, up 5% year-on-year.
- 🇨🇭 Climate. Swiss beekeepers are launching a popular initiative to enshrine the protection of bees and pollination in the Constitution.
- 🇨🇭 Science. CERN launches a four-month public consultation on its giant FCC accelerator project, a 91 km tunnel around Geneva.
- 🇨🇭 Defence. The Swiss Army is continuing its field trials with mini-drones, intended for reconnaissance and precision strikes.
- 🇨🇭 Diplomacy. Lawyer Claire Dechamboux denounces the inaction of the Federal Department of Foreign Affairs in the face of violence suffered by Swiss citizens arrested during the flotilla for Gaza.
- 🇨🇭 Diplomacy. Minister Ignazio Cassis inaugurated the new Swiss embassy in Athens, bringing together diplomacy, culture and research under one roof.
- 🇨🇭 Politics. Geneva’s State Council authorises the No-G7 demonstration on 14 June subject to conditions and an agreement with the organisers.
- 🇨🇭 Retirement. The Federal Council wishes to encourage Swiss people to work beyond the legal retirement age, but refuses any mandatory increase in the retirement age.
- 🇨🇭 Security. Geneva is planning an exceptional security measure and reducing access to its borders during the G7 summit in Évian, with only 7 posts open out of 35 from 12 to 18 June.
- 🇨🇭 Security. The rescue operation during the bar fire in Crans-Montana won the international « Search and Rescue Mission of the Year » award in London.
Elsewhere in the World
- 🇪🇸 Justice. For the first time in Spain, a former prime minister, José Luis Zapatero, is the subject of an investigation for trafficking in influence in connection with the public rescue of an airline.
- 🇨🇺 Justice. Raúl Castro, former Cuban president, has been indicted for murder and conspiracy against American citizens by a federal court in the United States.
- 🇵🇭 Justice. The Philippine Supreme Court authorises the arrest of former police chief Ronald Dela Rosa, who is wanted by the ICC for crimes against humanity.
- 🇹🇼 Conflict. A Taiwanese coastguard vessel and a Chinese ship clashed for two days near the Pratas Islands, which are claimed by both countries.
- 🇮🇷 Catastrophes. An oil spill has reached the protected island of Shidvar, a sanctuary for endangered species in the Persian Gulf.
- 🇨🇩 Health. The WHO alerts on the rapid spread of Ebola in the DRC, with nearly 750 suspected cases and 177 deaths reported.
- 🇷🇺 Defence. Two Russian fighter jets intercepted an unarmed British surveillance aircraft in a manner deemed « dangerous » over the Black Sea, according to London.
- 🇨🇳 Defence. China has deployed more than 100 military vessels and coastguard ships around Taiwan, intensifying pressure in the region.
- 🇬🇷 Diplomacy. Switzerland inaugurates a House in Athens bringing together embassy, archaeology school and cultural foundation, a new showcase of its presence abroad.
- 🇺🇦 Diplomacy. Zelenski rejects the German proposal for a status of associated state to the EU without voting rights, demanding full membership for Ukraine.
- 🇺🇸 Disasters. Nearly 40,000 people have been evacuated in California following the threat of an explosion or leak from a chemical storage tank in Garden Grove.
- 🇻🇪 Politics. Maria Corina Machado, a figure of Venezuelan opposition, announces that she will be a candidate if a free presidential election is organised.
- 🇨🇺 Politics. Cuba warns that any American military intervention would result in a « bloodbath » in the region, whilst asserting that it poses no threat.
- 🇺🇸 Security. A man was shot dead by the Secret Service after opening fire near the White House, also wounding a bystander.
- 🇵🇰 Security. At least 24 dead and over 50 injured in a bomb attack on a train carrying military personnel in Quetta, Balochistan.
- 🇺🇸 Pharma. Bristol-Myers Squibb opens a new factory in Boudry🇨🇭, an investment of over $300m despite uncertainties about Switzerland’s attractiveness for pharma.
- 🇨🇭 Energy. FlexBase chooses British firm Invinity to equip its future data centre in Laufenburg with a 1.5GWh battery, one of the world’s largest storage installations.
- 🇨🇭 Luxury. Richemont posts record revenue of €22.4bn and net profit up 27% for the financial year.
- 🇨🇭 M&A. FountainVest is considering selling Swiss Precision Tools, reinforcing the appeal of Swiss industrial assets.
- 🇨🇭 Chemistry. DSM-Firmenich inaugurates a dual listing in Zurich, marking a key milestone to align with the Swiss flavours and fragrances market.
- 🇨🇭 Finance. Axiom strengthens its team in Geneva by entrusting Alexandre His with leading the expansion on the Swiss market, targeting third-party managers and family offices.
- 🇫🇷 Food and beverage. French authorities conducted surprise raids on two Nestlé Waters sites as part of an investigation into alleged fraud over illegal mineral water treatment.
SMI Index
| Name | Price | Mkt Cap | 7d Chg | YTD |
|---|---|---|---|---|
| Nestlé | 78.78 | – | ▼ -1.40% | ▲ +7.27% |
| Novartis | 119.46 | – | ▲ +0.35% | ▲ +13.45% |
| Roche | – | – | – | – |
| UBS | 37.09 | – | ▲ +2.60% | ▲ +0.41% |
| Zurich Insurance | 567.60 | – | ▼ -0.80% | ▼ -0.08% |
| ABB | 83.80 | – | ▲ +5.17% | ▲ +38.86% |
| Sika | 147.00 | – | ▲ +5.00% | ▼ -7.64% |
| Lonza | 492.80 | – | ▲ +0.98% | ▼ -7.03% |
| Geberit | 505.60 | – | ▲ +2.37% | ▼ -15.92% |
| Swiss Life | 860.00 | – | ▲ +1.03% | ▼ -3.75% |
| Partners Group | 858.80 | – | ▲ +0.61% | ▼ -12.13% |
| Givaudan | 2,882.00 | – | ▲ +3.45% | ▼ -4.65% |
| Swisscom | 679.00 | – | ▼ -0.80% | ▲ +21.83% |
| Swiss Re | 120.05 | – | ▼ -4.11% | ▼ -1.87% |
| Holcim | 73.84 | – | ▲ +4.29% | ▼ -3.23% |
| Julius Bär | 63.38 | – | ▼ -5.80% | ▲ +0.55% |
| Alcon | 53.28 | – | ▲ +0.87% | ▼ -15.74% |
| SGS | 87.66 | – | ▲ +0.37% | ▼ -2.09% |
| Logitech | 87.36 | – | ▲ +7.09% | ▲ +9.91% |
| Straumann | 89.90 | – | ▲ +4.15% | ▼ -3.61% |
📅 Data as of 2026-05-25 09:18
Forex CHF
| Pair | Rate | 7d Chg | YTD |
|---|---|---|---|
| EUR/CHF | 0.91 | ▼ -0.50% | ▼ -2.24% |
| USD/CHF | 0.78 | ▼ -0.66% | ▼ -1.26% |
| GBP/CHF | 1.05 | ▲ +0.59% | ▼ -1.23% |
📅 Data as of 2026-05-25 09:18
Price Discovery Has a Bill
Here’s what everyone misses about the indexing boom. The fees fell. Price discovery did too.
Passive strategies hit 43% of global assets last year, up from 23% in 2015. Between them, Vanguard, BlackRock and State Street own roughly a quarter of every company in the S&P 500. They didn’t pick those companies. They bought them because the index said so. The index said so because the market cap said so. The market cap said so because money flowed in. That’s a feedback loop, not allocation. When a stock gets added to the S&P 500, it gets bought regardless of whether the business deserves capital. When it falls out, it gets sold for the same reason. Vibes-based intermediation at industrial scale.
Switzerland sits at 37% passive, six points below the global average. Active managers still price most of the SMI. Less a relic of an older era than a structural feature with measurable consequences.
Run the numbers across 20 developed economies between 1990 and 2024 and a pattern shows up. A one standard deviation rise in active management share in a given year predicts 14bps of additional GDP growth and 25bps of equity returns the year after. For Switzerland, with its higher active share, the annual lift comes in at 43bps for GDP and 60bps for the SMI. Compounded over 35 years, Swiss GDP ended up 16% higher than the counterfactual. CHF27B of additional wealth landed in second-pillar accounts. CHF27B. In a country of 9M people, that compounds.
An obvious objection. The average active fund underperforms its benchmark after fees. True, and largely beside the point. Aggregating individual fund underperformance misses the system-level effect. Capital allocation is a public good. Someone has to read the 10-K. Someone has to call the CFO. Someone has to short the fraud. Index funds free-ride on that work, then complain about its cost.
Look at the alternatives. Brussels is midway through another regulatory push to standardise European savings around low-cost passive vehicles, on the theory that protecting retail investors means routing them into the same three megafunds. Washington has effectively let those three asset managers become a quasi-utility, then occasionally panics about it. Switzerland, doing what Switzerland does, kept a thicker market of active stewards and quietly ended up with more productive companies, fatter pensions, and a stock market that still tells you what things are worth. Pragmatism, again. Not glamour. The good kind of boring.