🧮 Count Like a Swiss
The Migros ad that misstated “septante” and triggered a nation.
An advert from Migros 🇨🇭, the largest Swiss retailer, ran during the Switzerland-Qatar match a few days ago, and in it a cheerful cashier rings up a customer and announces the total: « Treiiiiize, soixante-dix. » Seventy. Soixante-dix. Which is, of course, not how anyone west of Bern counts. The word is septante. It has been septante for centuries. And within roughly the time it takes a Romand to draft an indignant post, the internet had decided the chain had committed something close to treason against the French-speaking quarter of the country.
Migros, to its credit, did not deploy a consultant or a « we hear you » statement. It just admitted the thing: the spot was built on a German-Swiss base, somebody adapted it into French, and the soixante-dix slipped through every check, including checks done by actual Romands. Look, I find this delightful. A linguist in Neuchâtel laughed out loud and said he’d turn it into a teaching case, which is the most Swiss possible response to a corporate blunder: not outrage, not a lawsuit, a seminar. Some local words you can swap for the French version and nobody bleeds. Panosse becomes serpillière, fine, it’s a floor rag. But septante and nonante are load-bearing. They are not vocabulary. They are a passport. And here’s the joke buried inside the outrage: the Romands count properly, by tens, septante for 70, nonante for 90, while standard French says « sixty-ten » and « four-twenties-ten, » a system no child would invent and no adult can defend. Paris is the weird one here, which is roughly the Swiss theory of everything.
And here’s the part the rest of the continent never quite gets. Switzerland has 26 cantons, four official languages, and a population smaller than London’s, and it does not solve this by sanding everyone down into one national accent run from a single capital. (It doesn’t even have a real capital. Bern is the « federal city, » a phrase that sounds like an apology.) The machine runs on the opposite instinct: push every decision as far down as it goes, to roughly 2,100 communes, then the cantons, and bother the Confederation only when there is no other option. The French call this subsidiarity in white papers. The Swiss just live it. France ran two national referendums between 1995 and 2005. The Swiss voted on 103 federal questions in the same decade, cantonal and communal ballots stacked on top. Nobody from Paris counts for them.
So a cashier said the wrong number and a country noticed within hours. That is what a population does when it still thinks its own way of counting is worth defending. Migros learned it the cheap way, on a football night, with a laughing professor instead of a regulator. Septante. Get it right next time.
M. Hantale 🧀
- 🇹🇷 Diplomacy. Donald Trump and Volodymyr Zelenskyy will meet on Wednesday on the sidelines of the NATO summit in Ankara to revive mediation aimed at ending the conflict, Washington is also planning contact with Putin.
- 🇪🇺 Diplomacy. Ireland takes over the rotating presidency of the EU Council and must arbitrate negotiations by year-end on the 2028-2034 budget, the digital euro, child protection online and carbon market reform.
- 🇨🇭 Economy. Swiss adults hold an average of 910k$, the highest wealth per capita in the world, 944k of them are dollar-millionaires and concentrate 69% of private wealth.
- 🇦🇹 Diplomacy. Austria is asking the European Commission to examine Anthropic’s establishment in the EU, a proposal intended to counter American restrictions on access to the most advanced AI models.
Economy & Finance
- 🇨🇭 Inflation. Swiss inflation slowed to 0.5% in June, down from 0.6% in April and May, with the decline driven by cooling energy prices.
- 🇪🇺 Growth. The ECB indicates that growth in lending to eurozone businesses accelerated to 4% in May compared to 3.4% in April, a sign of renewed credit for non-financial corporations.
- 🇨🇭 Trade. The EU is reducing duty-free steel import quotas by 47% to 18.3M tonnes/year for partner countries, Switzerland is denied an exemption and tariffs are rising to 50% from 25% previously.
- 🇻🇳 Trade. The EFTA 🇮🇸🇱🇮🇳🇴🇨🇭 and Vietnam have signed a free trade agreement in Reykjavik aimed at eliminating customs duties and facilitating trade, opening new opportunities for businesses on both sides.
- 🇪🇺 Rates. The ECB indicates that a rate rise in July now appears unlikely after raising its key rate from 2% to 2.25% on 11 June, with the easing of oil prices (71$ per barrel) reducing inflationary pressure.
- 🇫🇷 Budget. France’s public deficit reaches €93.3bn at the end of May, compared to €94.0bn at the same date in 2025.
- 🇩🇪 Budget. Berlin demands a €400bn cut within the proposed multiannual financial framework of €2,000bn, deeming the project « unaffordable » and estimating that in its current form agreement is impossible.
- 🇨🇭 Investment. Nearly 1 in 5 Swiss people (18%) hold cryptocurrencies, up 2 percentage points compared to 2025, according to a national survey.
- 🇨🇭 Currencies. The SNB (Swiss National Bank) purchased 3.94bn CHF in foreign exchange in Q1, and said it is ready to intervene further « if necessary ».
Switzerland
- 🇨🇭 Politics. Trade unions and parties are launching a referendum to challenge a parliamentary decision that would allow sectoral collective agreements to take precedence over cantonal minimum wages, particularly threatening the hospitality and cleaning sectors.
- 🇨🇭 Diplomacy. Switzerland’s foreign affairs chief Ignazio Cassis has stated that the OSCE remains indispensable for European security in the face of the gravest crisis since the Cold War and has called for the immediate release of 3 personnel members detained by Moscow.
- 🇨🇭 Defence. Swiss army chief Benedikt Roos claims that several unidentified drones, flying in formation, flew over a Swiss military installation this weekend, with circumstances remaining unclear.
- 🇨🇭 Health. Swiss universities are calling for an increase in medical training places and a reform of student selection to combat the shortage of doctors, noting that medical masters have risen from 882 in 2016 to 1.38k in 2024.
- 🇨🇭 Solidarity. The Salvation Army is signing more public mandates and taking over refugee transit centres in Berne and Basel, as its 2025 mission has provided 77,600 meals and approximately 2,300 accommodation places in response to rising poverty.
- 🇨🇭 Innovation. Researchers at ETH Zurich have created the first bidirectional pixel capable of emitting and capturing light, paving the way for displays that can also function as cameras.
- 🇨🇭 Climate. In 2025, Switzerland recycled for the first time more than 140,000 tonnes of electrical and electronic equipment, or approximately 144,000 tonnes.
- 🇨🇭 Tourism. The 60 million Swiss francs in aid granted to relieve pressure on popular destinations proved insufficient: the 50 major destinations saw their overnight stays climb by 1.7 million (+6%) and the geographical and seasonal dispersal of visitors did not improve.
- 🇨🇭 Science. The EMF Racing Team from Fribourg wins the global final of the Hydrogen Grand Prix in Bulle in the Prototype category, where 85 teams from over 20 countries and nearly 400 young people competed.
- 🇨🇭 Culture. The Festival de la Cité in Lausanne attracted 110,000 spectators for its 54th edition, offering 150 artistic projects and over 200 free performances across six days.
Elsewhere in the World
- 🇦🇱 Politics. Thousands of protesters are demanding the resignation of Prime Minister Edi Rama, with anger over a luxury hotel complex project near the Narta lagoon having broadened to encompass schools, jobs and living standards.
- 🇺🇸 Politics. During his speech at Mount Rushmore for the 250th anniversary of the United States, Donald Trump hinted that he would like to see his face added to the monument, although officials explain that the rock, already marked by 140 microfractures, makes any new sculpture too risky.
- 🇦🇷 Politics. Manuel Adorni, chief of staff and spokesman for Javier Milei, was forced to resign after three months of investigation into alleged illicit enrichment concerning his lifestyle and asset declarations.
- 🇺🇦 Justice. The European Court of Human Rights rejects Yuriy Ivanyushchenko’s appeal and confirms that the freezing of his assets and those of his family in Switzerland did not violate his right to private life.
- 🇺🇸 Justice. The Supreme Court struck down 6-3 Trump’s executive order aimed at limiting birthright citizenship, recalling that the 14th Amendment makes children born on American soil citizens at birth.
- 🇦🇫 Conflict. Pakistani strikes hit three border provinces on Sunday evening, according to Kabul, killing at least 36 civilians and wounding over 160 in a fresh cross-border escalation.
- 🇾🇪 Conflict. Fourteen Yemeni soldiers killed and 23 wounded in a Houthi attack south of Hodeidah, with the rebels briefly seizing positions before being pushed back.
- 🇱🇹 Defence. President Nausėda wants Lithuania to participate « fully » in Western nuclear deterrence and has proposed a constitutional amendment to lift the ban on the deployment of nuclear weapons, with 50 MPs already having registered the bill to launch the voting procedure.
- 🇨🇳 Defence. Beijing announced on 6 July that it had launched a strategic ballistic missile from a nuclear submarine towards the Pacific, which « fell with precision » in a predefined maritime zone and carried a training warhead with simulated payload.
- 🇮🇱 Defence. Israeli Defence Minister Israël Katz announces that the army will remain « indefinitely » in « security zones » in Lebanon, Syria and the Gaza Strip to protect Israeli communities against « jihadist elements ».
- 🇬🇷 Security. Five people injured following improvised explosive device attacks at dawn in Thessaloniki targeting the homes of three New Democracy executives, four vehicles in a garage set on fire and investigation handed to the counter-terrorism police.
- 🇮🇷 Diplomacy. Iran and Oman have begun negotiations to define a payment and administration model for the Strait of Hormuz following a memorandum that limits free passage to 60 days, paving the way for mandatory contributions demanded by Tehran, of several hundred M$ or even a few G$ per year.
- 🇻🇪 Catastrophes. The official death toll from the earthquake in Venezuela has now risen to nearly 3,000, according to the authorities.
- 🇨🇭 Pharma. Roche announces Phase III Krascendo 1 success for divarasib in second-line NSCLC KRAS G12C, demonstrating superiority in progression-free survival and overall survival versus sotorasib and adagrasib, with no new adverse effects reported.
- 🇨🇭 Pharma. Lonza will launch production of two new biological programmes for an American client, with an option for two additional programmes and a cumulative value that could reach several billion Swiss francs.
- 🇨🇭 Agribusiness. Hengde Qin, current COO and head of seeds, will be appointed CEO of Sygenta🇨🇳 on 1 August and will succeed Jeff Rowe after nearly ten years leading the group based in Basel.
- 🇸🇪 Transport. Implenia🇨🇭 secures a CHF250m contract to build the underground station at Korsvägen in Gothenburg and install technical systems as part of the new West Link line.
- 🇺🇸 Transport. Stadler🇨🇭 inaugurates an extension of its Salt Lake City plant, adding 245,000m2 to bring the total surface area to 475,000m2 and create nearly 300 jobs.
- 🇨🇭 Distribution. Migros opens its first 24/7 accessible Swiss supermarket in Herisau: after 7pm the ~300m² store switches to self-service via QR code and self-checkout tills.
- 🇨🇭 Stock exchange. Four Swiss groups in the global top 100: Roche (45th, 328.5bn$), Novartis (57th, 286.8bn$), Nestlé (66th, 264.5bn$) and ABB, entering for the first time in 99th position (196.6bn$).
- 🇨🇭 Stock exchange. After a near-standstill Q1, the Swiss market rebounded in Q2 with three IPOs, including Centiel (31m CHF) and the listing of DSM-Firmenich valued at ~16bn CHF, whilst numerous candidates still prefer to wait for a better market window.
- 🇨🇭 Stock Exchange. Infracore is targeting a valuation of 826m CHF in listing on SIX and plans to raise 200m CHF through an issuance of 3.7m shares (up to 5.6m) at 54 CHF per share.
- 🇨🇭 Stock market. ABB climbs to 99th place (196.6bn$), allowing Switzerland, buoyed by Roche, Novartis and Nestlé, to overtake France in the EY ranking where the top 100 weighs 62tn$.
- 🇨🇭 M&A. SITA acquires Big Blue Analytics🇪🇸 to scale up OCCam, an AI platform for disruption management that could reduce disruption costs by up to 30% (approximately $20-30M for a mid-sized carrier).
SMI Index
| Name | Price | Mkt Cap | 7d Chg | YTD |
|---|---|---|---|---|
| Roche | 344.40 | 274.01B | ▲ +0.1% | ▲ +6.7% |
| Novartis | 128.08 | 244.16B | ▲ +1.2% | ▲ +21.6% |
| Nestlé | 84.73 | 218.15B | ▲ +2.0% | ▲ +15.4% |
| ABB | 85.14 | 154.81B | ▼ -2.8% | ▲ +41.1% |
| UBS | 41.37 | 135.34B | ▲ +3.3% | ▲ +12.0% |
| Zurich Insurance | 610.80 | 91.20B | ▲ +2.0% | ▲ +7.5% |
| Holcim | 77.30 | 42.81B | ▲ +6.1% | ▲ +1.3% |
| Lonza | 586.80 | 40.97B | ▲ +7.5% | ▲ +10.7% |
| Swiss Re | 130.60 | 38.52B | ▲ +1.6% | ▲ +6.8% |
| Givaudan | 3,521.00 | 32.50B | ▲ +3.0% | ▲ +16.5% |
| Swisscom | 610.50 | 31.60B | ▼ -2.1% | ▲ +9.5% |
| Sika | 174.60 | 28.00B | ▲ +4.7% | ▲ +9.7% |
| Alcon | 55.64 | 27.12B | ▲ +1.9% | ▼ -12.0% |
| Swiss Life | 921.00 | 25.75B | ▲ +3.5% | ▲ +3.1% |
| SGS | 95.88 | 18.95B | ▲ +2.3% | ▲ +7.1% |
| Geberit | 543.00 | 17.92B | ▲ +0.6% | ▼ -9.7% |
| Partners Group | 679.00 | 17.48B | ▲ +2.5% | ▼ -30.5% |
| Straumann | 108.85 | 17.33B | ▲ +2.3% | ▲ +16.7% |
| Julius Bär | 74.08 | 15.15B | ▲ +6.1% | ▲ +17.5% |
| Logitech | 76.98 | 11.03B | ▲ +1.6% | ▼ -3.1% |
📅 Data as of 2026-07-06 11:16
Forex CHF
| Pair | Rate | 7d Chg | YTD |
|---|---|---|---|
| EUR/CHF | 0.92 | ▼ -0.28% | ▼ -1.16% |
| USD/CHF | 0.81 | ▼ -0.25% | ▲ +1.71% |
| GBP/CHF | 1.07 | ▲ +0.36% | ▲ +0.66% |
📅 Data as of 2026-07-06 11:16
Gold Lost 25%. Zurich Isn’t Selling.
Gold peaked at $5,589 an ounce in late January. By early July it traded under $4,000, a 25% drawdown in five months. In any other asset class that is a rout: margin calls, post-mortems, someone testifying before Congress. Among Switzerland’s chief investment officers, 57% remain overweight the metal and only 6% underweight, net 51%, down from 77% in December but still the most crowded conviction in Swiss institutional money. So why does a 25% loss produce almost no sellers?
Because a trade and an insurance policy answer different questions. A trade asks whether the price rises next quarter, and gets stopped out when it doesn’t. Insurance asks what happens to everything else when the worst arrives, and gets renewed. What evaporated this spring was not the policy but a temporary rider. The war with Iran loaded a risk premium into the price from late February; markets priced de-escalation, the premium vanished, the dollar rebounded, real yields climbed. Year to date, gold is down about 6%. The rout mostly unwound a war spike.
What does the policy insure against? Gold now makes up roughly 27% of global central bank reserves; US Treasuries, 22%. The instrument backed by the full faith and credit of the United States has been overtaken by a metal that pays no coupon, holds no press conference and cannot be sanctioned. 76% of central banks intend to add more over five years. De-dollarisation used to be a word for cranks. Now it is a line item.
Jewellery volumes fell 23% in the first quarter, after an 18% drop in 2025. Indian and Chinese households stopped buying necklaces at these prices, and who can blame them. Total demand still crossed 5,000 tonnes for the first time last year, worth over $550B. The ornament is being dropped; the coverage kept. Bars and ETFs replaced bangles. Zurich jewellers report buyers waiting for prices to fall while sellers wait for them to rise. Both should pack a lunch.
The refineries clustered in Ticino and Neuchâtel, two of Switzerland’s 26 largely autonomous cantons, process most of the bars on earth. The Swiss National Bank, meanwhile, has held the same 1,040 tonnes since 2008, buying nothing through the rally. The one central bank that never needed to signal credibility with bullion already had it. Swiss allocators sit closer to physical flows than anyone on financial television, and nearly 90% of them expect no significant price decline in the second half. Renewal season, in other words.
Washington calls tariffs leverage and sanctions foreign policy. Central banks answered with bullion, because insurance gets bought before the fire, not during it. Switzerland does not lecture anyone. It refines, vaults and stays covered. Pragmatism beats posturing, and at $4,100 an ounce, pragmatism is what a renewed policy costs.