Earnings Preview: Shopify, Disney, and 133,000 Job Losses

This article discusses the stock market's recent sell-off, attributing it to the surprise loss of 133,000 US jobs in June. It highlights the upcoming earnings reports of several major companies, including Shopify, Disney, and the big three insurers, which could impact investor sentiment. The article also notes the strong retail growth and high web traffic experienced by Shopify in the second quarter, and the expected decline in sales and earnings per share for BCE.

The Swiss Market Index (CH20) experienced a significant sell-off on Monday, August 4, 2025, falling by 1.9% to its lowest level since April 22. This decline was largely attributed to the surprise 39% tariff imposed by US President Donald Trump on Swiss exports, which was higher than the 31% rate announced in April. Luxury giants Richemont and Swatch were among the hardest hit, with stocks dropping up to 3% at the open. Pharmaceutical stocks like Roche and Novartis, however, held up better, as drug exports were excluded from the new tariffs announced on Friday [1].

On the economic front, Switzerland's annual inflation ticked up to 0.2% in July, slightly above forecasts of 0.1%, but remained near zero. This subdued inflation reading reinforces expectations that the Swiss National Bank may move to cut interest rates below zero later this year. Additionally, the Swiss PMI fell to 48.8 in July from 49.6 in June, suggesting a sharper contraction in the manufacturing sector [1].

The CH20 index fell to 11755 points on August 4, 2025, losing 0.68% from the previous session. Over the past month, the index has declined by 1.67%, though it remains 1.84% higher than a year ago, according to trading on a contract for difference (CFD) that tracks this benchmark index from Switzerland [1].

Looking forward, the Switzerland Stock Market Index (CH20) is expected to trade at 11631.24 points by the end of this quarter and at 11038.25 in 12 months' time, according to Trading Economics global macro models and analysts' expectations [1].

Separately, Shopify continues to dominate the global e-commerce software market, holding a 20% share as of 2025. The platform powers over 9.1 million websites globally and has a thriving ecosystem of over 16,000 apps in the Shopify App Store. Shopify's strong presence is evident in the United States, where it accounts for nearly 30% of all e-commerce websites, with major adoption in states like California and New York. In the UK, Shopify holds a significant position, accounting for 23% of the market share, with 176,944 websites using the platform [2].

As investors await the upcoming earnings reports of major companies like Shopify, Disney, and the big three insurers, the stock market's recent sell-off and the impact of US tariffs on Swiss exports will likely influence investor sentiment. The strong retail growth and high web traffic experienced by Shopify in the second quarter may also play a role in shaping investor expectations. Additionally, the expected decline in sales and earnings per share for BCE could further impact the market [2].

References:
[1] https://tradingeconomics.com/switzerland/stock-market
[2] https://www.demandsage.com/shopify-market-share/