Weighted heavily towards pharmaceuticals and financials, Switzerland’s blue chip SMI share index has been making heavy weather of the turmoil in equity markets. The index has fallen 21 per cent from its record high last June.

Roche, Novartis, UBS and Credit Suisse, to rank them by their weights, comprise 45 per cent of the index. Although each has a different story, all have suffered tribulations, explaining investor caution.