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Markets are shut for the weekend, so this is Friday's closing picture. Wall Street had its worst day since June as investors turned on AI spending. Zurich went the other way: the SMI rose again, closing out a fourth straight weekly gain, carried by Nestlé and Novartis.

Weekend edition: closing levels from Friday 30 October; Bitcoin trades around the clock. Times are Zurich time. Sources: AWP via MarketScreener (SMI), ECB (FX; USD/CHF is our cross of the ECB EUR/CHF and EUR/USD rates), Nikkei, AAP (ASX), Investing.com (S&P 500), Ausecure (gold), The Edge (Brent), Coinbase (Bitcoin). As of 07:00, indicative only.

The S&P 500 fell 1.8% on Friday and the Nasdaq 2.9%, Wall Street's worst day since June, as worries grew that the AI boom has pushed prices too high (AP). Intel dropped 28.6% after weak guidance, and Amazon fell after negative free cash flow and heavy AI spending (CNBC).

In Zurich the SMI closed 0.36% higher at 14,810.66, close to Thursday's record of 14,861. Nestlé gained 2.3%, Novartis 1.1%, Swiss Re 1.7% and Swisscom 1.6%. For the week the index rose 2.4%, its fourth weekly gain in a row (AWP via MarketScreener). We explained why defensive giants carried October in our SMI story.

Why it matters: The SMI is mostly pharma, food and insurance, not chipmakers, so a sell-off in US tech hits it less directly. The flip side: anyone holding a global index fund in francs owns a large slice of exactly the US tech stocks that fell, priced in dollars that are worth about 0.82 francs each. A calm SMI does not mean a calm portfolio.

The Nikkei lost 2.1% on Friday, led by chip stocks, after Intel's results (Mainichi/Kyodo). The Bank of Japan said it will more than double the pace at which it sells its ETF holdings from January (Nikkei Asia).

Why it matters: Japan is unwinding its crisis-era stock buying: one more central bank moving on while the SNB holds at 0%.

Brent's December contract expired at USD 117.64, up 2.4%, after Iran said four tankers struck mines in the Strait of Hormuz (The Edge). Gold fell 3.6% to USD 3,875.65 an ounce (Ausecure). We looked at what gold's one-year low means in francs.

Why it matters: Expensive oil feeds into Swiss fuel and heating bills, while the usual safe haven, gold, is not helping this time.

US PCE inflation reached 3.6% in September, and markets see a December Fed hike as likely (Reuters via Investing.com). France's harmonised inflation rose to 3.8% in October (INSEE). Swiss inflation was 1.0% in September (FSO).

Why it matters: Rate hikes abroad while the SNB sits at 0% widen the interest gap that usually weighs on the franc. In October the franc still gained on the euro, as we showed in our EUR/CHF story.

The KOF Economic Barometer fell 1.5 points to 107.6 in October, still well above its average of 100 (KOF ETH Zürich).

Why it matters: The Swiss economy is slowing a little, not stalling, which matters for jobs and for how the SNB reads the next inflation figure.

Binance said it aims to restart withdrawals in phases around Sunday after the USD 6.3bn hack (CoinDesk); in its latest update, deposits work but withdrawals stay paused (Binance). Our explainer: what the hack means for Swiss users.

Why it matters: Swiss deposit insurance does not cover crypto held on a foreign exchange.

Also on The Franc: The new China trade deal won't make your phone cheaper. Here's who wins.

France's harmonised inflation in October, up from 3.4% in September (INSEE). Swiss inflation was 1.0% in September (FSO). Swiss figures for October follow on Tuesday.

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General information only, not investment, tax or legal advice, and not a recommendation to buy or sell any financial instrument. Independent; not affiliated with any bank, the SNB or any authority.