SERIOUS THREATS LOOM OVER SWISS STOCKS 1/3

08 Sep

SERIOUS THREATS LOOM OVER SWISS STOCKS 1/3

Switzerland's real GDP grew by a modest +0.3% quarter-on-quarter in Q2 2025, marking a significant deceleration from the exceptional +0.8% recorded in the first quarter. This return to a more moderate pace of expansion was widely anticipated, as the Q1 surge was largely driven by unique, non-recurring factors.

Key Points

  • Moderate growth in Q2 confirms expected slowdown
  • High risk of stagnation in Q4 Leading indicators more nuanced and mixed
  • CPI and PPI indices settle into deflation
  • The SNB must act by lowering its rates by 50 basis points
  • The franc benefits from a unique context
  • Swiss bonds offer no prospects
  • Serious threats weigh on Swiss equities