Publications

Driven by the combined effect of the Bank of England’s continued restrictive monetary policy and persistent strength in U.S. Treasuries, the yield on the 10-year gilt rose to 5.21% in mid-September, up from 5.0% in May. Meanwhile, the 2-year gilt yield stands at 4.54%, reflecting market expectations that any significant monetary easing will be postponed […]

The latest survey data confirm a clear rebound in U.K. economic activity following the spring low point. Led by strong demand for technology and financial export services, the services PMI rose to 52.5 in August, lifting the overall composite PMI to 52.5. This composite rebound confirms a scenario of moderate expansion while ruling out a […]

The Office for National Statistics revised U.K. Q2 2026 GDP growth to a solid +0.4%, following a +0.6% expansion in Q1. Over the first half of the year, British economic growth outpaced both the Eurozone and Germany. This performance confirms that underlying private demand absorbed monetary shocks far better than early estimates suggested. The upward […]

Persistent yield differentials between Switzerland and other major currency areas will continue to play a central role in current exchange rate dynamics. As the Swiss National Bank holds key interest rates at 0%, wider yield gaps favor higher-yielding foreign currencies over domestic assets. This negative yield gap progressively reduces the relative appeal of the franc […]

Swiss exports surged +10.7% in July 2026, the sharpest monthly jump in a decade, driven by chemical and pharmaceutical demand. With imports dropping -2.8%, net trade provided a strong boost to overall GDP. This surge highlights the structural resilience of Switzerland’s pharmaceutical sector against global headwinds. A late-2025 trade agreement also offers key competitive protection […]

The Swiss economy accelerated sharply in Q2 2026, posting an extraordinary real GDP growth rate of +1.5% (+1.9% unadjusted for sporting events) and +2.8% year-over-year. This performance far surpassed consensus forecasts of +2.2% and well exceeded Switzerland’s historical average quarterly growth pace. The spectacular quarterly rebound effectively ended a prolonged period of indecisive economic trends. […]