Low GDP growth in Q2 (+0.3%). Scaled down prospects for 2019.
Decrease in rates will not last. High equity valuations. Extreme real estate premiums.
- Logical slowdown in GDP growth in Q2 in a very uncertain context (+0.3%)
- Consumption is the main GDP growth driver (+0.3%)
- Things finally looking up for leading indicators
- Growth prospects scaled down for 2019 from +1.5% to +1.3%
- Swiss franc relatively stable
- US dollar likely to rise moderately
- Irrational situation with regard to long-term rates
- Beware the adjustment of long-term rates and its effects on all asset classes
- Rate cut boosts equity markets
- Beware securitised real estate premiums