The Swiss economy is in top form. Growth figures leading to trend reversal in bond markets. The SNB is still not afraid of inflation. Significant correction underway in equity markets.

Key points

• Swiss GDP grows +1.8% in Q2 2021 and +7.7% year-on-year
• Strong comeback of domestic demand
• Leading indicators support a solid growth outlook
• Manufacturing sector is doing well and diversifying its supply chain
• Inflationary risks rising in Switzerland too
• The SNB is not worried about inflation and is staying the course
• Towards a weakening of the Swiss franc
• The bond bubble is close to bursting
• Biggest decline in Swiss equities since October 2020

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