The Swiss economy is resisting the risks of recession. The SNB takes a harder line.
Inflation likely to stabilise. Yield spreads favorable to the euro. Attractive yields on bonds. Likely easing of interest rates positive for equities.

Key points

• The Swiss economy continues to show its resilience
• Private consumption and investment in capital goods support GDP
• Leading indicators still not stabilising
• Inflation expected to stabilise soon
• The SNB is tightening its monetary policy drastically
• Spreads unfavourable to the franc
• Swiss franc bonds regain interest
• An easing of yields will be favourable to equities

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