Temporary acceleration in GDP. Leading indicators still uncertain. Fall in exports. Inflation below 1%. Key rates at 0.75%. Limited franc weakness. Long-term interest rate target reached. Positive outlook for Swiss equities.

Key points

• Swiss GDP growth accelerates significantly
• Swiss exports plummet since April
• Leading indicators still too uncertain
• Inflation will temporarily fall below 1%.
• SNB to cut rates by a further 0.25% in September
• Don’t bet on a weak franc
• The decline in long-term interest rates is coming to an end
• Positive outlook for Swiss equities

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