Weak Q1 GDP growth. Services PMI still solid. Near-deflationary situation on a monthly basis for the past six months. Zero key rates in 2025? Bond opportunities to be avoided. Positive outlook for small caps.

Key points

• Swiss growth slows despite resilient household consumption
• Q1 GDP growth limited to +0.2%
• Swiss exports slide at the start of year
• Leading indicators for services still very positive
• Inflation falls further in January to +0.4% year-on-year
• SNB to cut rates by a further 0.25% in March
• Franc now expected to weaken against the euro
• Reappearance of limited opportunities for Swiss Bonds
• More attractive outlook for small caps

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