17
Jun
The SNB could already go negative in June
A particularly robust Q1. Growth expected to slow in Q2. Leading indicators uncertain and mixed. Switzerland back in deflation. SNB to cut rates in June. Swiss franc likely to weaken. Increasing risks for equities.
Key points
- A surprisingly robust first quarter for the GDP
- High risks of growth slowing in Q2
- More nuanced and contrasting leading indicators
- CPI and PPI indices point to deflation
- SNB could move into negative rates in June
- SNB may trigger weakening of the franc
- Long-term yields approach zero again
- Growing risks for Swiss equities
