No recession in Switzerland. Worrying leading indicators. Falling exports. Inflation stumbles over the 1% threshold. Rate cuts in line with our expectations. Limited weakness of the franc. Long-term rate target achieved. Positive outlook for the SMI.

Key points

• The Swiss economy is moving at a slow pace
• Swiss exports plunge again
• Leading indicators more worrying
• Inflation currently stalling at +1%
• SNB cuts rates according to our schedule
• One should probably not bet on a too weak franc
• Target rate achieved for Confederation long rates
• Outlook for Swiss equities remains positive

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