28
Nov
Return of negative interest rates for Switzerland
Sharp decline in GDP in Q3. Risks of a technical recession in H2 2025. Leading indicators still pessimistic. Deflation sets in. Return of negative rates in Switzerland. Unattractive yields. Mixed outlook 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
