"The Swiss economy will have to get used to a weaker economic momentum"
- VP Bank economist Bernd Hartmann
Confidence among Swiss households remained unchanged in the third quarter of 2012, the State Secretariat for Economic Affairs (SECO) reported Tuesday. The Swiss SECO Consumer Climate, which represents a majority of overall economic activity, stood at -17 in the third quarter, beating analysts' expectations of a decline to -21 points. However, the reading remains below a 0 line, which separates optimism from pessimism.
"The Swiss economy will have to get used to a weaker economic momentum," said VP Bank economist Bernd Hartmann. "There is a lack of fresh impulses in the shape of investments despite record low interest rates. The question is: Where is growth in the near future supposed to come from?"
"There is a slight tendency higher to a positive area. However, this doesn't mean the SNB has reason to act," said David Marmet, an economist at Zuercher Kantonalbank.
The Swiss blue-chip index SMI, a measure of the largest and most actively traded companies, added 0.59 per cent to 6,745.74. The broader Swiss Performance Index surged 0.55 per cent to stand at 6,219.25.
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