"The positive trend observed in recent months came to a halt. However, the outlook for the Swiss economy remains moderately positive"
- KOF Swiss Economic Institute
Swiss KOF economic barometer fell less than initially predicted in October, pointing to a slowdown, as the crisis in the eurozone weighs on the country's economy. As reported by the KOF Economic Research Agency, its economic barometer, which predicts the direction of the economy over the following 6 months, inched down to 1.67 points in October, compared to 1.68 in the previous month. Analysts had predicted the KOF economic barometer to tumble to 1.63.
"The positive trend observed in recent months came to a halt. However, the outlook for the Swiss economy remains moderately positive," the KOF institute said in a statement.
"The current level of the index paints too rosy a picture of Switzerland's economic outlook. A trend reversal can, however, be observed," said Bernd Hartmann, head of investment research at VP Bank.
The Swiss blue-chip index SMI, a measure of the largest and most actively traded companies, lost 0.09 per cent to 6,600.84. The broader Swiss Performance Index fell 0.01 per cent to 6,097.07.
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