"In view of the roller-coaster ride in Europe, Swiss industry is failing to pick up"
- Credit Suisse, a global financial services company.
Retail sales in Switzerland rose less-than-expected in July, as the downside pressure from the spreading economic problems had negative effect on spending. Nation's retail sales rose at annualized rate of 3.2% in July, below expectations for a 4.3% gain, official data showed on Monday.
Also Monday, Credit Suisse Group AG said nation's purchasing managers' index fell to a seasonally adjusted 46.7 points from 48.6 points in July, contrasting with a more positive outlook from the leading KOF indicator last week.
"In view of the roller-coaster ride in Europe, Swiss industry is failing to pick up," said index compilers Credit Suisse and the SVME purchasing managers' association.
"The creeping downturn in industrial activity should therefore continue in the months to come, especially since the backlog of orders is continuing to trend downwards."
The Swiss blue-chip index SMI, a measure of the largest and most actively traded companies rose 0.78 per cent to 6,437.75. The broader Swiss Performance Index jumped 0.76 per cent to 5,948.76.
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