Swiss Investor Confidence Unchanged in June, ZEW Says
Swiss investor confidence was unchanged in June, signaling the economy may struggle to gain momentum amid a recession in the neighboring euro area.
An index of investor and analyst expectations, which aims to predict economic developments six months in advance, stayed at 2.2 in June, matching the lowest level since January, the ZEW Center for European Economic Research in Mannheim, Germany, and Zurich-based Credit Suisse Group AG (CSGN) said in a statement today.
The Swiss National Bank, which expects the country’s economy to grow as much as 1.5 percent this year, will update that forecast tomorrow at its quarterly policy review.
To shield the economy from the turmoil in the 17-nation currency bloc, its biggest trading partner, the SNB has a limit of 1.20 per euro on the franc to lessen the risk of deflation and recession. The euro-area economy has contracted the past six quarters, its longest recession on record.
The Swiss survey of 46 analysts was conducted between June 3 and 17.
German investor confidence rose in June, climbing to 38.5 from 36.4 in May, ZEW said yesterday. Germany is Switzerland’s largest export market.
To contact the reporter on this story: Catherine Bosley in Zurich at firstname.lastname@example.org
To contact the editor responsible for this story: Craig Stirling at email@example.com