Swiss Investor Confidence Remained Little Changed in November
Swiss investor confidence remained little changed in November, suggesting the economy may struggle to regain strength.
An index of investor and analyst expectations that aims to predict economic developments six months in advance rose to minus 27.9 from minus 28.9 in October, the ZEW Center for European Economic Research in Mannheim, Germany, and Zurich- based Credit Suisse Group AG (CSGN) said in a statement today. A gauge of the economic situation rose to zero from minus 4.4.
The Swiss economy is cooling as the euro area’s fiscal crisis and waning global growth erode export demand, forcing companies to lower costs. Gross domestic product unexpectedly declined in the three months through June and Economy Minister Johann Schneider-Ammann said on Nov. 6 that “growth in the third quarter probably disappointed.” The Swiss government will release third-quarter GDP on Nov. 29.
“Most analysts surveyed do not expect the economic situation to change much over the next six months,” Credit Suisse said. “Based on their expectations, economic growth should therefore remain subdued.”
The Swiss survey was conducted among 43 analysts between Oct. 29 and Nov. 9. In Germany, Europe’s largest economy, investor confidence unexpectedly declined in November, with a gauge falling to minus 15.7 from minus 11.5 in October.
To contact the reporter on this story: Zoe Schneeweiss in Zurich at firstname.lastname@example.org
To contact the editor responsible for this story: Craig Stirling at email@example.com