Brexit gloom hits Swiss economic outlook

The impact of the EU Referendum in the UK has hit the economic outlook in Switzerland, according to the latest ZEW Credit Suisse Survey, with the index dropping by 13.5 basis points to 5.9 basis points.

The index, reflecting the views of 35 Swiss analysts, also highlighted that the assessment of the current economic situation in Switzerland deteriorated from 6.2 to 0 basis points.

About 90% of respondents stated that uncertainity has increased as a result of the referendum outcome.

With regard to monetary policy, nearly 80% of respondents believed that Swiss and ECB interest rates would remain stable, a growing number of respondents believed that a US rate hike could now be deferred further.

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