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Dec. 1 (Bloomberg) — Switzerland’s economy grew at the slowest pace in more than two years in the third quarter as companies cut spending and exports slumped.
Gross domestic product rose 0.2 percent from the second quarter, when it increased 0.5 percent, the State Secretariat for Economic Affairs in Bern said today. That’s the slowest pace since the second quarter of 2009. Economists forecast a gain of 0.1 percent, the median of 20 estimates in a Bloomberg News survey showed. Exports of goods and services fell 1.2 percent and investment including construction slipped 1 percent.
Switzerland’s economy is cooling as the franc’s 7 percent ascent against the euro over the past year undermines foreign sales just as global growth weakens. The KOF economic barometer dropped to the lowest in more than two years in November and Swiss central bank Vice President Thomas Jordan said last month the economy “is entering a difficult phase, with a very low and possibly even slightly negative growth rate.”
“Switzerland came off lightly in the third quarter, but the worst is yet to come,” David Kohl, deputy chief economist at Julius Baer Group in Frankfurt, said by telephone. “The country’s export-led economy won’t be able to decouple from the euro-area slowdown and will slide into recession.”
The franc was little changed versus the euro, the currency of the country’s biggest export market, after the release and traded at 1.2277 at 8:49 a.m. in Zurich. Against the dollar, the franc was at 91.28 centimes.
Thursday, December 8, 2011
Hypo Venture Capital Headlines: Swiss Economy Grows at Slowest Pace in More Than Two Years
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Dec. 1 (Bloomberg) — Swiss stocks advanced for a fifth day as demand exceeded supply at an auction of Spanish debt and investors speculated that a report tomorrow may show U.S. payrolls expanded last month.
Zurich Financial Services AG, Switzerland’s biggest insurer, and SGS SA, which provides industrial inspection and testing, added more than 1 percent. Novartis AG led gains in health-care shares.
The Swiss Market Index, a measure of the biggest and most actively traded companies, rose 0.5 percent to 5,681.57 at the close in Zurich. The gauge has rebounded 19 percent from this year’s low on Aug. 10 as the euro area’s policy makers intensified their efforts to resolve the region’s debt crisis. The broader Swiss Performance Index climbed 0.4 percent today.
“The French and Spanish bond auctions were well received and priced,” Matthias Fankhauser, a fund manager at Clariden Leu in Zurich, said in an interview. “Until now, we just had disasters on that front. Professional investors are in the market trying to buy; they all know that if we get solutions, there is more upside.”
Dec. 1 (Bloomberg) — Swiss stocks advanced for a fifth day as demand exceeded supply at an auction of Spanish debt and investors speculated that a report tomorrow may show U.S. payrolls expanded last month.
Zurich Financial Services AG, Switzerland’s biggest insurer, and SGS SA, which provides industrial inspection and testing, added more than 1 percent. Novartis AG led gains in health-care shares.
The Swiss Market Index, a measure of the biggest and most actively traded companies, rose 0.5 percent to 5,681.57 at the close in Zurich. The gauge has rebounded 19 percent from this year’s low on Aug. 10 as the euro area’s policy makers intensified their efforts to resolve the region’s debt crisis. The broader Swiss Performance Index climbed 0.4 percent today.
“The French and Spanish bond auctions were well received and priced,” Matthias Fankhauser, a fund manager at Clariden Leu in Zurich, said in an interview. “Until now, we just had disasters on that front. Professional investors are in the market trying to buy; they all know that if we get solutions, there is more upside.”
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