The sharp fall in the forward-looking Swiss investor sentiment indicator in August mirrored the pattern seen in the German Ifo. While sentiment was bound to soften sooner or later and Switzerland has weathered the pandemic comparatively well, the near-term outlook is not as rosy as it was a few months ago. It will be a Swiss-centric week on the data front next week, with the highlights coming on Thursday when we expect data to show that consumer price inflation rose to a 34-month high in August and that GDP came within a whisker of its Q4 2019 level in Q2.
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