Schweiz ZEW-Konjunkturerwartungen

The Swiss investors’ sentiment index rose by 38.7 points month-on-month to -7.7 in October 2025. According to UBS, this is one of the largest increases in the history of the indicator, next to surges observed in the aftermath of the great financial crisis and during the COVID pandemic. Despite the recovery, sentiment remains dampened by the US imposing 39% tariffs on Swiss exports in August, as the US takes about 17% of Switzerland’s total exports, making it the country’s largest export market. Meanwhile, the current conditions index remained neutral at 0, down from 3.6 in the previous month, reflecting subdued assessments of the present economic situation.