26 days ago • Posted by Paul de La Baume

#Swiss stocks pullback #GDP #Energy #gas #trading #CHF

Swiss stocks slumped on Monday pulled lower by the surge (+30%) in European gas prices. Second quarter GDP expanded at 0.3% QoQ or 2.8% YoY, slightly worst than expected. Sentiment for European and Swiss stocks is soured given the war in Ukraine, the surge in energy prices, and central bank's aggressive path to raise interest rates. From a contrarian perspective, a lot of bad news is baked in for stocks, and more specifically for Swiss stocks, traders should watch the Swiss National Bank's next move later this month, where it is expected to raise interest rates.