Swiss Investor Sentiment Turns Less Negative in May

Swiss investor sentiment improved to -11.1 in May 2026 from -30.3 in May 2025, according to the UBS & CFA Society Switzerland survey. The index rose by 19.2 points on the month, reflecting a less pessimistic outlook compared with previous readings, although it remains in negative territory. Around 75% of analysts now expect economic conditions in Switzerland to remain unchanged over the next six months. UBS noted that inflation expectations remain elevated, particularly outside Switzerland, despite the more stable domestic outlook. The current conditions gauge stood at +9.1 in May, while expectations were at -2.8.

Swiss investor sentiment rose to -30.3 in April 2026, up from a six-month low of -35.0 in March, according to the UBS & CFA Society Switzerland survey. Over half of respondents expect the Swiss economic outlook to remain largely unchanged over the next six months, while slightly more than a third foresee a deterioration. UBS noted a rise in expectations for Swiss franc appreciation, while GDP and inflation forecasts for 2026/27 remained steady. The current conditions gauge also improved, climbing to +9.1 in April from +2.5 in March.

Swiss investor sentiment index slumped by 44.8 percentage points to -35 in March 2026 from 9.8 in the previous month, according to data from UBS and CFA Society Switzerland. It marked the lowest reading since September 2025, indicating growing caution among financial analysts, who now expect higher interest rates in both the Eurozone and the United States over the next six months. They also turned significantly less optimistic about equity market prospects. Inflation expectations rose across all regions, driven in part by escalating tensions in the Middle East and the associated surge in oil prices, adding to concerns about the global economic outlook. Meanwhile, the current conditions index rebounded to 2.5 from -2.5 in February.