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Swiss GDP fell -0.5% qoq in Q3, marking a sharp reversal driven almost entirely by the chemical and pharmaceutical sector. After strong momentum earlier in the year, the industry saw output plunge -7.9%, erasing prior gains and dragging the broader economy into contraction. Authorities noted that the downturn reflects recent volatility in foreign trade. Earlier […]

The post Swiss GDP contracts -0.5% in Q3, pharma and chemicals lead decline appeared first on Action Forex.

Swiss GDP fell -0.5% qoq in Q3, marking a sharp reversal driven almost entirely by the chemical and pharmaceutical sector. After strong momentum earlier in the year, the industry saw output plunge -7.9%, erasing prior gains and dragging the broader economy into contraction. Authorities noted that the downturn reflects recent volatility in foreign trade. Earlier […]

The post Swiss GDP contracts -0.5% in Q3, pharma and chemicals lead decline appeared first on Action Forex.

• Eurostoxx -0.1%
• Germany DAX -0.1%
• France CAC 40 flat
• UK FTSE +0.1%
• Spain IBEX flat
• Italy FTSE MIB -0.1%

There’s not much in it really as market players seem content to ride out the remainder of the week and November in waiting on Wall Street to fully return on Monday next week. As a reminder, US markets will be open later today but only for a half-day. But amid a lack of fresh headlines and flows, things are keeping relatively quiet even amid the flurry of data releases in Europe this morning.

This article was written by Justin Low at investinglive.com.

• Eurostoxx -0.1%
• Germany DAX -0.1%
• France CAC 40 flat
• UK FTSE +0.1%
• Spain IBEX flat
• Italy FTSE MIB -0.1%

There’s not much in it really as market players seem content to ride out the remainder of the week and November in waiting on Wall Street to fully return on Monday next week. As a reminder, US markets will be open later today but only for a half-day. But amid a lack of fresh headlines and flows, things are keeping relatively quiet even amid the flurry of data releases in Europe this morning.

This article was written by Justin Low at investinglive.com.

Spain Harmonized Index of Consumer Prices (MoM) came in at 0%, above forecasts (-0.2%) in November

Spain Harmonized Index of Consumer Prices (YoY) registered at 3.1% above expectations (2.9%) in November

• Prior +3.1%
• HICP +3.1% vs +2.9% y/y expected
• Prior +3.2%

Headline annual inflation might have moderated slightly to 3.0% but core annual inflation is seen increasing marginally to 2.6% (previously 2.5%). So alongside Germany, this is one spot that is still a bit of a sticking point for the ECB in trying to work towards getting back on the saddle with regards to rate cuts. Here is the trend in prices for Spain:

This article was written by Justin Low at investinglive.com.

• Prior 101.3; revised to 101.5

This marks just a marginal improvement in Swiss economic conditions, with at least some brighter prospects now surrounding the export outlook. That being said, there is still nothing to shift the agenda for the SNB as they sit on the cusp of negative interest rates.

This article was written by Justin Low at investinglive.com.

• Prior +0.1% (revised to +0.2%)
• GDP Y/Y +0.5% vs +0.6% expected
• Prior +1.2% (revised to +1.3%)

The agency said: “In the third quarter of 2025, Switzerland’s GDP adjusted for sporting events fell 0.5%, following 0.2% growth in the previous quarter. The negative result is largely down to the chemical and pharmaceutical industry, where strong exports gave way to a compensatory decline. Below-average growth in the services sector failed to offset the downturn in the industrial sector.”

This article was written by Giuseppe Dellamotta at investinglive.com.

• Prior +0.9%
• HICP +0.8% vs +1.0% y/y expected
• Prior +0.8%

The figures are softer than estimated, so that at least helps to ease some of the concerns by the ECB that price pressures across the region remain stubborn. Again, it is mostly just Germany at this point. Looking at the details, food price inflation is up marginally to 1.4% (previously 1.3%) while services inflation declined to 2.2% (previously 2.4%) in November.

This article was written by Justin Low at investinglive.com.