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Swiss UBS consumption indicator: upward trend ends in April
Retailers' assessment of the business situation was again clearly pessimistic and remained stuck at -13 points. This prompts concerns that we may have to prepare ourselves for a prolonged period of negativity in the retail sector, similarly to what was last seen when the Swiss franc appreciated at the end of 2011. Above all, the 5% (seasonally adjusted) drop in the number of new car registrations compared to March is exerting downward pressure on the index. But demand for new cars was still strong, and in April it again had a supportive effect; growth compared to the previous year stood at +4%, which is significantly ... (full story)