The KOF Swiss leading indicator rose more-than-expected in August to reach a nine-month high as the government took unprecedented steps to stimulate the ailing economy. The KOF index jumped to -0.04 from a revised reading of -0.85 in July to exceed expectations for a rise to -0.60, and the data encourages an enhanced outlook for the region as growth prospects improve. At the same time, the KOF said that “the process of Swiss gross domestic product contraction is likely to draw to a close at the beginning of 2010,” and the Swiss National Bank is likely to maintain its current policy in place in order to stem the downside risks for growth and inflation.
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