The ZEW survey expectations comes in with a very strong 58 versus 18.6 last month. You have to go back to 2006 when the survey was introduced to see these numbers. The strength of the economy is showing up in the currency with strong appreciation this month. While it looked liked the central bank tried to hold the line at 106 against the dollar, we are now back at the pre-Lehman levels. (Everyone uses the Lehman crash as the demarcation of the crisis.) The Swiss stock market is inching up to October levels as the banks have improved strongly. However, there is a good Swiss story across the board.
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