Switzerland (AO) | La Petite Suisse

Research evidence excerpt

Switzerland (AO) | La Petite Suisse

News comment

Release date: 19 June 2026

Torsten Sauter

Head of Swiss Equity Research

+41 43 333 6002

Switzerland tsauter@keplercheuvreux.com

All Caps

La Petite Suisse

Key points:

The week ahead is relatively light on major Swiss corporate catalysts, with the main focus on a handful of industrial and small cap

names. Klingelnberg and Carlo Gavazzi are both due to report FY 2025/26 results.

The Swiss National Bank (SNB) left its policy rate unchanged at 0%, arguing that the recent rise in inflation was mainly driven

by energy prices and does not signal broader inflationary pressure. Its inflation forecasts remain largely unchanged, with inflation

expected to stay below 1% through 2029, supporting an ongoing accommodative monetary stance.

The Swiss Senate postponed its decision on the key procedural question surrounding the Bilaterals III package with the EU:

whether the eventual referendum will require only a popular majority or a double majority of both voters and cantons. After a

closely contested 24-20 vote, senators sent the issue back to the Political Institutions Committee for further review rather than

deciding immediately. The committee will revisit the matter later in June, with substantive parliamentary debate now likely

pushed to the autumn session and a final parliamentary decision not expected before 2027. Three options remain under

consideration: the government's preferred optional referendum, a mandatory referendum requiring a double majority, or a

constitutional workaround proposed by legal experts. For markets and companies, the decision extends political uncertainty

around Switzerland's future relationship with the EU, delaying clarity on issues such as labour mobility, market access, mutual