Switzerland (AO) | La Petite Suisse

Research evidence excerpt

Switzerland (AO) | La Petite Suisse

News comment

Release date: 03 July 2026

Torsten Sauter

Head of Swiss Equity Research

+41 43 333 6002

Switzerland tsauter@keplercheuvreux.com

All Caps

La Petite Suisse

Key points:

The interim reporting season is set to start slowly. We note three notable Swiss reporting events next week. Banque Cantonale du

Jura (BCJ) reports its H1 results on 9 July. Barry Callebaut also publishes its 9 month sales update on 9 July. Finally EMS Chemie

reports H1 results on Friday, 10 July.

Swiss manufacturing remained in expansion for a fourth consecutive month in June, although the PMI eased 3 points to 54.3,

signalling a modest softening in sentiment after recent gains. Production held firm at 57.0, one of the highest readings in more

than four years, while order books continued to grow at a slower pace and employment remained broadly stable. The services

sector outperformed expectations, with the PMI rising to 59.8, its highest level in more than four years, supported by broad based

strength in new orders and business activity. Globally, manufacturing conditions also improved as lower energy costs and easing

supply chain disruptions lifted PMIs above the 50 expansion threshold across most major economies. Despite this, companies

remain cautious as geopolitical risks, restructuring pressures, and supply chain adjustments continue to weigh.

Swiss President Guy Parmelin met US Trade Representative Jamieson Greer in Washington as Switzerland seeks to

formalise the Swiss-US tariff framework. Switzerland has issued a unilateral declaration setting out further implementation

steps under the November 2025 joint statement, while negotiations on a broader agreement continue. The current 10% Section

122 surcharge is due to run until 24 July.