Swiss KOF barometer reported highest results since September 2010

Switzerland's KOF leading economic barometer rose to 109.1 points in October from a revised 106.1 points in September, the KOF Swiss Economic Institute said on Monday. 

A measure signaling future turning points in the Swiss economy improved for the second straight month in October to the strongest level in just over seven years. Economists had expected the index to rise to 106.5.

The upward tendency is mainly driven by the banking and manufacturing indicators. However, the prospects for exports and the accommodation and food service activities are also somewhat better than before.

At the same time, the outlook for domestic consumption showed a stagnating phase, while the construction sector had declined somewhat.

The index is a composite reading of 12 economic indicators related to banking confidence, production, new orders, consumer confidence and housing.