Switzerland Dec Real Retail Sales (YoY) rises to 5.1% vs 3% (Nov)

Financial market sentiment started 2013 in a heightened state as ongoing evidence of global economic 
repair and a marked improvement in European financial conditions combined to rejuvenate investors’ appetite for ‘risky’ assets. The VIX index (a proxy for risk aversion) fell to the lowest level since 2007 and global stock markets soared. The MSCI World Equity Index climbed 5.0% through the month, to be up 12% from the November 2011 lows.