Swiss cut rates on gloomy growth forecast

The Swiss National Bank (SNB) has cut its benchmark target range by a further half a point and said that it expects the economy to contract by up to 1% next year.

The SNB said that, as a result of the worsening international economic outlook, it now expects the economy to contract by between 0.5% and 1%.

"Economic activity has declined in both the US and Europe, and has slowed considerably in Asia. The situation on international financial markets has worsened further since September," the cent