UBS released its consumption index for Switzerland on Wednesday. The UBS consumption index increased to 1.60 in October from 1.56 in September. September's figure was revised down from 1.65.

The increase was driven by a slight improvement in consumer confidence and expected business activity in the retail sector.

"Despite consumers' gloomy labour market expectations, this was outweighed slightly by the prospect of an economic upturn. At the same time, business activity in the retail sector seems to have improved recently," the bank said.