It is positive for the housing market, which is picking up from rather subdued levels.

Still, sales will remain at subdued levels.

A separate survey on Friday showed consumer confidence edged up unexpectedly in September, although it remained at subdued levels.

But the London-based company said it expected subdued levels of operational performance in the short term, with a reduction in rental income.

Most other indicators remain at subdued levels -most likely because it is too soon to expect to see any meaningful impact.

In the markets division outside Asia, equities revenues rose 10% to SFr383m as flow derivatives revenues recovered "from subdued levels".