Monthly Archive: February 2023

US Dollar Comes Back Better Bid

2023-02-15

by

2023-02-15

Overview: Although the US January CPI was in line with expectations, the year-over-year rate was a little firmer than expected. Still, the measure that Fed Chair Powell has underscored, core services, excluding shelter, moderated with a 0.3% month-over-month gain. US rates shot up and this lent the dollar support, while weighing on equities and risk sentiment. The US two-year note yield rose to almost 4.64% yesterday, the highest in three months....

Read More »

Swiss government plans to strengthen ties with Asia-Pacific region

2023-02-15

by

2023-02-15

The Swiss government has for the first time adopted a regional strategy for the Asia-Pacific region for the period 2023-2026. The move takes into account the growing importance of the southeast Asia region and complements the government's China strategy, according to a government statement published on Wednesday.

Read More »

Six numbers that show why Credit Suisse has little leeway

2023-02-15

by

2023-02-15

Disappointing results leave no more room for accidents as the bank carries out restructuring. It has been a year since Axel Lehmann took over as chair of accident-prone Credit Suisse and about half that since Ulrich Körner became chief executive. But they have yet to stem the problems at Switzerland’s second-biggest bank, caused by a succession of historic scandals and mismanaged risk – from the blow-up of the Archegos family office to the...

Read More »

Why Did Biden Let In Those Nicaraguan Refugees?

2023-02-15

by

2023-02-15

The Biden administration and its acolytes in the U.S. mainstream press are celebrating the fact that Nicaraguan socialist dictator Daniel Ortega just released 222 political prisoners and sent them packing to the United States. In the process, however, they are only demonstrating the arbitrary, capricious, and hypocritical nature of America’s socialist system of immigration controls.

Read More »

Siemens Issues First Digital Bond on Blockchain

2023-02-15

by

2023-02-15

Siemens is one of the first companies in Germany to issue a digital bond, in accordance with Germany’s Electronic Securities Act.

Read More »

Dollar and Rates Soften a Little Ahead of US CPI

2023-02-14

by

2023-02-14

The focus is on the US CPI report today, but the price action is anything but intuitive. Although the revisions of the basket and methodological changes reinforce expectations for the largest rise in three months, the US dollar continues to trade heavily after rallying last week. The dollar-bloc currencies are underperforming today. And US rates are softer. The US 2- and 10-year yields are 1-2 bp lower.

Read More »

OneSpan Inks Deal to Acquire Aussie Blockchain Tech Provider ProvenDB

2023-02-14

by

2023-02-14

Cybersecurity technology company OneSpan has inked a deal to acquire Australia-based blockchain technology provider ProvenDB for an undisclosed sum. The transaction is anticipated to close during the first quarter of 2023 and is subject to customary closing conditions.

Read More »

Quantum technology enjoys first commercial successes

2023-02-14

by

2023-02-14

Quantum physics is moving out of the lab and into the marketplace. Switzerland, a strong researcher in this field, doesn’t want to miss out and is launching its own quantum initiative. For now, though, it will have to make do without Europe.

Read More »

Swiss Producer and Import Price Index in January 2023: +3.3 percent YoY, +0.7 percent MoM

2023-02-14

by

2023-02-14

Switzerland Producer Price Index (PPI) YoY, January 2023
The Producer and Import Price Index rose in January 2023 by 0.7% compared with the previous month, reaching 109.2 points (December 2020 = 100). In particular, petroleum and natural gas as well as electricity saw higher prices. Petroleum products, in contrast, became cheaper.

Read More »

Swiss Consumer Price Index in January 2023: +3.3 percent YoY, +0.6 percent MoM

2023-02-14

by

2023-02-14

Switzerland Consumer Price Index (CPI) YoY, January 2023
The consumer price index (CPI) increased by 0.6% in January 2023 compared with the previous month, reaching 105.0 points (December 2020 = 100). Inflation was +3.3% compared with the same month of the previous year. These are the results of the Federal Statistical Office (FSO).

Read More »

Swiss pharma industry wants to reduce dependence on Asia

2023-02-14

by

2023-02-14

The Swiss pharmaceutical industry should be less dependent on active ingredients from Asia, says the president of the industry umbrella organisation, pharmaSuisse. Martine Ruggli has called for new drug companies to be built in Europe.

Read More »

The Alien Invasion of America

2023-02-14

by

2023-02-14

The aliens are coming! The aliens are coming!  No, I’m not talking about illegal aliens — that is, those immigrants who are trying to enter the United States without official permission. I’m talking about real aliens — the scary types from outer space. You know, the ones that look like ET.

Read More »

Yen Retreats Ahead of Formal BOJ Announcement Tomorrow and US CPI

2023-02-13

by

2023-02-13

Overview: A consolidative tone is mostly the theme of the day. The revisions to the US CPI announced before the weekend add to the uncertainty and focus on tomorrow's report. At the same time, investors watch ongoing air space activity that has led to a few objects being shot down over the US and Canadian airspace.

Read More »

Switzerland’s ‘cash initiative’ – what’s at stake?

2023-02-13

by

2023-02-13

Swiss citizens look set to vote on a people’s initiative to try to ensure their economy never becomes cashless. What do the campaigners behind the idea really want?

Read More »

The New Normal: Death Spirals and Speculative Frenzies

2023-02-13

by

2023-02-13

There is an element of inevitability in play, but it isn't about central bank bailouts, it's about Death Spirals and the collapse of unsustainable systems. The vapid discussions about "soft" or "hard" landings for the economy are akin to asking if the Titanic'sencounter with the iceberg was "soft" or "hard:" either way, the ship was doomed, just as the global economy is doomed by The New Normal of Death Spirals and Speculative Frenzies.

Read More »

Three Reasons Why Secession and Decentralization Are Better for Human Rights

2023-02-13

by

2023-02-13

[This article is the Introduction to Breaking Away: The Case of Secession, Radical Decentralization, and Smaller Polities.] The world is now, and has always been, politically decentralized. At no time in history has all of humankind been ruled by a single political regime. Although the Roman Empire claimed to be universal, the Romans never even conquered all of Europe, let alone the whole inhabited world. Roman power never extended to India,...

Read More »

Shortage of workers cited as top obstacle to Swiss economy

2023-02-13

by

2023-02-13

The president of the Swiss Employers' Association wants to increase the potential workforce in Switzerland by 300,000 people. To achieve this, women, young people, the elderly and refugees must be integrated into the labour market or be given more work, said Valentin Vogt on Swiss public radio SRF on Saturday.

Read More »

Weekly Market Pulse: Look Up In The Sky! It’s A UFO! Or Not!

2023-02-13

by

2023-02-13

As I sit here writing this Sunday afternoon, the US has just shot down a third UFO in the last 3 days in addition to the Chinese “weather” balloon last week. I have no insight into what these things might be but I do wonder if we haven’t declared war on the National Weather Service. The federal government has become so sprawling that it could easily be the case that NORAD has no idea what the NWS has up in the air.

Read More »

Where did it all go wrong for Credit Suisse?

2023-02-12

by

2023-02-12

Widespread analysis of what went wrong at Credit Suisse converges on a constant theme: an international bank that lost touch with its Swiss roots, led by people who put profits ahead of prudence. 

Read More »

Commodities trader Trafigura stung by ‘CHF500 million fraud’

2023-02-12

by

2023-02-12

Swiss commodities trading company Trafigura says it has been defrauded to the tune of $577 million (CHF530 million) by fake nickel shipments. The firm has launched legal action against a Dubai-based metals trader and the group of companies he runs out of the Middle East emirate.“

Read More »