A question worth asking considering the rather large amount of them knocking about at the moment. According to JPM, the total universe of government bonds traded with a negative yield was $3.6tr last week or 16 per cent of the JPM Global Government Bond Index. It’s an answer in itself, really.

The Swiss watch industry is strongly correlated with the growth in Asia. While the chemical and pharmaceutical industry (the “Basel companies”) export a lot into the United States. The firmer is currently weakening, while the latter profits on the stronger dollar and “Obamacare demand”. As usual, the Swiss press only speaks about the weak industries, while the latter has new export records.