Category Archive: 2) Swiss and European Macro

Main Author George Dorgan
George Dorgan
George Dorgan (penname) predicted the end of the EUR/CHF peg at the CFA Society and at many occasions on SeekingAlpha.com and on this blog. Several Swiss and international financial advisors support the site. These firms aim to deliver independent advice from the often misleading mainstream of banks and asset managers. George is FinTech entrepreneur, financial author and alternative economist. He speak seven languages fluently.
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KOF Economic Barometer, July: Remains Practically Unchanged

2018-07-30

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2018-07-30

KOF Economic Barometer, July 2018
The KOF Economic Barometer only slightly moved in July. Compared to its June value, it decreased by 0.2 to 101.1 points. The current Barometer value still stands slightly above the long-term average of 100 points; it thus indicates a slightly above-average economic development in Switzerland in the coming months.

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Amazon, Facebook… Verluste vorprogrammiert?

2018-07-30

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► TIPP: Sichere Dir wöchentlich meine Tipps zu Gold, Aktien, ETFs & Co. – 100% gratis: http://lars-erichsen.de/ Amazon, Facebook und andere der FANG-Aktien waren die Highflyer des Jahres 2017, für einige gilt das auch 2018. Aber haben diese Aktien auch das Potenzial, den Markt im Falle einer Korrektur in die Tiefe zu reißen? Das ist …

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Pictet – The Family Consilium (Abridged version)

2018-07-30

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The world is becoming increasingly unpredictable, as new geopolitical faultlines emerge and challenge the long-held status quo. This was the key lesson to emerge from the Pictet Family Consilium, which took place in the Swiss mountain resort of Gstaad in June. The central theme of this year’s exclusive biannual event was ‘“Who Owns the Future?”. …

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Pictet – The Family Consilium (Full version)

2018-07-30

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The world is becoming increasingly unpredictable, as new geopolitical faultlines emerge and challenge the long-held status quo. This was the key lesson to emerge from the Pictet Family Consilium, which took place in the Swiss mountain resort of Gstaad in June. The central theme of this year’s exclusive biannual event was ‘“Who Owns the Future?”. …

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French Q2 GDP growth marks time

2018-07-29

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2018-07-29

France GDP Q2 2018
A number of one-off factors hurt growth dynamics, but there are many reasons to think that expansion will pick up in the rest of this year. France is the first country in the euro area to publish Q2 GDP figures. The economy expanded by 0.2% q-o-q in Q2, the same pace as the previous quarter and below consensus expectations of 0.3%.

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Ceasefire in US/EU tariff dispute

2018-07-28

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2018-07-28

EU and US: average trade tariff rate 1990-2018
The two sides have agreed to discuss lowering barriers to transatlantic trade, helping to de-escalate tensions. While positive, the US’s dispute with China still needs watching.US President Trump and EU Commission President Juncker this week struck an unexpected deal to de-escalate the trade dispute between the EU and the US.

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Message from the ECB: Enjoy summer!

2018-07-27

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2018-07-27

Today’s Governing Council meeting did little to break the seasonal torpor. We continue to expect its first rate hike to come in September 2019. There was no change in interest rates or forward guidance at today’s ECB Governing Council meeting.

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Die besten Langfrist-Aktien aus dem DAX

2018-07-25

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► TIPP: Sichere Dir wöchentlich meine Tipps zu Gold, Aktien, ETFs & Co. – 100% gratis: http://lars-erichsen.de/ Die besten Langfrist-Aktien aus dem DAX sollte man kennen. Wenn man sich für die Aktienanlage interessiert, was kauft man dann? Qualitätsunternehmen! Was ist eine Aktie, die über 15 Jahre besser läuft als alle anderen Aktien? Ein Qualitätsunternehmen! Welches …

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Euro Area Lending Dynamics in Good Shape

2018-07-25

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2018-07-25

Euro Area M3 and Annual Growth in Loan to Private Sector
The ECB’s M3 and credit report for June just published confirms that lending dynamics continue to be in a good shape in the euro area, boding well for private investment. Bank credit flows to non-financial corporations (adjusted for seasonal effects and securitisations) amounted to €10bn in June, down from €25bn in May.

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Kehrt die handelspolitische Vernunft nach dem 6. November 2018 zurück?

2018-07-25

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Bei der am 6. November 2018 anstehenden US-Kongresswahl will US-Präsident Trump die republikanische Mehrheit erhalten, um bei Gesetzesvorhaben bloß nicht von den Demokraten abhängig zu sein. Dazu setzt er auf das populäre Thema Handelsprotektionismus, obwohl er Amerika damit ins eigene (finanz-)wirtschaftliche Fleisch schneidet. Wird rationalen Argumenten in Washington überhaupt noch Bedeutung beigemessen oder kommt die …

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Euro area PMIs on the soft side

2018-07-24

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2018-07-24

Euro Area GDP Growth and Composite PMI, 2005 - 2018
Markit’s euro area flash PMI surveys for July came in on the soft side. The composite PMI for the euro area fell to 54.3 in July from 54.9 in June, below consensus expectations. At the sector level, the manufacturing PMI index rose marginally, putting a halt to six consecutive months of decline.

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Türkei: Kurssturz = Chance?

2018-07-23

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► TIPP: Sichere Dir wöchentlich meine Tipps zu Aktien, ETFs, Gold, & Co. – 100% gratis: http://lars-erichsen.de/ Türkische Aktien sind in den letzten Monaten massiv eingebrochen. Die Türkei und insbesondere die Widerwahl Erdogans ist großes Thema in den Medien. Ist dieser Kurssturz in türkischen Aktien, für spekulative Investoren vielleicht auch eine Einstiegsgelegenheit? Das werden wir …

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Swiss Trade Balance June 2018: Fifth consecutive record of exports

2018-07-20

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2018-07-20

Swiss exports and imports, seasonally adjusted (in bn CHF), June 2018
The dynamism shown by exports since the beginning of 2017 continued in the second quarter of 2018. They are thus flying from record to record for the fifth quarter in a row. Imports, on the other hand, came to a standstill, at a high level, however, after posting strong growth in previous quarters. The trade balance closes on a surplus of 4.6 billion francs.

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Heiner Flassbeck zur Situation der Eurokrise

2018-07-19

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Videolink: Quelle: Rosa Luxemburg-Stiftung https://www.youtube.com/channel/UClp4017ICvSPjIEBZLeEwaQ Veröffentlicht: 26.11.2015

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What will the rest of the year bring?

2018-07-17

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2018-07-17

Risk assets have disappointed this year and global equities were trendless, but as long as fundamentals can re-assert themselves, there could still be some life in risk markets.Global equities were trendless and the overall performance of risk assets lacklustre in the first half of 2018.

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In 5 Minuten die besten Dividenden-Aktien finden

2018-07-16

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► TIPP: Sichere Dir wöchentlich meine Tipps zu Gold, Aktien, ETFs & Co. – 100% gratis: http://lars-erichsen.de/ In 5 Minuten die besten Dividenden-Aktien finden? Selbstverständlich ersetzt nichts, eine gründliche und seriöse Analyse. Aber es gibt durchaus einen Anhaltspunkt, der aus meiner Sicht eine so entscheidende und tragende Rolle spielt, dass man ihn als Filter verwenden …

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Yanis Varoufakis – Iran Nuclear Deal, USA, Europe (Capitalism and right-wings) May 2018

2018-07-13

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Yanis Varoufakis (Cofounder of the grassrouts movement DiEM25), Greek economist, academic and politician, served as the Greek Minister of Finance (January to July 2015). Varoufakis taught economics and econometrics at the University of Essex and the University of East Anglia, and also taught at the University of Cambridge (1982 and 1988). He did not wish …

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Swiss Producer and Import Price Index in June 2018: +3.5 YoY, +0.2 MoM

2018-07-13

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2018-07-13

Switzerland Producer Price Index (PPI) YoY, June 2018
The Producer and Import Price Index increased in June 2018 by 0.2% compared with the previous month, reaching 103.2 points (December 2015 = 100). The rise is due in particular to higher prices for petroleum products and timber products. Compared with June 2017, the price level of the whole range of domestic and imported products rose by 3.5%.

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Europe chart of the week – UK GDP growth

2018-07-13

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2018-07-13

UK monthly GDP Jun 2016-Jun 2018
Short-term rebound in the UK, driven by services.The Office for National Statistics (ONS) published this week a new rolling monthly estimate of UK GDP. The release pointed to a rebound of growth in Q2 (quarterly data will be published on August 8). According to the ONS, the rolling three-month growth to end-May was 0.2%, compared to 0% in the three months to end-April (see chart below).Looking at the details, the services sector (79% of the...

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Research and Development: Federal Expenses and Staff in 2017

2018-07-12

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2018-07-12

R & D expenditures of the federal government, 2004-2017
In 2017, the Confederation spent CHF 2.2 billion on research and experimental development (R&D). This represents a 7% increase compared with 2015, the year of the previous survey. This is a record amount, mainly paid in the form of contributions to support research activities. Over the same period, Confederation personnel employed in R&D activities declined by 4%, reaching 875 jobs in full-time equivalents.

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