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Tag Archive: newsletter

Fixing Infrastructure Isn’t as Simple as Spending Another Trillion Dollars

2018-10-02

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2018-10-02

Public Infrastructure Has Been Neglected
It isn't easy to add new subway lines or new highways, and so "solutions" don't really exist. If there's one thing Americans can still agree on, it's that America needs to spend more on infrastructure which is visibly falling apart in many places. This capital investment creates jobs and satisfies everyone's ideological requirements: investment in public infrastructure helps enterprises, local governments and residents.

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LBMA Clearing and Vaulting data reveal the absurdity of the London ‘Gold’ Market

2018-10-02

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2018-10-02

LBMA gold vaulting data report for end of June 2018: Published 1st October
The first day of each month sees the reporting of a number of statistics about the London Gold Market by the bullion bank led London Bullion Market Association (LBMA). These statistics focus on clearing data and vault holdings data and are reported in a 1 month lag basis for clearing activity and a 3 month lag basis for vault holdings data.

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Swiss Retail Sales, August 2018: +1.1 percent Nominal and +0.4 percent Real

2018-10-01

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2018-10-01

Switzerland Retail Sales YoY, Aug 2018
Turnover in the retail sector rose by 1.1% in nominal terms in August 2018 compared with the previous year. Seasonally adjusted, nominal turnover rose by 0.3% compared with the previous month.

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Permanent Gold Backwardation, Report 30 Sep 2018

2018-10-01

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2018-10-01

CHF Gold Basis, 2018-2019
Sometimes, one just needs to look in the right place. And often in those cases, it just takes a conversation to alert one where to look. We had a call with a Swiss company this week, to discuss gold financing for their business. They reminded us that there is a negative interest rate on Swiss francs. And then they said that a swap of francs for gold has a cost. That is, the CHF GOFO rate is negative (the dollar based 12-month MM GOFO™ is +2.4%).

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FX Daily, October 01: NAFTA Deal Struck, Softer EMU Mfg PMI, and Firm Greenback Starts Week

2018-10-01

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2018-10-01

The Canadian dollar and Mexican peso are extending its pre-weekend gains on news that a new NAFTA deal (US-Mexico-Canada Agreement USMCA) has been struck. Against most of the other major and emerging market currencies, the US dollar is firm. China's mainland and Hong Kong markets are closed for a national holiday.

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Switzerland increases employment permits for non-EU workers

2018-10-01

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2018-10-01

The Swiss authorities have responded to demands from companies and cantons for access to highly-skilled employees by granting 1,000 extra permits for workers that come from outside the European Union from next year. From 2019, firms will be able to recruit 8,500 foreign workers from countries such as the United States, China and India.

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The Labor Shortage Is Real

2018-10-01

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2018-10-01

Civilian Labor Force Participation Rate 1960-2000
Few conventional-media commentators are willing or able to discuss these factors in the labor shortage / declining participation trends. Is there a labor shortage in the U.S.? Employers are shouting "yes." Economists keep looking for wage increases as evidence of a labor shortage, and since wage increases are still relatively modest, the argument that there are severe labor shortages in parts of the U.S. is unpersuasive to many conventional...

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Swiss no longer in top ten in world university ranking

2018-09-30

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2018-09-30

The Federal Institute of Technology in Zurich (ETH Zurich) remains the best university in continental Europe, despite slipping one place to 11th in the Times Higher Education World University Rankings 2019. The list, which was released on Wednesday, scores 1,250 universities on five main criteria: teaching, research, citations, industry income and international outlook. Over 20,000 responses to a survey from 2017 and 2018 on reputation of the...

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Video with Michael Strobaek: Discussing economic growth and investment strategies

2018-09-30

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2018-09-30

What shape are the markets in right now? This month, Credit Suisse Global CIO Michael Strobaek discusses growth in the global and Swiss economies and explains the right investment strategies during the growth phase.

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Stimmen vom Immopreneur Kongress 2017 – Waldemar Merkel

2018-09-29

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Sichere dir jetzt dein Ticket für den nächsten Immopreneur Kongress 2019: http://bit.ly/IPK19YT Immopreneur.de: ▶ http://immopreneur.de Immopreneur.de Blog: ▶ http://immopreneur.de/blog/ Immopreneur Instagram: ▶ https://www.instagram.com/immopreneur.de/ -------------------------------------- Bestelle Dir hier das neue Buch DAS SYSTEM IMMOBILIE (fast) kostenlos! ▶ http://bit.ly/DasSystemImmobilieYT --------------------------------------...

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UBS lays out cities most at risk of overheated property markets

2018-09-29

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2018-09-29

An index by Swiss bank UBS shows significant risks of real estate bubbles in booming cities such as Hong Kong, Munich and Toronto. The Swiss cities of Zurich and Geneva remain relatively stable.The 2018 Global Real Estate Bubble Indexexternal link, published on Thursday, found that bubble (or overvaluation) risk soared in Munich, Amsterdam and Hong Kong over the past year; the latter tops the scale as most at risk.The report also pointed to...

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A bit too early to be worried about French consumers

2018-09-29

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2018-09-29

France: consumer confidence index and households consumption expenditure
Despite the recent fall in French consumer confidence, spending should pick up in the second half of the year. The French economy disappointed in the first half of this year. While there was a widespread ‘soft patch’ in the euro area, the source and size of the slowdown in France stands out. The real GDP growth rate fell by 0.5 points, much more than the rest of the euro area. Moreover, while the slowdown in the other countries was mainly due to...

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Four trouble spots. Four pleasant surprises.

2018-09-29

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2018-09-29

Speads of high-yield securities in US dollars in percent
August looks back on positive economic and market developments. In retrospect, the first half of the year was soothed by many pleasant surprises, including much-discussed trouble spots that never flared. Read about four perceived market crises.

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Fed Delivers, Market Yawns

2018-09-29

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2018-09-29

The Federal Reserve did what it was widely to do. The fed funds target range was lifted 25 bp to 2.00-2.25%. Three-quarters of Fed officials anticipate a hike in December. The market had discounted around an 80% chance. The Fed sticks with the three rate hikes in 2019 and one in 2020. The year-end rate in 2021 is the same as in 2020.

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Stimmen vom Immopreneur Kongress 2017 – Julien Backhaus

2018-09-28

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Sichere dir jetzt dein Ticket für den nächsten Immopreneur Kongress 2019: http://bit.ly/IPK19YT Immopreneur.de: ▶ http://immopreneur.de Immopreneur.de Blog: ▶ http://immopreneur.de/blog/ Immopreneur Instagram: ▶ https://www.instagram.com/immopreneur.de/ -------------------------------------- Bestelle Dir hier das neue Buch DAS SYSTEM IMMOBILIE (fast) kostenlos! ▶ http://bit.ly/DasSystemImmobilieYT --------------------------------------...

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FX Daily, September 28: Dollar Remains Firm While Italy is Punished

2018-09-28

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2018-09-28

The US dollar's post-Fed gains have been extended, though the upside momentum appears to be stalling. Japan's Nikkei advanced 1.35% on the back of the yen's declines and reached its highest level since 1991. Chinese shares (A and H) rallied amid reports that MSCI and FTSE-Russell are boosting Chinese shares in their benchmarks.

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Credit Growth Remains Buoyant in the Euro Area

2018-09-28

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2018-09-28

Euro Area Bank Loans to Non-Financial Corporations, 2010 - 2018
Financial conditions remain supportive and are not expected to tighten much in the coming months. Lending to non-financial corporations in the euro grew by an annual 4.2% in August, its fastest rate since April 2009. Forward-looking indicators suggest that euro area credit growth should remain strong over the coming months.

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UBS Global Real Estate Bubble Index 2018

2018-09-28

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2018-09-28

The UBS Global Real Estate Bubble Index 2018 report is produced by UBS Global Wealth Management's Chief Investment Office and analyzes residential property prices in 20 developed market financial centers around the world. Hong Kong faces the greatest risk of a housing bubble, followed in descending order by Munich, Toronto, Vancouver, Amsterdam, and London.

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Central Banks Positivity Towards Gold Will Provide Long Term “Support To Gold Prices”

2018-09-28

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2018-09-28

Central Bank Gold Reserves, Q1 2000 - Q1 2018
– There has been a recent change for the better in central bank attitudes to gold. – There has been “net gold demand by central banks – approx. 500 tonnes per year – as a source of return, liquidity and diversification”. –  Policy shift to maintaining stable gold holdings reflects central bank concerns about financial markets and geopolitics. – Little in the current global economic and political environment to support any reason to change in this...

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Make Your Case, Jay

2018-09-28

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2018-09-28

Eurodollar Futures June 2020
June 13 sticks out for both eurodollar futures as well as IOER. On the surface, there should be no bearing on the former from the latter. They are technically unrelated; IOER being a current rate applied as an intended money alternative. Eurodollar futures are, as the term implies, about where all those money rates might fall in the future. Still, the eurodollar curve inverted conspicuously starting June 13. That was the day of the prior “rate...

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