Tag Archive: newsletter

FX Daily, January 10: Equity Bounce Stalls while the Greenback Steadies at Lower Levels

2019-01-10

by

2019-01-10

Equities, bonds and the dollar are consolidating the moves seen earlier this week. This means equities are trading heavy and bonds firmer. The euro is paring gains that carried it to its best level (~$1.1570) since mid-October.  After stalling near JPY109 in the last two sessions, the greenback slumped to almost JPY107.75 before finding a better bid. 

Read More »

Swiss National Bank Suffers $15 Billion Loss On 2018 Market Rout

2019-01-10

by

2019-01-10

SNB US Stock Holdings, Jun 2014 - 2018
In the third quarter of 2018, the hedge fund known as the Swiss National Bank did something it had not done in years: it sold stocks. As we showed in November, the overall value of the SNB's US listed long holdings rose by over $2 billion to $90 billion, but all of this was due to the price appreciation as the central bank sold around $7bn of equities in Q3. This compares to purchases during 1H18 of around $6bn.

Read More »

Euro Credit: 2019 Outlook

2019-01-10

by

2019-01-10

Euro Credit, 2015 - 2018
Last year was a difficult one for euro credit, with both the ICE Bank of America Merrill Lynch (ICE BofAML) investment grade (IG) and high yield (HY) indices posting negative total returns. This was entirely due to wider credit spreads, as medium-term German government bonds yields fell slightly.

Read More »

Central bank faces loss of CHF15 billion

2019-01-10

by

2019-01-10

The Swiss National Bank (SNB) says it expects to report a loss of about CHF15 billion ($15.3 billion) for 2018, mainly because of a weak performance of foreign currency positions. In a report on provisional annual calculations, the SNB said on Wednesday that the federal and cantonal authorities would nonetheless still benefit a CHF2 billion payment – two-thirds of which will go to the 26 cantons.

Read More »

You Know It’s Coming

2019-01-10

by

2019-01-10

Benchmark 10-year UST 2013-2016
After a horrible December and a rough start to the year, as if manna from Heaven the clouds parted and everything seemed good again. Not 2019 this was early February 2015. If there was a birth date for Janet Yellen’s “transitory” canard it surely came within this window. It didn’t matter that currencies had crashed and oil, too, or that central banks had been drawn into the fray in very unexpected ways.

Read More »

Blackrock Say Gold Will Be A “Valuable Portfolio Hedge” In 2019

2019-01-10

by

2019-01-10

Gold Futures and ETF Holdings, Jan 2017 - 2019
“We’re experiencing a slowdown,” says Blackrock fund manager. Global Allocation Fund adding to gold exposure through ETFs. Gold “has had a very consistent record of helping mitigate equity risk when volatility is rising”. Gold bullion has been a “store of value for a very long time”.

Read More »

FX Daily, January 09: Equities Continue Recovery, Greenback Remains Heavy

2019-01-09

by

2019-01-09

Overview:  Global equities have extended the New Year rally. The MSCI Asia Pacific Index advanced for the fifth consecutive session and the 10th in the past 11.  The Dow Jones Stoxx 600 in Europe is rising for the second consecutive session, something it has managed to do only one other time in the past month.  The S&P 500 is off to one of its best starts in years. 

Read More »

Keep Fitch’s Warning in Perspective

2019-01-09

by

2019-01-09

meh
The global head of Fitch's sovereign ratings warned that the continued US government shutdown could jeopardize the AAA-status the rating agency grants America. It spurred little market reaction (and for good reason).

Read More »

Swiss Consumer Price Index in December 2018: +0.7 percent YoY, -0.3 percent MoM

2019-01-09

by

2019-01-09

Switzerland Consumer Price Index (CPI) YoY, December 2018
09.01.2019 - The consumer price index (CPI) fell by 0.3% in December 2018 compared with the previous month, reaching 101.5 points (December 2015 = 100). Inflation was 0.7% compared with the same month of the previous year. The average annual inflation reached 0.9% in 2018.

Read More »

Mars products boycotted by Swiss supermarket chain

2019-01-09

by

2019-01-09

Swiss supermarket chain Coop is refusing to stock products from food producing giant Mars in a dispute over prices. The retailer is part of a European buying consortium whose other members will also boycott Mars, Twix and Bounty confectioneries. The dispute is over how much retailers must pay for the good they stock on their shelves.

Read More »

If You’ve Lost The ISM…

2019-01-09

by

2019-01-09

US ISM Manufacturing PMI and Markit Composite PMI, Jan 2013 - 2019
These transition periods are often just this sort of whirlwind. One day the economy looks awful, the next impervious to any downside. Today, it has been the latter with the BLS providing the warm comfort of headline payrolls. For now, it won’t matter how hollow.

Read More »

Brexit vote to dominate Pound to Swiss Franc exchange rates

2019-01-08

by

2019-01-08

Pound to Swiss Franc exchange rates. The value of the Pound against the Swiss Franc has remained in a fairly tight range since the start of the year. However, in the last couple of days the Pound has made some small gains after the Swiss National Bank confirmed that their currency reserves have dropped slightly.

Read More »

Swiss Retail Sales, November 2018: -0.2 percent Nominal and -0.5 percent Real

2019-01-08

by

2019-01-08

witzerland Retail Sales YoY, Nov 2018
Turnover in the retail sector fell by 0.2% in nominal terms in November 2018 compared with the previous year. Seasonally adjusted, nominal turnover rose by 0.2% compared with the previous month.

Read More »

FX Daily, January 8: Dollar Steadies, but Weakly for Turn-Around Tuesday

2019-01-08

by

2019-01-08

Overview: The global capital markets remain calm after the surge in volatility seen over the last couple of weeks. Asian equities were mixed, with the Japanese, Australia and Indian shares gaining, but other large regional markets, like China, South Korea, and Taiwan fell. European equities are firmer. Benchmark bond have edged higher. 

Read More »

Swiss unemployment hit ten-year low in 2018

2019-01-08

by

2019-01-08

The unemployment rate in Switzerland averaged 2.6% in 2018, a ten-year low, after strong economic growth in the first six months of the year, according to the State Secretariat for Economic Affairs (SECO). The department said just over 118,000 people were registered with regional job centres during 2018 - 17.5% fewer than the previous year.

Read More »

China Adds 320,000 Ounces To Gold Reserves – First PBOC Purchase Since October 2016

2019-01-08

by

2019-01-08

China Year-End Purchase, Mar 2016 - Dec 2018
China increases gold holdings by large 320,000 ounces. Gold bullion remains a tiny component of the People’s Bank of China massive foreign exchange (FX) reserves which rose to $3.073 trillion. China’s gold reserves rose for first time since October 2016 to 59.56 million ounces by the end of December (1,853 metric tons) from 59.24 million ounces. Gold climbed 5% in December on equity rout, growth concerns

Read More »

Living In The Present

2019-01-08

by

2019-01-08

10-Year US Treasury Yield 2016-2018
It’s that time of year again, time to cast the runes, consult the iChing, shake the Magic Eight Ball and read the tea leaves. What will happen in 2019? Will it be as bad as 2018 when positive returns were hard to come by, as rare as affordable health care or Miami Dolphin playoff games? Will China’s economy succumb to the pressure of US tariffs and make a deal?

Read More »

UnterBlog und Horst Lüning – Vorstellung

2019-01-07

by

✘ Werbung: https://www.Whisky.de/shop/ Hier lernen Sie mich als Ersteller des UnterBlogs kennen. Kurzer Lebenslauf, wer bin ich und was habe ich bislang gemacht? Aktuell arbeite ich im Marketing- und der IT bei Whisky.de GmbH & Co. KG und genieße gerne Whisky. Sie können hier im UnterBlog Geheimnisse und nicht so geheime Dinge erfahren, die von Politik und Medien gerne verschwiegen werden. Ich habe einen Blick auf die Welt als Unternehmer. Für...

Read More »

Surest Way to Overthrow Capitalism, Report 6 Jan 2019

2019-01-07

by

2019-01-07

Gold and Silver Price
One of the most important problems in economics is: How do we know if an enterprise is creating or destroying wealth? The line between the two is objective, black and white. It should be clear that if business managers can’t tell the difference between a wealth-creating or wealth-destroying activity, then our whole society will be miserably poor.

Read More »

FX Daily, January 07: Recovery Falters in Europe

2019-01-07

by

2019-01-07

Overview:  The combination of robust US jobs and wage growth, more comforting words from Powell and a strong rally US stocks before the weekend helped lift Asian markets today and underpinned risk-taking appetites.  However, renewed protests in France (and Hungary) coupled with weak German factory orders have prevented European bourses from fully participating in the equity recovery. 

Read More »