Tag Archive: newsletter

The Swiss National Bank reports a profit of CHF 51.5 billion for the first three quarters of 2019

2019-10-31

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2019-10-31

Income statement, 1 January–30 September 2019
The Swiss National Bank reports a profit of CHF 51.5 billion for the first three quarters of 2019. The profit on foreign currency positions amounted to CHF 42.7 billion. A valuation gain of CHF 7.3 billion was recorded on gold holdings. The profit on Swiss franc positions was CHF 1.7 billion.

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SNB erzielt in den ersten 9 Monaten 2019 Gewinn von über 50 Milliarden Franken

2019-10-31

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2019-10-31

Insgesamt verdiente die Nationalbank in der Periode von Januar bis September 2019 51,5 Milliarden Franken, wie sie am Donnerstag mitteilte. Nach einem Plus von 38,5 Milliarden in der ersten Jahreshälfte kamen damit im dritten Jahresviertel nochmals 13,0 Milliarden dazu.

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Credit Suisse results impress despite damaging spy scandal

2019-10-31

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2019-10-31

Credit Suisse CEO Tidjane Thiam has reiterated that he had nothing to do with the spying scandal that recently rocked the bank. Thiam insisted that the debacle has not damaged business as the bank presented better than expected third quarter results.

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The Political Parties and the Media Have Abandoned the Working “Middle Class”

2019-10-31

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2019-10-31

Real Average Household Income, 1965-2015
Where is the line between "working class" and "middle class"? Maybe there isn't any. Defining the "middle class" has devolved to a pundit parlor game, so let's get real for a moment (if we dare): the "middle class" is no longer defined by the traditional metrics of income or job type (blue collar, white collar), but by an entirely different set of metrics:

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FOMC Preview

2019-10-31

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2019-10-31

Fed Funds Dot Plots, 2019-2022
The FOMC begins a two-day meeting today with the decision due out tomorrow afternoon.  The Fed is widely expected to cut rates 25 bp for the third meeting in a row.  What’s next? US data have undeniably softened in September.  Weakness in the manufacturing sector appears to have spread to the wider economy.  ISM PMI, jobs, CPI, PPI, and retail sales all came in weaker than expected. 

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Incrementum 2019 Gold Chart Book

2019-10-31

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2019-10-31

Gold beer ratio,1950-2015
The Most Comprehensive Collection of Gold Charts. Our friends at Incrementum have just published their newest Gold Chart Book, a complement to the annual “In Gold We Trust” report. A download link to the chart book is provided below. The Incrementum Gold Chart Book is easily the most comprehensive collection of charts related to or relevant to gold available anywhere.

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FX Daily, October 30: All About Perspective

2019-10-30

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2019-10-30

Overview: The global capital markets are mostly treading water ahead of the Federal Reserve meeting. Asia Pacific and European equities drifted lower. The MSCI Asia Pacific Index appears to have snapped a four-day advance, while the Dow Jones Stoxx 600 was trading slightly lower for the second consecutive session following a six-day rally.

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KOF Economic Barometer: Stabilization at a low level

2019-10-30

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2019-10-30

KOF Economic Barometer, October 2019
The KOF Economic Barometer has halted its downward movement, at least for the time being. At 94.7 points, however, the barometer is still well below its long-​term average. The Swiss economy is therefore likely to grow with below-​average rates in the upcoming months.

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Why Nobody Chants “End the Fed” Anymore

2019-10-30

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2019-10-30

Americans hated it when the Federal Reserve handed trillions of dollars to crooked Wall Street banks following the 2008 Financial Crisis. Politicians were confronted about the merits of central banking and bailouts. For the first time in history, college students were chanting “End the Fed” at campaign rallies as Ron Paul took the central bank to task during his presidential campaigns.

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The Big Risks Left (and Right) In Europe

2019-10-30

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2019-10-30

Central Bank Failure, 1999-2019
Another local election in Germany, another stunning defeat for the ruling center. How many more of these does anyone need before they realize the electorate is going to keep migrating toward the poles? And it all stems from the one reason; there is no and has been no economic growth. But because the so-called establishment has insisted the economy is booming, or it was, people are doing what people always do.

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The Golden Autumn Season – One of the Most Reliable Seasonal Patterns Begins

2019-10-30

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2019-10-30

S&P 500 Index, seasonal pattern since 1950.
The Strongest Seasonal Stock Market Trend. Readers may already have guessed: when the vibrant colors of the autumn leaves are revealed in all their splendor, the strongest seasonal period of the year begins in the stock market – namely the year-end rally. Stocks typically rise in this time period. However, there are questions, such as: how often does a rally take place, how strong is it, and when is the best time for investors to enter the market?

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Trump Pumps Market With Trade Talks, Stocks Move Higher, Gold Lower

2019-10-30

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2019-10-30

Sue Trinh, Managing Director of global macro strategy at Manulife Investment Management, speaking on Bloomberg. She had some interesting comments regarding the current market structure, in the shadow of the FED, which is expected to drop rates yet again.

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Monthly Macro Monitor: Market Indicators Review

2019-10-30

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2019-10-30

10-Year Treasury Yield, 2017-2019
Is the recession scare over? Can we all come out from under our desks now? The market based economic indicators I follow have improved since my last update two months ago. The 10 year Treasury rate has moved 40 basis points off its low. Real interest rates have moved up as well but not quite as much. The difference is reflected in slightly higher inflation expectations.

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5. Die besten Strategien beim Zertifikate Handel

2019-10-29

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Welche Strategien Sie beim Handel mit Knock-out Zertifikaten verfolgen können, welche sich wirklich auszahlen und wie Sie herausfinden welche Produkte hier zu Ihnen passen - Das erklärt Zertifikate Experte Martin Goersch in diesem vierten Video der Knock-out Zertifikate Video Reihe. Wir schauen ebenfalls auf den onvista Aktienfinder und die Chartanalyse Tools die Ihnen onvista kostenlos bereitstellt um Ihr handeln erfolgreicher zu gestalten. Baue...

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Dollar Firm as Two-Day FOMC Meeting Begins

2019-10-29

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2019-10-29

The dollar continues to gain traction as the two-day FOMC begins; US political uncertainty has entered a new phase. Yesterday marked the third time that UK Prime Minister Johnson lost a vote for elections; he will try again today. Weak South Africa data support our call for imminent easing; the threat of sanctions against Turkey are back on the table.

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FX Daily, October 29: Calm before the Storm

2019-10-29

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2019-10-29

The more prominent events this week still lie ahead, and the capital markets are trading accordingly. The rally that lifted the S&P 500 to new record highs yesterday carried over into Asia, where most equity markets rose, though China, Hong Kong, and South Korea were notable exceptions. European shares are struggling in the early going after the Dow Jones Stoxx 600 set new highs for the year yesterday.

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Campaign targets online gambling addicts

2019-10-29

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2019-10-29

An awareness campaign has been launched to help addicted online gamblers in Switzerland cope with their compulsive behaviour. An independent foundation said it published a special digital programme, Gambling without Addiction, with the authorities in most cantons of German-speaking Switzerland.

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General Electric limits job cuts in Switzerland

2019-10-29

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2019-10-29

The American industrial conglomerate General Electric has announced a reduction in the number of planned layoffs at its subsidiaries in Switzerland. The company said a maximum of 200 people would lose their jobs at two of its sites west of Zurich. In June it had announced a figure of some 450.

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Cool Video: Dollar and Fed

2019-10-29

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2019-10-29

I joined Tom Keene and Marty Schenker (chief content officer) on the set of Bloomberg TV this morning. Schenker discussed some of the geopolitical issues in the Middle East, and Keene asked about the impact on the dollar. I expressed my concern that the chief threat to the dollar's role in the world economy is the several administrations have increasing weaponized access to the dollar and the dollar funding market.

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More Points For, And Pointing To, The Midpoint

2019-10-29

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2019-10-29

Wholesale Sales & Inventory, SA 2016-2019
It’s not surprising that the Census Bureau would report another weird sideways trend in wholesale sales. After all, the agency has already produced that kind of pattern in the related data for durable goods. For reasons that aren’t going to be explained, economic activity across the supply chain from producers to consumers has been curtailed. That hasn’t mean outright shrinking in seasonally adjusted forms, but it also doesn’t mean growth,...

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