Tag Archive: newsletter

Swiss Retail Sales, July 2020: 3.4 percent Nominal and 4.1 percent Real

2020-09-01

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2020-09-01

Switzerland Retail Sales YoY, July 2020
Turnover adjusted for sales days and holidays rose in the retail sector by 3.4% in nominal terms in July 2020 compared with the previous year. Seasonally adjusted, nominal turnover rose by 0.7% compared with the previous month.

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Weekly View – The Last Samurai

2020-09-01

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2020-09-01

The CIO office’s view of the week ahead.We are in the midst of a decisive elections season, from the surprise, poll-defying victory of the conservative coalition in Australia and Indian general elections last weekend to the European parliament elections in the week ahead.

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Coronavirus: protestors march against Covid-19 measures in Zurich

2020-09-01

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2020-09-01

On Saturday, around one thousand people took to the streets of Zurich to protest against government rules aimed at slowing the spread of the SARS-CoV-2 virus, according to RTS.

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Swiss PostBus faces lawsuit in Liechtenstein

2020-09-01

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2020-09-01

Liechtenstein transport companies are claiming CHF35 million ($38.7 million) in damages against Switzerland’s state-owned PostBus over alleged unfair business practices.

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Coming Apart, Coming Together

2020-09-01

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2020-09-01

Last time we met in Orlando, Bob Murphy mentioned how much worse our political and social divide would be if the economy crashed like 2008. Now we face this very problem—with COVID-19 lockdowns and George Floyd protests decimating the economy and social media exposing raw animosity along racial and "woke" lines.

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FX Daily, August 31: Month-End Gyrations and the Fed’s Ad Hocery

2020-08-31

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2020-08-31

Markets are searching for direction at month-end. Asia Pacific shares outside of Japan lower. Berkshire Hathaway confirmed taking a $6 bln stake in Japanese trading companies over the past year, and the pullback in the yen helped lift shares.  The MSCI Asia Pacific Index rose 2% last week. 

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Drivers for the Week Ahead

2020-08-31

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2020-08-31

The dollar is likely to remain under pressure after Powell’s dovish message at Jackson Hole. August jobs data Friday will be the data highlight of the week. The Fed releases its Beige Book report Wednesday; Powell will face many questions about the Framework Review that he unveiled at Jackson Hole.

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Swiss economist says Covid-19 ‘winners’ should pay more tax

2020-08-31

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2020-08-31

Companies that netted their best-ever earnings during the coronavirus crisis should be subject to extra tax, finds one of Switzerland’s top economists.

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Nihilism Embodied: Our Lawless Financial System

2020-08-31

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2020-08-31

Not only have the billionaire class made money, they have tightened their monopolistic grip on the levers of money supply and distribution, turning a global rigged casino into a global company town.

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America’s Riots Are Just the Latest Version of Marxist “Syndicalism”

2020-08-31

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2020-08-31

The year 2020 is one of the most disrupted times in at least the last half century, maybe longer. Global protests and riots, the covid-19 virus, lockdowns, and police killings of unarmed citizens. Add to that widespread rioting, looting, arson, homelessness, and destruction of property, including the tearing down of statues.

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Why Americans Are Looking for a Safe Haven from the Dollar

2020-08-30

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2020-08-30

As the Federal Reserve’s quantitative easing practices generate the biggest debt bubble in history, gold futures are trading at record highs, a phenomenon some have called "a bit of a mystery." However, this "mystery" was solved long ago by the laws of economics.

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Swiss Private Banks Brace for Coronavirus Impact

2020-08-29

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2020-08-29

Swiss Private banks
The Swiss private banking sector saw a resurgence in fortunes last year but faces an uncertain future as the Covid-19 pandemic continues to play havoc with financial markets. Favourable market conditions in 2019 allowed the 84 banks surveyed by KPMG to grow client assets by 14%, according to a recently published report by the audit firm.

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FX Daily, August 28: Powell and Abe Drive Markets

2020-08-28

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2020-08-28

After a confused and volatile reaction to the Federal Reserve's formal adoption of an average inflation target, it took Asian and European traders to embrace the signal and take the dollar lower. It is falling against nearly all the currencies and has slumped to new lows for the year against sterling and the Australian dollar.

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Rise of 380 000 jobs in tertiary sector between 2011 and 2018

2020-08-28

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2020-08-28

Swiss Jobs
28.08.2020 - In 2018, almost 70 000 additional jobs were counted in Switzerland, bringing the total to more than 5.2 million. As in the previous years, the tertiary sector, which accounted for some 4 million jobs in 2018, contributed greatly to this increase with a +1.5% rise in employment.

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This Has To Be A Joke, Because If It’s Not…

2020-08-28

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2020-08-28

US Treasury and Auction Rates, Oct 2018 Aug 2020
After thinking about it all day, I’m still not quite sure this isn’t a joke; a high-brow commitment of utterly brilliant performance art, the kind of Four-D masterpiece of hilarious deception that Andy Kaufman would’ve gone nuts over. I mean, it has to be, right?I’m talking, of course, about Jackson Hole and Jay Powell’s reportedly genius masterstroke.

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New Swiss Rail Timetable Speeds up Cross-Border Trips

2020-08-28

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2020-08-28

Swiss Rail
Next year the train connections from Switzerland to Germany and Italy will be faster. On Wednesday the Swiss Federal Railways unveiled the timetable for 2021. In addition to various inland tweaks, the new schedule brings swifter links from Zurich to Milan (3:17) and Munich (ca. 4hrs). From Zurich there will be ten direct trains to Milan; from Basel, five.

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How the CARES Act Is Still Kicking the Can

2020-08-28

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2020-08-28

During Real Vision’s Daily Briefing of August 13, Ed Harrison asked rhetorically, “How is it possible for you to have a bull market, a new leg up in the business cycle when bank stocks, the traditional value cyclical trade are 30% off their highs? That's not a signal of bull, it's a signal of secular stagnation.”

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Switzerland GDP Q2 2020: -8.2 percent QoQ, -9.3 percent YoY

2020-08-27

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2020-08-27

Switzerland Gross Domestic Product (GDP) QoQ, Q2 2020
Switzerland’s GDP fell by –8.2 % in the 2nd quarter of 2020, after decreasing by –2.5 % (revised) in the previous quarter.* Domestic economic activity was severely restricted in the wake of the pandemic and the measures are taken to contain it. The global economy also plunged into a sharp recession. However, Switzerland’s GDP decline remained limited in an international comparison.

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FX Daily, August 27: After much Build-Up, Could Powell be Anti-Climactic?

2020-08-27

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2020-08-27

The strong rally in US equities yesterday, with the fifth consecutive gain in the S&P 500 and a big outside up day in gold, failed to spur follow-through buying today. Asia Pacific equities were mixed. China, Australia, and India rose while most of the rest of the regional markets fell.

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Not This Again: Too Many Treasuries?

2020-08-27

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2020-08-27

US Banking Data, 1978 - 2020
Tomorrow, the Treasury Department is going to announce the results of its latest bond auction. A truly massive one, $47 billion are being offered of CAH4’s notes dated August 31, 2020, maturing out in August 31, 2027. In other words, the belly of the belly, the 7s.We’ve already seen them drop for two note auctions this week, both equally sizable.

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