Tag Archive: newsletter

Globalist-Endorsed War on Cash May Be China’s Next Terrifying Weapon

2019-11-18

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2019-11-18

Recent protests in Hong Kong, along with the resulting fall out from international corporations questioned for their relationships with mainland China, has placed a renewed focus on the authoritarianism of the Chinese Communist Party. This has led to several articles identifying ways in which Western countries have learned from the CCP, including Europe's growing embrace of web censorship and growing interest in the social credit system rolled out...

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FX Daily, November 18: Sterling Shines in Subdued Start to the New Week

2019-11-18

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2019-11-18

Overview: Equities in Europe and the US look to extend their six-week rally, while the MSCI Asia Pacific Index gets back on the winning way after stumbling last week. Despite the escalation of the conflict in Hong Kong, the Hang Seng rose 1.35% to lead the region and recoup a chunk of last week's 4.8% slump. The Dow Jones Stoxx 600 puts the European benchmark within spitting distance of the four-year high set recently.

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Negativzinsen für Kunden bei Raiffeisen vorerst vom Tisch

2019-11-18

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2019-11-18

Auf die Frage, ob auch die Raiffeisen-Gruppe künftig Strafzinsen verrechnen will, erklärte der 58-jährige Lachappelle: "Ich kann mir das nicht vorstellen." Wenn bei Sparkonti Negativzinsen eingeführt würden, sei die Gefahr gross, dass es zu einem "Bank Run" komme - also dass die Sparer ihr Geld von den Banken abziehen.

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Swiss retailers brace for ‘Black Friday’ sales as shoppers raise credit limits

2019-11-18

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2019-11-18

The busiest shopping day of the year in the United States has become big business in Switzerland. But, some worry about the risks of consumers falling into debt and the pressure the Black Friday “holiday” puts on employees and the postal service.

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EM Preview for the Week Ahead

2019-11-18

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2019-11-18

EM FX was mostly weaker last week due to doubts about a Phase One trade deal between the US and China. Those talks continue this week and while we expect a deal to be struck, there is likely to be a lot of last minute posturing that will likely keep markets volatile over the short-run. In the meantime, investors need to beware of idiosyncratic country risk within EM.

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Negativzinsen, unser notwendiges Übel

2019-11-17

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2019-11-17

Warum die Schweizer Negativzinspolitik trotz aller leidigen Nebenwirkungen bis auf weiteres unumgänglich ist. Negativzinsen in der Schweiz sind ein Sonderfall. Denn die Schweiz hat keine Negativzinsen, um das Wirtschaftswachstum anzukurbeln oder um bedrohte Schuldner vor dem Zusammenbruch zu retten. Die Negativzinsen hierzulande haben nur einen einzigen Grund: Ein weiteres Erstarken des Schweizer Frankens soll verhindert werden.

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Ageing population threatens Swiss prosperity, study warns

2019-11-17

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2019-11-17

Switzerland must do more to find employment options for older citizens and increase work productivity says the State Secretariat for Economic Affairs (Seco). If not, prosperity for all will decline as the population ages. The median age of the Swiss population has risen to 43 compared to 32 in 1970. By 2060 this will rise further to 48-years-old going by current fertility rates.

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Yes, Taxation Is Theft

2019-11-17

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2019-11-17

Libertarians think that taxation is theft. The government takes away part of your income and property by force. Your payments aren’t voluntary. If you think they are, try to withhold payment and see what happens. An influential book by Liam Murphy and Thomas Nagel, The Myth of Ownership, tries to show that this view of taxation is wrong. Many people, they say, foolishly resent taxes.

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QE’s and Rate Cuts: Two Very Different Sets of Sentiment Drawn From Them

2019-11-17

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2019-11-17

IFO World Economic Climate Index, 2007-2019
The stock market’s dichotomy grows ever wider. On the one side, record high prices which are being set by the expectations of a trade deal plus renewed worldwide “stimulus.” Sure, officials everywhere were late to see the downturn coming, but they’ve since woken up and went to work.

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After Years of Decline, Competition in Banking Finally Grows Again

2019-11-17

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2019-11-17

Recent Spike in FDIC Approvals, 2009-2019
US Banks are seeing a larger number of new entrants into the industry. Chime, a mobile-only bank, has opened two million online checking accounts and is adding more customers each month than Wells Fargo or Citibank. Firms from outside traditional consumer banking including Square, Goldman Sachs (Marcus), and Robinhood are entering the industry as well.

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‘We’re green enough’ says Swiss central bank 

2019-11-16

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2019-11-16

The Swiss National Bank (SNB) is doing enough to mitigate climate damage with its investment policy, senior directors have stated. Switzerland’s central bank does not have the mandate to impose environmental conditions on the commercial banking sector.

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World’s Ultra-Rich Preparing For Market Crash, UBS Warns

2019-11-16

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2019-11-16

S&P 500 Index, 2013-2021
A synchronized global slowdown, with no end in sight, has spooked some of the wealthiest investors around the world, according to a new survey from UBS Wealth Management, seen by Bloomberg. UBS polled wealthy investors, who are preparing for a significant stock market correction by the end of next year. 

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Gold Price Falls on Selling of Gold Futures Equal to 3 Million Ounces in 30 Minutes

2019-11-16

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2019-11-16

Gold drops as more than 3 million ounces change hands
◆ Gold price falls to a three-month low as concentrated selling of COMEX gold futures contracts equal to over 3 million ounces are sold in 30 minutes◆ 33,596 contracts were aggressively sold in the 30 minutes between 10:00 and 10:30 a.m. New York time which is more than triple the 100-day average for that time of day

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Budget Deficits, not “Neoliberalism,” Are To Blame for Argentina’s Crisis

2019-11-16

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2019-11-16

Argentinians are known for for slinging clever insults. Spaniards, for example, love Argentine "puteadas" so much that they created a website called “Curse like an Argentinian.” Now in the world of bad words, one stands out that, when received, mortally wounds the rival in the argument. It's hard to recover after such an attack. Curiously, this insult can be written without violating the rules of decorum.

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USD/CHF technical analysis: Bulls struggle to extend the recovery beyond 0.9900 handle

2019-11-15

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2019-11-15

USD/CHF daily chart
Renewed US-China trade optimism helped regain some traction. The uptick lacked bullish conviction and warrants some caution. The USD/CHF pair stalled its recent pullback from levels beyond 200-day SMA and regained some traction on the last trading day of the week. Renewed trade optimism weighed on the Swiss franc's safe-haven status and led to a modest recovery, though bulls struggled to extend the momentum beyond the 0.9900 handle. 

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FX Daily, November 15: Market Runs with US Line that US-China Deal is Close

2019-11-15

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2019-11-15

Comments by US presidential adviser Kudlow playing up the prospects of a trade agreement between the US and China, with other reports suggesting a key call be held today, is helping to underpin sentiment into the weekend. The MSCI Asia Pacific Index pared this week's loss today, with China the only main market not participating, despite the PBOC's unexpected injection of CNY200 bln of the Medium-Term Lending Facility.

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Andréa Maechler – SNB: Klimarisiken für die Stabilität der Wirtschaft sind «mässig»

2019-11-15

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2019-11-15

Aufgabe der Nationalbank sei die Gewährleistung der Preisstabilität, sagte SNB-Direktorin Andréa Maechler. Es sei nicht wünschenswert, dass die SNB "spezifische struktur- oder gesellschaftspolitische Ziele anstrebe".

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Additional funds set aside for transalpine rail transport 

2019-11-15

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2019-11-15

The Swiss government has decided to earmark CHF180 million ($182 million) as part of a package to promote the transfer of heavy-goods transport from road to rail. In its bill to parliament, the government foresees an extension of payments to transport companies using freight trains until 2026 and a decrease in so-called track access charges with CHF90 million each.

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Time limit to exchange old banknotes eliminated

2019-11-15

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2019-11-15

Banknotes as old as 1976 can soon be traded in at the national bank following a decision by the federal government to eliminate the 20-year time limit. The Swiss National Bank (SNB) issues a new series of banknotes every 15 to 20 years and removes the old notes from circulation. Six months later, the old notes don’t have a legal tender and therefore can’t be used as a means of payment.

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Emerging Market Risk Map

2019-11-15

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2019-11-15

BBH Risk MingMap
With year-end upon us, we review some of the key risks to EM assets and how we think they progress from here. In short, the two most significant downside risks would be a decisive improvement in Elizabeth Warren’s polling figures and an upset in the US-China trade negotiations.

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