Tag Archive: newsletter

Freedom Means a Right to Discriminate

2019-11-22

by

2019-11-22

Should employers have the right to discriminate in hiring on the basis of obesity? The Washington State Supreme Court recently ruled that “it is illegal for employers in Washington to refuse to hire qualified potential employees because the employer perceives them to be obese.”

Read More »

FX Daily, November 21: Markets Hear What it Wants from China’s Chief Negotiator, but HK maybe New Obstacle

2019-11-21

by

2019-11-21

Overview: The strongest signs to date that even phase one of a US-China trade deal is proving elusive helped spur the risk-off mood that had already been emerging. The S&P 500 fell by the most in a month (~-0.40%) yesterday, closing the gap from last week we had noted was the risk, and follow-through selling was seen in Asia Pacific and Europe.

Read More »

OECD rechnet für 2020 mit höherem Wachstum in der Schweiz

2019-11-21

by

2019-11-21

Switzerland Flag
Vor allem der Einfluss internationaler Sportereignisse wird das Wachstum des Bruttoinlandprodukts (BIP) im kommenden Jahr ankurbeln, erklärte die OECD. Entsprechend werde es 2021 wieder auf 1,0 Prozent zurückfallen. Für das laufende Jahr erwartet die OECD eine Zunahme des BIP um 0,8 Prozent.

Read More »

Factory lays off workers amid gloomy manufacturing outlook

2019-11-21

by

2019-11-21

Swiss precision machine maker Mikron has laid off 25 workers, citing weak demand for its products from the global car industry. The news reflects pessimistic sentiment from Swiss manufacturers and the wider economy. Mikron announced on Tuesday that it would have to reduce headcount at a plant in southern Switzerland from its present level of 370.

Read More »

UBS unveils Year Ahead outlook for 2020 and a ‘decade of transformation’

2019-11-21

by

2019-11-21

In its base case for 2020, UBS GWM forecasts growth of:
Zurich, 20 November 2019 – Stark political choices make the 2020 outlook more difficult to predict, but innovation driven by technology and sustainability will present new winners and losers over the decade ahead, according to UBS Global Wealth Management (GWM)’s new Year Ahead outlook.

Read More »

DM Equity Allocation Model For Q4 2019

2019-11-21

by

2019-11-21

Global equity markets continue to power higher US-China trade tensions have eased. MSCI World made a new all-time high today near 2290 and is up 23% YTD. Our 1-rated grouping (outperformers) for Q4 2019 consists of Ireland, Sweden, Israel, Denmark, and Australia. Our 5-rated grouping (underperformers) for Q4 2019 consists of the UK, Hong Kong, Greece, Germany, and Portugal.

Read More »

CNBC is careful to admit that owning GLD is not owning gold

2019-11-21

by

2019-11-21

Chris Powell of GATA writes today about how he finds it interesting that CNBC are careful to admit that owning the GLD ETF is not the same thing as owning physical gold, a theme that has run strongly throughout our market commentaries for many years.

Read More »

Does Economic Theory Work in Business?

2019-11-21

by

2019-11-21

Marketing guru and fund investor Hunter Hastings joins the Human Action podcast for a look at Economics for Entrepreneurs, a new platform which uses Austrian theory to teach actionable entrepreneurship. Can business acumen be taught, or is it innate? Hunter and Jeff examine consumer sovereignty, value creation, and the theory of the firm, all from a unique Austrian perspective.

Read More »

Negativzinsen von mindestens minus 4 Prozent werden kommen

2019-11-20

by

2019-11-20

Jetzt ist es soweit. Die Volksbank Raiffeisenbank Fürstenfeldbruck erhebt als erste Bank in Deutschland Strafzinsen in Höhe von 0,5 Prozent auf das Guthaben von Tagesgeldkonten. Und das bereits ab 0,01 Euro. Dies ist erst der Anfang. In Zukunft werden uns Strafzinsen von minus vier bis minus fünf Prozent blühen, wenn wir weiterhin an dem zum Scheitern verurteilten Währungsexperiment Euro festhalten.

Read More »

FX Daily, November 20: Dollar Snaps Back

2019-11-20

by

2019-11-20

Overview: The idea that a US-China trade deal is proving more elusive than the agreement in principle on October 11 implied is being seized upon to spur what we suspect is an overdue round of profit-taking in global equities. The MSCI Asia Pacific Index snapped a three-advance, with over 1% declines in South Korea and Australia.

Read More »

Switzerland excels at attracting talent, but can do better

2019-11-20

by

2019-11-20

For the sixth consecutive year, Switzerland clinched the top spot in the annual global ranking of the Lausanne-based IMD business school. The 2019 edition of the IMD World Talent Ranking ranked Switzerland highly in the three areas assessed. It came first in appeal, second in investment and development and second in readiness. Denmark, Sweden, Austria and Luxembourg rounded out the top five.

Read More »

Julius Bär takes CHF99 million hit on ailing Italian unit

2019-11-20

by

2019-11-20

Swiss wealth manager Julius Bär has downgraded its expectations for attracting new assets from rich clients and announced a CHF99 million ($100 million) write-down on its troubled Italian subsidiary Kairos. Julius Bär issued the warning on Tuesday, less than three months into the tenure of new CEO Philipp Rickenbacher.

Read More »

Political and Social Conflict Is Accelerating: Here’s Why

2019-11-20

by

2019-11-20

Macro Messages 2019
All the status quo "fixes" only hasten the collapse of the status quo. That economic, social and political conflict is accelerating is self-evident. What's open to debate are the core drivers of conflict / disorder /unraveling. Here's the core self-reinforcing dynamic in my view: 1. The status quo elites can no longer mask soaring costs of essentials nor soaring wealth / income inequality between the top .01% (Oligarchs), the top 9.99% who enrich...

Read More »

EM FX Model for Q4 2019

2019-11-20

by

2019-11-20

EM FX has rallied sharply in recent weeks, helped by growing optimism that we’ve seen the worst of the US-China trade war. Given our more constructive outlook on EM, we believe MSCI EM FX should eventually test the 1657.50 high from July. We see continued divergences within the asset class. Our 1-rated (strongest fundamentals) grouping for Q4 2019 consists of TWD, THB, PHP, CNY, and KRW.

Read More »

Swiss company shares traded as digital tokens

2019-11-20

by

2019-11-20

A Swiss-German consortium has successful traded company shares on a blockchain-style digital platform using a Swiss franc-backed stablecoin to instantly settle the transaction. The trade marked a significant step towards creating a new breed of stock exchange.

Read More »

Don’t Want a Liquidity Trap? More Saving Is the Answer

2019-11-20

by

2019-11-20

With interest rates in many countries close to zero or even negative, some commentators are of the view that monetary policy of the central banks are likely to become less effective in navigating the economy. In fact it is held that we have most likely reached a situation that the economy is approaching a liquidity trap. But what does this mean?

Read More »

Dollar Stabilizes as Markets Await Fresh Drivers

2019-11-19

by

2019-11-19

Press reports suggest that the mood in Beijing is pessimistic after President Trump pushed back against tariff rollbacks. Fed Chair Powell met with President Trump and Treasury Secretary Mnuchin yesterday. Hungary is expected to keep rates steady; the deadline to form a government in Israel is fast approaching. RBA released dovish minutes from its November policy meeting.

Read More »

Things the UN does (that you might not know about)

2019-11-19

by

2019-11-19

What did the United Nations ever do for us? At the risk of a bit of cliched riffing on that famous scene in Monty Python’s Life of Brian, this month’s column is going to take a look at things the UN does that you may not know about. And one thing in particular: promoting fair and equitable access to the internet.

Read More »

Swiss Trade Balance October 2019: exports fall but remain stable

2019-11-19

by

2019-11-19

Switzerland Trade Balance, October 2019
In October 2019, Swiss foreign trade declined in both traffic directions. Exports fell sharply (-5.3%); however, they had jumped 8.8% the previous month, setting the bar very high. Imports fell 2.4%. Since the beginning of the year, foreign trade has thus revealed stagnation. The trade balance closes with a surplus of 2.4 billion francs.

Read More »