Tag Archive: newsletter

When Everything from Bat Guano to Quatloos Is Soaring, Speculative Euphoria Has Reached an Extreme

2019-07-08

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2019-07-08

Workers Share of National Income, 1994-2020
The more extreme the speculative euphoria, the greater the risks of a reversal. One sentence sums up the speculative euphoria gripping markets: January and June of this year are the only months in the last 150 which have seen all assets post a positive total return. (Zero Hedge)

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TGV trains run again between Geneva and France

2019-07-08

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2019-07-08

The international TGV rail link between Geneva and France, which had been affected by the hot weather, has been repaired. Trains have been running since 5am on Sunday. Hot weather had buckled the tracks at La Plaine in canton Geneva, requiring repair work on Saturday, the Swiss Federal Railways said on Sunday.

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FX Weekly Preview: In Bizzaro Beauty Contest, the US is Still the Least Ugly

2019-07-08

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2019-07-08

Our hypothesis that the market had reached peak dovishness toward the Fed remains intact after the employment data.  Job growth was the strongest since January.  The participation rate and the unemployment rate ticked up. Average hourly earnings edged 0.2%  higher, and, with revisions, maintained a 3.1% year-over-year pace, which is a bit disappointing.  

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Switzerland number one for expat pay and stability

2019-07-07

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2019-07-07

In 2019, Switzerland came top overall in a ranking of destinations for expatriates to live and work, moving up from eighth last year. Singapore, which had held the top spot for four years in the HSBC’s list of the best countries for expatriates, dropped to second place.

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Quantum says Swiss prosecutors close Angola-related case

2019-07-07

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2019-07-07

The Office of the Attorney General has closed an investigation into events surrounding the Zug-based asset manager Quantum Global and its founder Jean-Claude Bastos, the firm says. Bastos has been in the spotlight over ties to Angola’s sovereign wealth fund.

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Vested Interests in Charge = Guaranteed Failure

2019-07-06

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2019-07-06

Student Loans Owned and Securitized, 2008-2018
It boils down to two very simple principles: accredit the student, not the institution and teach every student how to rigorously learn on their own. Vested interests have every incentive to maintain the status quo: specifically, those who currently own the assets, income streams and power will continue to own the assets, income streams and power.

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Swiss car importers fined over higher CO2 emissions

2019-07-06

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2019-07-06

For the third year running, newly registered cars in Switzerland have failed to meet the national CO2 emissions target, largely due to the growth in the number of 4x4s and fall in diesel cars, the Federal Office of Energy has warned.

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Planned pension reform sees women working a year longer

2019-07-06

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2019-07-06

The Swiss government plans to incrementally increase the retirement age of women to 65 while offering incentives for all people to work longer. The CHF2.8 billion ($2.84 billion) savings measures would be accompanied by a sales tax hike and extra pension payments for hardship cases.

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A truce between Rome and Brussels

2019-07-05

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2019-07-05

Italy Budgetary Timeline
For now, Italy has avoided Brussels' Excessive Deficit Procedure. But tensions are set to rise again in the autumn when Italy presents its 2020 budget package.In its mid-year budget revision, the Italian government lowered its 2019 deficit target. The government pointed to better-than-expected revenues for this revision, including tax revenues that were EUR3.5bn higher than expected and an additional EUR2.7bn in other revenues (including dividends...

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FX Daily, July 05: Dollar is Bid Ahead of Jobs Report

2019-07-05

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2019-07-05

Overview: The dovish response to news that Lagarde was nominated to replace Draghi was extended by the dismal German factory order report that has pushed the euro to new two-week lows and kept bond yields near record lows. The focus ahead of the weekend is squarely on the US employment data, where a second consecutive poor report will fan expectations for a large Fed cut to initiate an easing cycle.

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What’s Left to Monetize?

2019-07-05

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2019-07-05

Smartphone Addiction Tightens Its Global Grip
What's left to monetize? It appears the answer is "very little." Advertising has always monetized consumers' time and attention, what we call engagement today. Newspapers and periodicals publish advertisements, radio/TV networks and stations air adverts, movie theaters run trailers/ads, billboards occupy our mental space while driving and websites and apps post adverts.

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First-half investment in Swiss start-ups doubles to more than CHF1 billion

2019-07-05

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2019-07-05

Venture capital investment in Swiss start-ups doubled during the first half of 2019 to exceed CHF1 billion ($1.01 billion). After record investment in 2018, the venture capital market has stayed strong in 2019, according to data published on Tuesday by Swiss company Venturelab.

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Gold and Silver Will Surge to Record Highs Over $1,900 and $50 Per Ounce – IG TV Interview

2019-07-05

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2019-07-05

Mark O’Byrne, founder at GoldCore, gives IG TV’s Victoria Scholar his outlook for gold and silver prices and why he believes they will surpass their record nominal high prices of 2011 in the coming years.

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How To Properly Address The Unusual Window Dressing

2019-07-05

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2019-07-05

Money Markets Equivalents, 2014-2019
Unable to tackle effective monetary requirements, bank regulators around the world turned to “macroprudential” approaches in the wake of the Global Financial Crisis. It was mostly public relations, a way to assure the public that 2008 would never be repeated. A whole set of new rules was instituted which everyone was told would reign in the worst abuses.

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Swiss Consumer Price Index in June 2019: +0.6 percent YoY, 0.0 percent MoM

2019-07-04

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2019-07-04

Switzerland Consumer Price Index (CPI) YoY, June 2019
04.07.2019 - The consumer price index (CPI) remained stable in June 2019 compared with the previous month, remaining at 102.7 (December 2015 = 100). Inflation was 0.6% compared with the same month of the previous year. These are the results of the Federal Statistical Office (FSO).

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Another Swiss bank settles German tax evasion probe

2019-07-04

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2019-07-04

The Schaffhausen Cantonal Bank has settled a tax evasion dispute with the German state of North Rhine-Westphalia with a €3.9 million (CHF4.3 million) payment. The penalty clears the bank for all damages in Germany.

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Keith Weiner Gets Interviewed

2019-07-03

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2019-07-03

Our economic views and unique product are generating buzz. There have been a number of interviews recently (more will be posted soon). Lobo Tiggre interviewed Keith Weiner (video) about the unique Monetary Metals business model to pay interest on gold.

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FX Daily, July 03: Yields Extend Decline

2019-07-03

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2019-07-03

Overview: Interest rates are lurching lower.  The US 10-year yield is at new two-year lows, but the driver is European bonds where peripheral yields are 6-7 bp lower,  though Italy's benchmark is off 12 bp, while core yields are down 2-3 bp to new record lows.  The German benchmark is almost minus 40 bp, while the Swiss 10-year is beyond minus 100 bp.  Italy's two-year is breaking more convincingly below zero.

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Fragile truce in Osaka

2019-07-03

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2019-07-03

The US's Trade Deficit with China Continues to Dwarf Others, Despite Tariffs
The US and China reached a ‘trade truce’ on the margins of the G20 summit this weekend, but existing tariffs remain in place. And we are only a tweet away from more Trumpian upheaval.The US and China leaders agreed on a truce during their much-anticipated meeting at the G20 summit in Osaka this weekend. Bilateral trade talks will restart.

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FX Daily, July 2: Post-G20 Euphoria Fades, Stuck with Same Reality

2019-07-02

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2019-07-02

Overview: The euphoria that greeted the resumption of US-China and US-North Korea talks has subsided. Global equities have turned mixed after yesterday's surge. Hong Kong played catch-up, and despite ongoing demonstrations, the Hang Seng rallied over one percent, and the Hong Kong Dollar strengthened beyond its band midpoint for the first time in nine months.

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