Tag Archive: newsletter

FX Daily, May 15: Much Talk but Little Action

2020-05-15

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2020-05-15

Overview: The S&P 500 staged an impressive recovery yesterday, a sell-off that took it to its lowest level since April 21, to close more than 1% higher on the day, helped set the tone in the Far East and Europe today. Gains in most Asia Pacific markets, but Hong Kong, Shanghai, and India, trimmed this week's losses. Australia's 1.4% rally today managed to turn ASX positive for the week, extending leg up for a third consecutive week.

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Announcement regarding recall of banknotes from eighth series

2020-05-15

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2020-05-15

The issuance of the ninth banknote series was concluded on 12 September 2019. The Swiss National Bank intends to communicate the statutory recall of the banknotes from the eighth series two months in advance in the first half of 2021.

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Price watchdog criticises cost of becoming Swiss

2020-05-15

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2020-05-15

Naturalisation fees vary among Switzerland’s 26 cantons. This has caught the eye of the federal price watchdog, who doubts that the fees fall within the legal framework. The law on Swiss citizenship stipulates that “the fees may not amount to more than is required to cover costs”. But for price watchdog Stefan Meierhans this is “more than questionable”, as he writes in his newsletter on Thursday. 

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SWISS publishes flight timetable for June

2020-05-15

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2020-05-15

After grounding most of its fleet because of Covid-19, Swiss International Air Lines will partially restart its flight operations in June and plans to operate up to 190 flights from Zurich and Geneva to 41 European destinations. The return to the skies would follow in stages, and the range of flights available will gradually be increased over the coming weeks, SWISS said on Thursday, announcing its timetable for June.

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Dollar Firm as Risk-off Sentiment Intensifies

2020-05-15

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2020-05-15

UK 2-Year Yields Turn Negative
Risk-off sentiment has intensified; as a result, the dollar is getting some more traction. Fed Chair Powell pushed back against the notion of negative rates in the US; US Treasury completed its quarterly refunding. Weekly jobless claims are expected at 2.5 mln vs. 3.169 mln last week; Mexico is expected to cut rates 50 bp to 5.5%

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Ludwig von Mises & “Circulation Credit” Theory of the Trade Cycle

2020-05-15

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2020-05-15

[This article is part of the Understanding Money Mechanics series, by Robert P. Murphy. The series will be published as a book in late 2020.] Starting with Carl Menger’s undisputed role in the “marginal revolution,” which ushered in subjective value theory, the Austrian school has made important contributions that have been absorbed into standard economic theory.

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“We are expecting a new wave and we’re prepared for it.”

2020-05-15

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2020-05-15

Gold Prices, 2015-2020
Interview with Robert Hartmann, Co-Owner ProAurum, Over the last couple of months, we’ve witnessed unprecedented changes in the global economy, in the markets and in our societies. The corona crisis and the governmental measures that were introduced had a dramatic and direct effect on all of us, as investors and as citizens. 

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FX Daily, May 14: Risk Appetites Wane

2020-05-14

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2020-05-14

Overview: Risk appetites have been gradually waning this week. US equity losses mounted yesterday after Tuesday's late sell-off. Asia Pacific equities were off, with many seeing at least 1.5% drops. Europe's Dow Jones Stoxx 600 is off a little more to double this week's decline and leaves it in a position to be the biggest drop since panicked days in mid-March.

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Swiss Producer and Import Price Index in April 2020: -4.0 percent YoY, -1.3 percent MoM

2020-05-14

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2020-05-14

Switzerland Producer Price Index (PPI) YoY, April 2020
14.05.2020 - The Producer and Import Price Index fell in April 2020 by 1.3% compared with the previous month, reaching 98.1 points (December 2015 = 100). The decline is due in particular to lower prices for petroleum products, petroleum and natural gas. Compared with April 2019, the price level of the whole range of domestic and imported products fell by 4.0%.

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Top Swiss firms pay respects to ‘formative’ business leader Fritz Gerber

2020-05-14

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2020-05-14

Pharmaceutical giant Roche and Zurich Insurance have paid their respects to business executive Fritz Gerber, who passed away on Sunday at the age of 91. “Fritz Gerber was one of the most influential business leaders in Switzerland during a period of formative development for the country’s modern, open economy,” Zurich Insurance said in a statement on Monday.

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Coronavirus: the dangers of singing

2020-05-14

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2020-05-14

As Switzerland reopens, the details around how SARS-CoV-2 spreads becomes more relevant to everyday life. Matthias Egger, the head of Switzerland’s Covid-19 task force, stresses the importance of continuing to follow social distancing and hygiene rules.

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The global economy doesn’t care about the ECB (nor any central bank)

2020-05-14

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2020-05-14

Europe Industrial Production, 1991-2020
The monetary mouse. After years of Mario Draghi claiming everything under the sun available with the help of QE and the like, Christine Lagarde came in to the job talking a much different approach. Suddenly, chastened, Europe’s central bank needed assistance. So much for “do whatever it takes.”They did it – and it didn’t take.Lagarde’s outreach was simply an act of admitting reality.

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Dollar Mixed as Markets Await Fresh Drivers

2020-05-14

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2020-05-14

The virus news stream is mixed; the dollar continues to consolidate; US-China tensions continue to rise. US Treasury wraps up its quarterly refunding; April budget statement is a harbinger of things to come; the next round of stimulus will be contentious. We got some dovish BOE comments yesterday; UK continues to play Brexit hardball; UK data was slightly better than expected but awful nonetheless.

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More Protectionism and Regulation Won’t Fix the Economy

2020-05-14

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2020-05-14

In the wake of the COVID-19 pandemic and its attendant economic strains, some protectionists and anti-immigration ideologues are trying to take advantage of this opportunity to advance their nationalist agenda. They argue that if the United States had restricted international trade and immigration more thoroughly in the past, as President Trump had fought to achieve, the public health crisis could have been curtailed.

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6’000 CHF Dividenden im Jahr 2020 ??

2020-05-14

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2020-05-14

6’000 CHF an Dividenden möchte ich im Jahr 2020 netto verdienen. Ob das machbar ist, möchte ich in diesem Beitrag genauer erläutern und analysieren. Im Jahr 2019 hatte ich 3’001.89 CHF an Dividenden netto erhalten, das möchte ich dieses Jahr verdoppeln. Verdopplung der Dividenden möglich?Ist es möglich, die Dividenden im vergleich zum Vorjahr zu verdoppeln? Ich glaube schon, aber nicht allein durch das Dividendenwachstum.

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7.9 billion hours worked in 2019

2020-05-13

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2020-05-13

12.05.2020 - In 2019, people spent 7.929 billion hours working. Between 2014 and 2019, the actual weekly hours worked by full-time employees fell by 15 minutes on average, reaching 41 hours and 2 minutes. At the same time, the number of weeks of annual holiday continued its gradual increase to 5.2 weeks, according to the latest results from the Federal Statistical Office (FSO).

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Coronavirus: anti-lockdown protests in Switzerland

2020-05-13

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2020-05-13

Over the weekend, hundreds rallied against lockdown measures across Switzerland in the cities of Bern, Zurich, Basel and St. Gallen. Anti-lockdown protesters in these cities flouted rules introduced in mid-March banning public groups of more than five people, designed to reduce the spread of the SARS-CoV-2 virus. The protestors consider the rules in breach of their fundamental rights.

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Falcon exits Swiss private banking after 1MDB scandal

2020-05-13

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2020-05-13

The Abu Dhabi-owned Falcon private bank says it is winding down activities in Switzerland and is in talks with a Swiss rival to take on its existing clients next year. Falcon was taken to task by regulators in both Switzerland and Singapore for its role in channelling assets from the Malaysian 1MDB fraud.

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Different Type of Crisis, Some Old Concerns

2020-05-13

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2020-05-13

Over the past two months we have witnessed historic turmoil followed by unprecedented intervention by policy makers and central banks in supporting the capital markets (and more). In many ways the 2020 COVID-19 pandemic is very different from the 2008 global financial crisis, but for some, certain old concerns still linger. In the face of short selling bans and worries about market liquidity, we discuss below how best to navigate some of the common...

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