Tag Archive: newsletter

SNB appoints new delegate Fabian Schnell for regional economic relations for Zurich region

2020-04-28

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2020-04-28

With effect from 1 May 2020, Fabian Schnell will assume the function of Swiss National Bank (SNB) delegate for regional economic relations for the Zurich region. He succeeds Rita Kobel Rohr, who is taking on a new position at the SNB’s General Secretariat on 1 July 2020.

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Coronavirus: 5.5 percent of Geneva might be infected, according to antibody study

2020-04-28

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2020-04-28

A study done by researchers at Geneva’s HUG hospital suggests a Covid-19 infection rate of 5.5% across the canton of Geneva. Antibody blood tests, run on a randomly selected sample of the canton’s population, suggest around 27,000 might have been infected by the virus, a number 5.7 times the official count of 4,733 recorded on 24 April 2020.

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The Crash Has Only Just Begun

2020-04-28

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2020-04-28

Everything, including a rational, connected-to-reality, effective financial system, is on back-order and unlikely to ship any time soon. While the stock market euphorically front-runs the Fed and a V-shaped recovery, the reality is the crash has only just begun.

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It’s Only Paper, Market Report 27 Apr

2020-04-28

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2020-04-28

The response to the virus has added a new mechanism of capital consumption to the many we have documented over the years. Businesses are shut down, yet they continue to incur expenses. There is a popular misconception out there that this is merely a paper loss. One can almost picture a neutron bomb that somehow wipes out only paper, leaving all the physical assets and plant unscathed.

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The Current Crisis Has Its Roots in the Central Bank

2020-04-28

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2020-04-28

Corporate Profits from Q1:2017
We have been locked down for weeks. Classes have been canceled. Only essential activities are allowed. Although there is much to cover and analyze, I want to focus on the economics of the situation. To understate it, the situation today is simply not good. The COVID-19 crisis has caused the world to lock down the population, which essentially ceased most commerce.

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Reich werden und bleiben – Interview mit Dr. Dr. Rainer Zitelmann

2020-04-27

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Die Webseite zum Buch - http://www.reichwerdenundbleiben.net/ Folgen Sie mir auf Twitter - https://mobile.twitter.com/rzitelmann Folgen Sie mir auf Facebook - https://www.facebook.com/r.zitelmann/ Lesen Sie meine Beiträge auf Forbes.com - https://www.forbes.com/sites/rainerzitelmann/ Meine Homepage - http://www.rainer-zitelmann.de/

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Coronavirus exit plans for tourist industry mooted

2020-04-27

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2020-04-27

Hopes have been raised of a re-opening of tourist facilities, including restaurants, in Switzerland in June as part of the government’s exit strategy from the coronavirus restrictions.

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FX Daily, April 27: Equities Rally and the Dollar Eases to Start the Week

2020-04-27

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2020-04-27

Overview: Global equities are beginning the new week on an upbeat note.  All the markets in the Asia Pacific region rallied, led by more than 2% gains in the Nikkei and Taiwan.  European bourses are higher.  All the industry groups are participating and financials and consumer discretionary leading the way. 

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Former UBS boss Marcel Ospel dies aged 70

2020-04-27

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2020-04-27

Ospel, who was ousted from his job as chairman of UBS in 2008 after fallout from the US subprime mortgage crisis, passed away on Sunday due to cancer. Born in Basel in 1950, Ospel began his career in 1977 with the Swiss Bank Corporation, an investment bank, before later engineering its merger with UBS in 1998.

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Drivers for the Week Ahead

2020-04-27

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2020-04-27

The FOMC meets Wednesday; first look at Q1 US GDP comes out Wednesday; weekly jobless claims Thursday are expected at 3.5 mln vs. 4.427 mln last week. Italy dodged a bullet last Friday; ECB meets Thursday; eurozone reports Q1 GDP and April CPI data ahead of the ECB decision; Sweden’s Riksbank meets Tuesday.

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Record year for money laundering tip-offs

2020-04-26

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2020-04-26

The number of reports of suspected money laundering jumped by about 25% in Switzerland last year. According to the Federal Money Laundering Reporting Officeexternal link, 7,705 reports were filed in 2019, compared to 6,126 the previous year.

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Thoughts on the Potential Market Impact of US Downgrades

2020-04-26

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2020-04-26

Our sovereign rating model suggests the US will lose its AAA/Aaa rating.  With fiscal stimulus efforts continuing with this latest $484 bln package, the case for downgrades just keep getting stronger but the timing is unclear.  How might markets react?  We look back to 2011 for some clues.

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Central Banks and the Next Crisis: From Deflation to Stagflation

2020-04-26

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2020-04-26

All over the world, governments and central banks are addressing the pandemic crisis with three main sets of measures: Massive liquidity injections and rate cuts to support markets and credit.Unprecedented fiscal programs aimed at providing loans and grants for the real economy.Large public spending programs, fundamentally in current spending and relief measures.

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Swiss running low on butter

2020-04-25

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2020-04-25

A shortage of frozen butter in Switzerland has the industry wanting to import 1,000 tons. Dairy farmers disagree. On Thursday an umbrella group for the dairy sector announced that it had applied to the federal authorities for permission to import 1,000 tons of butter.

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Dollar Steady as Global Economy Falls Off a Cliff

2020-04-25

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2020-04-25

Mexico Bond and CDS, 2020
The virus news stream is negative today; the dollar is trying to build on its recent gains. Weekly jobless claims are expected at 4.5 mln vs. 5.245 mln last week; regional Fed manufacturing surveys for April continue to roll out. ECB confirmed reports that it will accept sub-investment grade debt as collateral; EU leaders will hold a video conference today.

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Why Markets Are Rallying as Millions Become Unemployed

2020-04-25

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2020-04-25

Wouldn’t you feel great knowing that your stock picking is fully insured by the Fed? Billionaires and wealthy hedge fund managers know the feeling.

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Business Owners Understand Why the Economy Can’t Just Be “Reopened”

2020-04-25

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2020-04-25

My oldest turned seventeen last month. To commemorate the occasion, she and I watched Once Upon a Time in Hollywood. I’d taken her to her first (allegedly) rated-R movie a couple years ago to see the quite good Baby Driver, but this was Tarantino.

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FX Daily, April 24: Markets Limp into the Weekend

2020-04-24

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2020-04-24

Overview:  The reversal in US equities yesterday set the stage for today's losses.  All the Asia Pacific bourses fell today but Australia.  For the week, the regional index is off more than 2%.  Europe's Dow Jones Stoxx 600 was flat for the week coming into today's sessions.  It is off around 0.5% in late morning activity. 

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SNB Interim Results: -38 Billion, An Analysis

2020-04-24

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2020-04-24

The Swiss National Bank reports a loss of CHF 38.2 billion for the first quarter of 2020. The loss on foreign currency positions amounted to CHF 41.2 billion.

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AxisOfEasy Salon #1: Hypernormalisation, Legitimacy and Simulacrum

2020-04-24

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The first episode in the AxisOfEasy Salon and Interviews series with the AoE Contributors: Charles Hugh Smith, Jesse Hirsh and Mark E. Jeftovic.

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