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Tag Archive: newsletter

USD/CHF finds support near 0.9800 before SNB’s Quarterly Bulletin

2019-12-18

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2019-12-18

Technical levels to watch for USD/CHF
Major European stocks post modest losses on Wednesday. US Dollar Index clings to gains above 97.30. Coming up: Swiss National Bank's (SNB) Quarterly Bulletin. The USD/CHF pair dropped to its lowest level since late August at 0.9798 on Wednesday but staged a technical recovery in the last hour. As of writing, the pair was up 0.05% on the day at 0.9808.

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FX Daily, December 18: Markets Turn Quiet Ahead of Central Bank Meetings

2019-12-18

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2019-12-18

Overview: The capital markets have turned quiet as the year-end positioning drives prices in lieu of fresh developments. Equities in the Asia Pacific region were narrowly mixed. The smaller markets in Asia performed better than the large bourses of Japan, China, and Korea, which eased. European equities are off to a firm start, and the Dow Jones Stoxx 600 is consolidating near the record high set Monday.

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Court rejects Lake Zurich cablecar project

2019-12-18

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2019-12-18

A Zurich court has rejected plans for a cablecar link crossing over Lake Zurich, stating that the project, known as ‘Zuribahn’, did not have sufficient local support. The court annulled construction plans for the city cablecar, which had been presented by Zurich Cantonal Bank (ZKB) to mark the bank’s 150th birthday in 2020.

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Court rejects damages claims against Volkswagen and Swiss importer

2019-12-18

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2019-12-18

A Zurich commercial court has dismissed claims for damages by a consumer group against the German car firm Volkswagen and Swiss importer Amag, linked to the “Dieselgate” emissions-rigging scandal. In a December 6 ruling published on Tuesday, Zurich canton’s commercial court said the SKS consumer group did not have the legal status or procedural capacity to file a complaint.

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China Data: Something New, or Just The Latest Scheduled Acceleration?

2019-12-18

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2019-12-18

China Retail Sales, 2010-2019
The Chinese government was serious about imposing pollution controls on its vast stock of automobiles. The largest market in the world for cars and trucks, the net result of China’s “miracle” years of eurodollar-financed modernization, for the Chinese people living in its huge cities the non-economic costs are, unlike the air, immediately clear each and every day.

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Hyperinflation, Money Demand, and the Crack-up Boom

2019-12-18

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2019-12-18

In the early 1920s, Ludwig von Mises became a witness to hyperinflation in Austria and Germany — monetary developments that caused irreparable and (in the German case) cataclysmic damage to civilization. Mises's policy advice was instrumental in helping to stop hyperinflation in Austria in 1922.

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A Repo Deluge…of Necessary Data

2019-12-18

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2019-12-18

US Depository Institutions, 2008-2019
Just in time for more discussions about repo, the Federal Reserve delivers. Not in terms of the repo market, mind you, despite what you hear bandied about in the financial media the Fed doesn’t actually go there. Its repo operations are more RINO’s – repo in name only. No, what the US central bank actually contributes is more helpful data.

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FX Daily, December 17: Sterling Drops as New Brinkmanship Begins

2019-12-17

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2019-12-17

Overview: Efforts by a UK Prime Minister emboldened by a strong electoral victory to ensure that trade negotiations with the EU are not extended as the divorce has encouraged further profit-taking on sterling. After testing the $1.35 area on the exit polls last week, sterling had returned to where it closed before the results were known near $1.3160.

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USD/CHF retreats to 0.9820 area as USD loses strength

2019-12-17

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2019-12-17

Technical levels to watch for USD/CHF
US Dollar Index erases daily recovery gains ahead of American session. European equity indexes stay in the negative territory. Coming up: Building Permits, Housing Starts and Industrial Production data from US. The USD/CHF lost its traction in the last couple of hours and retraced its daily recovery gains pressured by the sour market mood and the broad USD weakness.

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Paper reports new surveillance case involving Credit Suisse executive

2019-12-17

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2019-12-17

A senior Credit Suisse human resources executive was tailed by private investigators in February, the Neue Zuercher Zeitung (NZZ) newspaper reported on Tuesday. The Swiss bank was rocked by a highly damaging spygate case earlier this year involving the surveillance of former wealth management boss Iqbal Khan.

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Léman Express to cut Geneva traffic jams

2019-12-17

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2019-12-17

Commuters got their first proper taste on Monday of what's been hailed as the largest cross-border regional rail network in Europe, the Léman Express.The network, which opened officially on Sunday, is the result of decades of planning and almost eight years of construction work. It offers a fast cross-city rail link from Geneva's central train station to Annemasse in France.

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If The Best Case For Consumer Christmas Is That It Started Off In The Wrong Month…

2019-12-17

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2019-12-17

US Retail Sales Stagnation, 1992-2012
Gone are the days when Black Friday dominated the retail calendar. While it used to be a somewhat fun way to kick off the holiday shopping season, it had morphed into something else entirely in later years. Scenes of angry shoppers smashing each other over the few big deals stores would truly offer, internet clips of crying children watching in horror as their parents transformed their local Walmart into Thunderdome.

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The “Trade Deal”: A Pathetic Parody, Credibility Squandered

2019-12-17

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2019-12-17

China Share of World Exports, 2000-2018
Anyone who thinks this bogus "deal" has resolved any of the issues or uncertainties deserves to be fired immediately. Here's a late-night TV parody of a trade deal: The agreement won't be signed by both parties, though each might sign their own version of it, and the terms of the deal will never ever be revealed to the public, which includes everyone doing any business in the nations doing the "deal."

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The US Economy Is Being Japanified — Thanks to the Fed

2019-12-17

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2019-12-17

Japan has not recovered fully from the lost decade of the 1990s. The Asian financial crisis was exacerbated by the dot-com crash and then a few years later the global economic collapse. Tokyo has tried everything to combat anemic growth and deflation, and resolve the zombification of the Japanese economy through an immense buildup of government debt and a dramatic loosening of monetary policy, including subzero interest rates.

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Gold Coins Worth Thousands Generously Donated To Salvation Army

2019-12-17

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2019-12-17

◆ Gold coins worth thousands generously gifted to the charity again this year ◆ It just means so much … because it means that they went out of their way to do something extra special…” ◆ Salvation Army gold donors keep giving gold coins including Gold Krugerrands anonymously every year◆ At least three gold coins worth some $4,500 have again been generously gifted to charity this year (that we know of)

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FX Daily, December 16: China Data Surprises to the Upside while Europe’s Manufacturing PMI Disappoints

2019-12-16

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2019-12-16

Overview: Despite better than expected Chinese data, and last week's investor-friendly developments, Asia Pacific equities were mixed. Australia led the advancing bourses with a 1.6% gain, its largest for the year despite the government revising down growth and wages. China, Taiwan, and Indian markets also moved higher.

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Novartis withdraws patent claim on leukaemia treatment

2019-12-16

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2019-12-16

Swiss pharmaceutical giant Novartis has backed down in a patent dispute over the leukaemia therapy Kymriah following opposition from NGOs. The Swiss NGO Public Eye is claiming victory in the European Patent Officeexternal link battle, but Novartis says the patent in question was only one of several it has in place on the (CAR)-T cell therapy treatment it had developed together with the University of Pennsylvania.

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FX Weekly Preview: Central Bank Meetings and Flash PMI Reports, but its Over except for the Shouting

2019-12-16

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2019-12-16

After last week's flurry of events, market activity is set to slow over the next three weeks. But what a flurry of events it was. A new NAFTA apparently has been agreed, and it is set to be approved by the US House of Representatives next week and the Senate early next year.  The US and China struck an agreement that will get rid of the immediate tariff threat and unwind half of the punitive tariffs in exchange for a commitment to buy twice the...

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EM Preview for the Week Ahead

2019-12-16

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2019-12-16

Risk assets such as EM got a big boost last week, as tail risks from a hard Brexit and the US-China trade war have clearly ebbed. Still, the initial lack of details on the Phase One deal as well as uncertainty regarding the next phases have left the markets a bit jittery and nervous. Hopefully, this week may bring some further clarity and the good news is that the December 15 tariffs have been canceled.

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A “Market” That Needs $1 Trillion in Panic-Money-Printing by the Fed to Stave Off Implosion Is Not a Market

2019-12-16

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2019-12-16

Assets: Other: Repurchase Agreements: Wednesday Level, 2005-2015
It was all fun and games enriching the super-wealthy but now the karmic cost of the Fed's manipulation and propaganda is about to come due. A "market" that needs $1 trillion in panic-money-printing by the Fed to stave off a karmic-overdue implosion is not a market: a legitimate market enables price discovery. What is price discovery?

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