Tag Archive: newsletter

Dollar Bounce Ends Ahead of ECB Decision

2020-09-13

by

2020-09-13

FX Implied Volatility, 2019-2020
The dollar rally ran out of steam; US Senate will hold a vote today on its proposed “skinny” bill. US reports August PPI and weekly jobless claims; US will sell $23 bln of 30-year bonds today after a sloppy 10-year auction yesterday BOC delivered a hawkish hold yesterday; Peru is expected to keep rates steady at 0.25%.

Read More »

This Is How It Ends: All That Is Solid Melts Into Air

2020-09-13

by

2020-09-13

workers share of national income, 1994-2020
While the Federal Reserve and the Billionaire Class push the stock market to new highs to promote a false facade of prosperity, everyday life will fall apart. How will the status quo collapse? An open conflict--a civil war, an insurrection, a coup--appeals to our affection for drama, but the more likely reality is a decidedly undramatic dissolution in which all the elements of our way of life we reckoned were solid and permanent simply melt into...

Read More »

Swiss law reforms make crypto respectable

2020-09-13

by

2020-09-13

Bitcoin used to be something of a dirty word, associated with crime and money laundering. Switzerland has now amended its legal code to welcome cryptocurrencies and blockchain technology into the mainstream.

Read More »

Switzerland adds 10 more nations to its compulsory quarantine list

2020-09-12

by

2020-09-12

On 7 September 2020, Switzerland added to its list of quarantine countries. People entering Switzerland from 55 nations must now quarantine for 10 days. On 7 September 2020, 10 nations were added to the list. These include Croatia, French Polynesia, Guyana, Lebanon, Libya, Paraguay, San Marino, Trinidad and Tobago, Ukraine, United Arab Emirates.

Read More »

Swiss-UK financial services pact antidote to EU intransigence

2020-09-12

by

2020-09-12

Switzerland and Britain are thrashing out a post-Brexit financial services treaty that is being billed as a global standard for common sense. It also takes aim at perceived EU inflexibility that has seen the Swiss stock market frozen out of European markets.

Read More »

Intolerance and Authoritarianism Accelerate Disunity and Collapse

2020-09-12

by

2020-09-12

Scapegoating dissenters only hastens the disunity and disarray that accelerates the final collapse. Authoritarianism is imposed on us, but its sibling intolerance is our own doing. Intolerance and authoritarianism are two sides of the same coin: as intolerance becomes the norm, the intolerant start demanding that the state enforce their intolerance by suppressing their enemies via increasingly heavy-handed authoritarian measures.

Read More »

Re-recession Not Required

2020-09-12

by

2020-09-12

Japan Economy, 2013-2020
If we are going to see negative nominal Treasury rates, what would guide yields toward such a plunge? It seems like a recession is the ticket, the only way would have to be a major economic downturn. Since we’ve already experienced one in 2020, a big one no less, and are already on our way back up to recovery (some say), then have we seen the lows in rates?Not for nothing, every couple years when we do those (record low yields) that’s what “they”...

Read More »

Howard Buffett: Against Legal Plunder

2020-09-12

by

2020-09-12

In August of 1963, Human Events published an article written by Howard Buffett entitled “’Thou Shalt Not Steal!’ But Government Confiscation Has Been Legalized.”

Read More »

FX Daily, September 11: Still Reluctant to take Euro above $1.19 but Sterling Remains Unloved

2020-09-11

by

2020-09-11

Yesterday's roller-coaster price action has not had much impact on today's activity.  The slide in US equities after early gains failed to prevent Japanese, Chinese, and Hong Kong equities from advancing, though other markets in the region were not as resilient.

Read More »

House View, September 2020

2020-09-11

by

2020-09-11

A surge in new covid-19 cases in a number of countries has interrupted progress towards normality, yet the effects of the virus are becoming more manageable and positive world H2 growth is achievable.

Read More »

Versicherungsmarkt Schweiz: deutlich höhere Ergebnisse

2020-09-11

by

2020-09-11

Die aggregierten Daten über den Schweizer Versicherungsmarkt zeigen eine deutliche Steigerung der Ergebnisse 2019. Diese fallen pro Teilbranchen zwar unterschiedlich aus, sind aber hauptsächlich auf die Ergebnisse am Kapitalmarkt zurückzuführen.

Read More »

Pandemic speeds up push to digital as bank branches close

2020-09-11

by

2020-09-11

Swiss lender Credit Suisse is set to launch an overhaul of its digital banking offering, as it uses the coronavirus crisis as a springboard to accelerate the push from bricks-and-mortar branches to online services.

Read More »

Sterling Pounded by Brexit Developments

2020-09-11

by

2020-09-11

The dollar rebound continues; odds of a near-term stimulus bill in the US are falling; ahead of inflation readings later this week, the US holds a 10-year auction today. Bank of Canada is expected to keep policy steady; Mexico reports August CPI; Brazil reports August IPCA inflation.

Read More »

Where Did the US Government Get the Power to Assassinate People?

2020-09-11

by

2020-09-11

In an August editorial, the New York Times called for an investigation into the attack on Russian dissident Aleksei Navalny, who was recently transported to Germany in a coma after apparently being poisoned.

Read More »

FX Daily, September 10: ECB and Beyond

2020-09-10

by

2020-09-10

Overview:  A strong recovery in US stocks, a softer dollar, and higher gold and oil prices may signal the end of the brief though dramatic correction, but the market is in a bit of a holding pattern ahead of the ECB meeting.  Most of the major equity markets in the Asia Pacific region stabilized, except for Hong Kong and China.

Read More »

Weekly View – Election nerves increase

2020-09-10

by

2020-09-10

The sell-off in stocks last week showed a certain nervousness about the sharp run-up in tech stocks and the role of big option bets. Indeed, prices in some instances had risen too fast. But this was a technical correction. With the US tech titans generating free cash flow, we do not believe we are facing a repeat of the bursting of the dot-com bubble in 2000. 

Read More »

Valcambi refinery denies sourcing ‘dirty’ gold from Dubai

2020-09-10

by

2020-09-10

The Swiss-based Valcambi refinery has rejected accusations about gold dealings with a controversial company in the United Arab Emirates.

Read More »

ECB Preview

2020-09-10

by

2020-09-10

Balance Sheets, USD Trin, 2007-2019
The ECB meets tomorrow and is widely expected to stand pat. Macro forecasts may be tweaked modestly and there are some risks of jawboning against the stronger euro, but it should otherwise be an uneventful meeting. Looking ahead, a lot of room remains for further ECB actions.

Read More »

You cannot print your way to prosperity – Part II

2020-09-10

by

2020-09-10

Looking at the damage inflicted upon supply chains, production facilities and global trade in particular, how quickly could these operations snap back even if all COVID-related restrictions were lifted tomorrow? Do you think we’ll eventually get back to business as usual, or have we now experienced a permanent shift to a “new normal”?

Read More »

The EU’s Drive toward Political Centralization Will Doom Its Economy

2020-09-10

by

2020-09-10

In the wake of the economically disastrous covid-19 shutdowns, the political class has desperately tried to save the failing euro system. On July 21 European leaders agreed on what they called a "historic" deal. It was nothing more than a multitrillion euro stimulus package.

Read More »