Tag Archive: newsletter

Recent Trade Developments Suggest Some Caution Ahead Warranted

2020-06-27

by

2020-06-27

WTO Trade Outlook, 2005-2021
There’s never a good time for a trade war. Yet here we are on the cusp of one between the US and the EU over unfair aircraft subsidies and comes at a time when renewed COVID-19 outbreaks are making the global economic outlook even cloudier. These developments suggest some caution ahead is warranted for risk assets like EM and equities.

Read More »

Not COVID-19, Watch For The Second Wave of GFC2

2020-06-27

by

2020-06-27

Federal Reserve SLOOS, 1990-2020
I guess in some ways it’s a race against the clock. What the optimists are really saying is the equivalent of the old eighties neo-Keynesian notion of filling in the troughs. That’s what government spending and monetary “stimulus” intend to accomplish, to limit the downside in a bid to buy time. Time for what? The economy to heal on its own.

Read More »

“The illusions of Keynesianism create a morally corrupt society” – Part II

2020-06-27

by

2020-06-27

Claudio Grass (CG): Overall, apart from the obvious economic consequences of the crisis, do you also see geopolitical and social ones, on a wider scale? Given all these “moving parts”, from the upcoming US election and internal frictions in the EU to the Hong Kong tensions and the rising public discontent in Latin America, where do expect the chips to fall once this is over? 

Read More »

FX Daily, June 26: Investors Wrestle with Notion that More Covid Cases mean More Stimulus

2020-06-26

by

2020-06-26

It may be that a new surge in virus cases will elicit more policy support from officials, but the immediate focus may be on the economic disruption. The number of US cases is reaching records, and at least a couple of states are stopping their re-opening efforts. Several other countries, including parts of Australia, Japan, and Germany, are wrestling with the same thing, And some emerging markets, like Brazil and Mexico, have not experienced a lull.

Read More »

Banks in Switzerland 2019

2020-06-26

by

2020-06-26

Key Figures for 2019
The Swiss National Bank has today published its report Banks in Switzerland 2019 and the corresponding data for its annual banking statistics. The most important figures are summarised below.

Read More »

Audit office denies ‘mass phenomenon’ of Covid-19 credit abuse

2020-06-26

by

2020-06-26

An interim report on government pay-outs to businesses during the Covid-19 crisis has revealed that there is suspected abuse in less than 1% of cases. Тhe Federal Audit Office investigated some 94,000 coronavirus loans amounting to CHF11.4 billion ($12 billion). It found indications of abuse in about 400 cases, which amounts to about CHF88 million in guarantees.

Read More »

Job postings fall by 27 percent due to pandemic

2020-06-26

by

2020-06-26

New job offers have dropped by over a quarter in Switzerland due to the Covid-19 pandemic, with hotel, restaurant, and personal services sectors worst hit. Between April and June, job postings went down by 27%, the human resources firm Adecco Switzerland reported on Tuesday.

Read More »

Dollar Firm as Risk-Off Sentiment Persists

2020-06-26

by

2020-06-26

Coronavirus Daily Change, 2020
Higher infection numbers in the US and other countries continue to fuel risk aversion across global markets; the IMF released more pessimistic global growth forecasts yesterday. The US has rekindled trade provocations against China through Huawei; weekly jobless claims will be reported; regional Fed manufacturing surveys for June will continue to roll out.

Read More »

Is Data Our New False Religion?

2020-06-26

by

2020-06-26

In the false religion of data, heresy is asking for data that is not being collected because it might reveal unpalatably unprofitable realities. Here's how every modern con starts: let's look at the data. Every modern con starts with an earnest appeal to look at the data because the con artist has assembled the data to grease the slides of the con.

Read More »

World’s Ultra Wealthy Urged By Financial Advisers and Largest Banks to “Hold More Gold”

2020-06-26

by

2020-06-26

Global Market Asset Performance
◆ World’s wealthy are being urged by their financial advisers to hold more gold as they question the strength of the stock market rally and are concerned about the long-term impact of global central banks’ cash splurge.

Read More »

FX Daily, June 25: Contagion Growth and Calendar-Effect Saps Investor Enthusiasm

2020-06-25

by

2020-06-25

Given the huge run-up in risk assets this quarter, and the technical indicators warning of corrective forces, concerns over the new infections is pushing on an open door. The S&P 500 gapped lower yesterday and fell 2.6%, led by energy and airlines. The NASDAQ snapped an eight-day rally. Follow-through selling in the Asia Pacific region saw most markets fall at least 1%, with Korea and Australia seeing losses in excess of 2%.

Read More »

Weekly View – Alive and kicking

2020-06-25

by

2020-06-25

In spite of renewed fears of coronavirus clusters in Beijing, data last week suggested the more consumer-oriented sides of the Chinese economy were tracking improvements in industry, with a year-on-year increase in auto sales in May. UK retail sales were also encouraging, but the biggest surprise came from the US where May’s 18% rise in retail sales month on month was double analysts’ expectations.

Read More »

A Swiss-Japanese alliance that has thrived in the crisis

2020-06-25

by

2020-06-25

It was the start of one of the most unusual cross-cultural marriages when Roche bought a controlling stake in Chugai Pharmaceutical for $1.4bn back in 2002, promising arm’s length management. In the course of the 18 months of negotiations it took to reach a deal, Chugai, a Japanese pioneer in biotechnology, presented a single sheet of paper with a list of conditions it would not budge on, the main ones being management autonomy and the continued...

Read More »

UBS raises USD 440 million for Rockefeller sustainable investment fund

2020-06-25

by

2020-06-25

Zurich, June 24 2020 – UBS is investing in Rockefeller Asset Management's Global Environmental, Social and Governance (ESG) Equity fund, broadening the sustainable investment opportunities that it offers to clients. UBS, the world's largest global wealth manager, has allocated directly to the fund through its 100% sustainable multi-asset portfolio, which surpassed USD 10 billion in size earlier this year.

Read More »

Dollar Firm as Risk-Off Sentiment Returns

2020-06-25

by

2020-06-25

Economic Surprise, 2019-2020
Risk-off sentiment has picked up from reports that the US will impose new tariffs against the EU; there’s also been a messy set of headlines regarding the virus contagion outlook in the US. The IMF will release updated global growth forecasts today; the dollar is benefiting from risk-off sentiment; another round of fiscal stimulus in the US is in the works.

Read More »

Why the Central Bank “Bailout of Everything” Will Be a Disaster

2020-06-25

by

2020-06-25

Despite massive government and central bank stimuli, the global economy is seeing a concerning rise in defaults and delinquencies. The main central banks’ balance sheets (those of the Federal Reserve, Bank of Japan, European Central Bank, Bank of England, and People’s Bank Of China) have soared to a combined $20 trillion, while the fiscal easing announcements in the major economies exceed 7 percent of the world’s GDP according to Fitch...

Read More »

The Forgotten Greatness of Rothbard’s Preface to Theory and History

2020-06-25

by

2020-06-25

Anyone who advocates the ideas of the Austrian school of economics, whether broadly and publicly or even in the context of private discussions with friends and acquaintances, will almost immediately find themselves grappling with the tricky question of how to distill the core essence of what Austrian economics actually is, and how to convey those truly definitive characteristics as briefly and simply as possible.

Read More »

Vortrag & Fragen: Kapitalismus ist nicht das Problem, sondern die Lösung

2020-06-24

by

Webseite zum Buch - https://kapitalismus-ist-nicht-das-problem.de/ Folgen Sie mir auf Twitter - https://mobile.twitter.com/rzitelmann Folgen Sie mir auf Facebook - https://www.facebook.com/r.zitelmann/ Folgen Sie mir auf Forbes.com - https://www.forbes.com/sites/rainerzitelmann/ Meine Homepage - http://www.rainer-zitelmann.de/

Read More »

FX Daily, June 24: Risk Appetites Satiated for the Moment

2020-06-24

by

2020-06-24

Overview: The rally in risk assets in North America yesterday is failing to carry over into today's activity. Asia Pacific equities were mixed. Korea and Indonesia led the advances with more than 1% gain. China and Taiwan also gained. Japan and Hong Kong. Europe's Dow Jone's Stoxx 600 is giving back yesterday's gains (~1.3%) plus some and US stocks are heavy.

Read More »

Restricted Market Trading Comments

2020-06-24

by

2020-06-24

There were minimal changes to the status quo as the week commences. Bangladesh has announced revised trading hours on the local exchanges. No change of status in Nigeria and Kenya as they both continue to face limited liquidity. Please see trading comments below.

Read More »