Tag Archive: newslettersent

Indian arms dealer’s Swiss accounts under scrutiny

2017-08-16

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2017-08-16

Swiss authorities have received requests for information concerning possible Swiss bank accounts of Indian defence deals broker Sanjay Bhandari. He is under investigation for allegedly helping Swiss firm Pilatus secure an order for 75 training aircraft for the Indian Air Force in 2012.

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China: Losing Economic ‘Reflation’

2017-08-16

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2017-08-16

China Fixed Asset Investment Jul 2012-2017
If “reflation” was born last year in Japan, and I think it was, it was surely given its most tangible dimensions in China. The idea that the Bank of Japan was going to do something magnificent was perhaps always a longshot, but enough given the times for people to hope (sentiment) they might try (helicopter). The Chinese, however, have been relatively more pragmatic. Authorities began 2016 with an actual rather than imagined “stimulus” injection...

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Are We Already in Recession?

2017-08-16

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2017-08-16

U.S. Employment Change, 1970 - 2016
How shocked would you be if it was announced that the U.S. had just entered a recession, that is, a period in which gross domestic product (GDP) declines (when adjusted for inflation) for two or more quarters? Would you really be surprised to discover that the eight-year long "recovery," the weakest on record, had finally rolled over into recession?

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Swiss Producer and Import Price Index in July 2017: -0.1 YoY, -0,1 MoM

2017-08-15

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2017-08-15

Switzerland Producer Price Index (PPI) YoY, July 2017
The Producer and Import Price Index remained unchanged in July 2017 compared with the previous month at 99.7 points (base December 2015 = 100). Petroleum products in particular became cheaper. Prices were higher for scrap, computers and metal products. Compared with July 2016, the price level of the whole range of domestic and imported products fell by 0.1%.

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FX Daily, August 15: Greenback Firms, Encouraged by Dudley and Ebbing of Tensions

2017-08-15

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2017-08-15

NY Fed President Dudley appears to have stolen any potential thunder in the July FOMC minutes that will be released tomorrow. While we put more emphasis on today's US retail sales data and the August Fed surveys, many others argued that the minutes were the key report this week.

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Lettre à la Suisse. Par Sébastien Jallamion

2017-08-15

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2017-08-15

Tout d’abord, j’ai posé mon regard sur un paysage naturel où les nombreux sites se marient avec une agriculture dont la France a perdu jusqu’au souvenir. Ici, pas de monoculture subventionnée par l’Union Européenne : les champs sont restés des mosaïques aux couleurs de blé, de tournesol, de maïs, et les vignes, lorsqu’elles s’étendent en bordure des villages, les prolongent en même temps qu’elles les protègent d’une urbanisation...

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Bi-Weekly Economic Review: Ignore The Idiot

2017-08-15

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2017-08-15

Of the economic releases of the past two weeks the one that got the most attention was the employment report. That report is seen by many market analysts as one of the most important and of course the Fed puts a lot of emphasis on it so the press spends an inordinate amount of time dissecting it.

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Swiss Rail advert triggers accusation of sexism

2017-08-15

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2017-08-15

According to various newspapers, Swiss Rail placed an advert on a job portal at ETH, a university in Zurich, offering work to cunning vixens, “schlaue Füchsinnen” in German. Successful applicants need to dress up as foxes, including fox tails, and run around train stations with posters informing travellers of alternative train connections.

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Weekly SNB Interventions and Speculative Positions: Investors do not take North Korea dispute seriously

2017-08-14

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2017-08-14

SNB
Despite the tensions between Donald Trump and North Korea's Kim Jong-un, the EUR/CHF only depreciated to 1.13. In the last week, the SNB did not have to intervene. This proves that investors have not taken the tensions seriously.

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FX Daily, August 14: Sigh of Relief Weighs on Yen and Gold, while Lifting Equities and the Dollar

2017-08-14

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2017-08-14

The lack of new antagonisms over the weekend between the US and North Korea has prompted the markets to react accordingly. Already before the weekend, we detected some signs that at least some market participants had begun looking past the dramatic rhetoric.

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The Secret History Of The Banking Crisis

Accounts of the financial crisis leave out the story of the secretive deals between banks that kept the show on the road. How long can the system be propped up for? It is a decade since the first tremors of what would become the Great Financial Crisis began to convulse global markets. Across the world from China and South Korea, to Ukraine, Greece, Brexit Britain and Trump’s America it has shaken our economy, our society and latterly our politics.

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The West lost at least another 1000 tonnes of large gold bars in 2015

2017-08-14

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2017-08-14

Kilobars
Over the last number of years, one of the most interesting trends in the physical gold world is the ongoing conversion of large 400 ounce gold bars into smaller high purity 1 kilogram gold bars to meet the insatiable demand of Asian gold markets such as China and India.

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“Under Any Analysis, It’s Insanity”: What War With North Korea Could Look Like

2017-08-14

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2017-08-14

Kim Jong-Un and Donald Trump
Now that the possibility of a war between the US and North Korea seems just one harshly worded tweet away, and the window of opportunity for a diplomatic solution, as well as for the US stopping Kim Jong-Un from obtaining a nuclear-armed ICBM closing fast, analysts have started to analyze President Trump’s military options, what a war between the US and North Korea would look like, and what the global economic consequences would be.

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FX Weekly Preview: Synthetic FX View — Macro and Prices

2017-08-14

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2017-08-14

Economic data due out are unlikely to change macro views. Swiss franc's price action suggests some return to "normalcy" despite rhetoric remaining elevated. Sterling's 3.25 cent drop against the dollar looks over.

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La mondialisation de l’esclavage permet la croissance des entreprises. Dossier.

2017-08-13

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2017-08-13

Un Indien travaillant dans une fabrique de briques à l’extérieur de Calcutta, le 7 mai 2017. DIBYANGSHU SARKAR / AFP Nous avons parlé ces derniers temps d’excédents et de déficits de balances commerciales. Pourtant aucune rubrique de cette comptabilité de l' »intégration » d’un Etat dans le monde globalisé ne pénalise celui-ci en matière d’abus de travailleurs, voire d’esclavagisme. Pire, les abus sont en croissance. Il faut dire que l’affaire est...

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Swiss rank second in Europe for online spending

2017-08-13

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2017-08-13

According to a European comparison, Swiss residents spend the second-most money annually on online purchases, after British shoppers. Each year, people in Switzerland click their way to an average of CHF1,172 ($1,202) in online goods per person. Shoppers in Britain topped the list with CHF1,280 in online purchases, with Norwegians coming in third at CHF1,053 per year.

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What the Mainstream Doesn’t Get about Bitcoin

2017-08-13

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2017-08-13

One-year chart of Bitcoin
The real demand for bitcoin will not be known until a global financial crisis guts confidence in central banks and politicized capital controls. I've been writing about cryptocurrencies and bitcoin for many years. For example: Could Bitcoin Become a Global Reserve Currency? (November 7, 2013) I am an interested observer, not an expert. As an observer, it seems to me that the mainstream--media, financial punditry, etc.--as a generality don't really...

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Oil Prices, CPI: Why Not Zero?

2017-08-13

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2017-08-13

Figuring Inflation 2004-2017
In the early throes of economic devastation in 1931, Sweden found itself particularly vulnerable to any number of destabilizing factors. The global economy had been hit by depression, and the Great Contraction was bearing down on the Swedish monetary system. The krona had always been linked to the British pound, so that when the Bank of England removed gold convertibility (left the gold standard) from its notes on September 19 that year the Swedish...

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Yanking the Bank of Japan’s Chain

2017-08-13

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2017-08-13

Based on the simple reflection that arithmetic is more than just an abstraction, we offer a modest observation. The social safety nets of industrialized economies, including the United States, have frayed at the edges. Soon the safety net’s fabric will snap. This recognition is not an opinion. Rather, it’s a matter of basic arithmetic. The economy cannot sustain the government obligations that have been piled up upon it over the last 70 years.

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UberPop service cancelled in Zurich

2017-08-12

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2017-08-12

Car-and-driver provider Uber has decided to drop its UberPop service in Zurich following controversy over its legality. The change does not apply to Basel or Geneva. The change takes effect on Thursday at midday. Zurich UberPop drivers will have three months to get permits that will allow them to chauffeur passengers for pay under the more expensive UberX and UberBlack services.

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