SNB & CHF

World leaders have been addressing an online international summit on jobs and Covid-19. Keystone / Sandra Steins A new international platform is to be launched in Geneva to anticipate the effects of societal changes amidst the Covid-19 crisis, Swiss President Simonetta Sommaruga said on Wednesday. Switzerland is supporting this initiative and calls on states to help the International Labour Organisation (ILO) in the face of the current jobs crisis, she added. The new...

Our society has a legal structure of self-rule and ownership of capital, but in reality it is a Neofeudal Oligarchy. Now that the pandemic is over and the economy is roaring again–so the stock market says–we’re heading straight back up into the good old days of 2019. Nothing to worry about, we’ve recovered the trajectory of higher and higher, better every day in every way. Everything’s great except the fatal rot at the heart of the U.S. economy hasn’t even been...

It is not disputed that the popular meaning of liberal has changed drastically over time. It is a well-known story how, around 1900, in English-speaking countries and elsewhere, the term was captured by writers who were essentially social democrats. Joseph Schumpeter (1954: p. 394) ironically observed that the enemies of the system of free enterprise paid it an unintended compliment when they applied the name liberal to their own creed, historically the opposite of...

The US has started the formal process of withdrawing from the WHO; the dollar continues to benefit from risk-off sentiment but remains stuck in recent ranges The White House is asking Congress to pass another $1 trln stimulus plan by early August; President Trump hosts Mexican President AMLO for a two-day visit Chancellor Sunak addresses UK Parliament today; Brexit talks continue; Nigeria devalued its official exchange rate yesterday RBNZ is considering an extension...

Swiss Franc The Euro has risen by 0.12% to 1.063 EUR/CHF and USD/CHF, July 8(see more posts on EUR/CHF, USD/CHF, ) Source: markets.ft.com - Click to enlarge FX Rates Overview: The S&P 500’s longest advance this year was stopped seemingly as concern that the flare-up in the virus will slow the recovery. The sell-off in airlines and hotels helped spur a broader bout of profit-taking. Most Asia Pacific bourses advanced, led by the continued rally in Hong Kong...

07.07.2020 – Foreign demand was strong in 2019. The income side of the tourism balance of payments grew, reaching a record level of CHF 17.8 billion. At the same time, people living in Switzerland did not increase their expenditure when travelling abroad, despite price conditions that were more favourable. The tourism balance of payments was negative at CHF -798 million, according to initial estimates from the Federal Statistical Office (FSO). Saldo der...

Die Eidgenössische Finanzmarktaufsicht FINMA erteilt OSIF und OSFIN die ersten Bewilligungen als Aufsichtsorganisationen, zuständig für die Aufsicht über Vermögensverwalter und Trustees. Weiter liess sie die erste Registrierungsstelle für Kundenberaterinnen und Kundenberater zu. Das Eidgenössische Finanzdepartement anerkannte ausserdem die ersten Ombudsstellen nach FIDLEG für Finanzdienstleister. Die FINMA erteilt dem Organisme de Surveillance des Instituts...

In recent years locals in Lucerne have protested against overtourism in their city. © Keystone / Alexandra Wey Some popular travel destinations have enjoyed the break – however temporary – from tourist crowds following Covid-19 restrictions. Others hope the hordes will return soon. Switzerland had not yet opened its border with Italy when its southern neighbour unexpectedly announced that Swiss citizens could enter the country starting on June 3. A day later, Sylvain...

On June 29, the German parliament reacted as parliaments normally do when there is a problem, namely, by allowing the government to spend more. In order to respond to the economic difficulties due to the corona epidemic and the government restrictions, it passed a typical Keynesian stimulus package in order to boost aggregate demand. The self-set goal of the economic stimulus package is to lead the German economy back to a “sustainable growth path…that will secure...

Swiss Franc The Euro has fallen by 0.10% to 1.064 EUR/CHF and USD/CHF, July 7(see more posts on EUR/CHF, USD/CHF, ) Source: markets.ft.com - Click to enlarge FX Rates Overview: The S&P 500 rallied 1.6% yesterday to extend the streak to a fifth consecutive session, and the longest of the year and completed the negation of a bearish technical pattern. However, the main feature today is a wave of profit-taking on risk assets. Most equity markets moved lower in...