SNB & CHF

Swiss Franc The Euro has risen by 0.30% to 1.0686 EUR/CHF and USD/CHF, May 28(see more posts on EUR/CHF, USD/CHF, ) Source: markets.ft.com - Click to enlarge FX Rates Overview: The US Secretary of State’s announcement that the autonomy of Hong Kong could no longer be affirmed did not derail the rally in US equities. However, the threat of an executive order against social media companies may be discouraging follow-through buying, leaving US equities little...

Charles Hugh Smith on Meeting the Challenges of the “New Normal” World http://financialrepressionauthority.com/2020/05/27/the-roundtable-insight-charles-hugh-smith-on-meeting-the-challenges-of-the-new-normal-world/

Last week, German chancellor Merkel delivered a surprise about-face when she and French president Macron announced a proposal for a EUR 500bn recovery fund in the wake of the coronavirus crisis. The unprecedented plan involves the distribution of grants, rather than loans, to member states in economic need. The deal is far from done, however, as it is currently opposed by the EU ‘frugal four’, who insist on loans rather than grants, which would over-indebt...

Charles Hugh Smith on Meeting the Challenges of the “New Normal” World http://financialrepressionauthority.com/2020/05/27/the-roundtable-insight-charles-hugh-smith-on-meeting-the-challenges-of-the-new-normal-world/

Watches were among the poorest performing Swiss exports in April. (© Keystone / Gaetan Bally) Swiss watch exports slumped by over 80% last month, recording sales of just CHF329 million ($339 million) – compared with CHF1.76 billion in April 2019. Both exports and imports in all industries endured a predictably dire performance as Covid-19 resulted in national lockdowns. Figures from the Federal Customs Administrationexternal link on Tuesday revealed the gravity of...

While demand for public transport collapsed during Switzerland’s partial lockdown, bicycle usage soared across the country. But greater acceptance of cycling nationwide will depend on further political decisions and transport planning. Ernst Leuthold, the owner of a bike shop in Bern, can’t believe his eyes. “It’s amazing to see all these people who haven’t been on a bike for years and then suddenly feel the need to do so,” he declared. Daniel Schärer, director of...

Recent moves by China call into direct question the “one country, two systems” approach. Hong Kong assets have held up surprisingly well but we see turbulence ahead as US-China relations are set to deteriorate further. POLITICAL OUTLOOK Legislation was introduced last week that allows Beijing to directly impose a national security law on Hong Kong. Local legislative approval would be circumvented but Chief Executive Lam said Hong Kong authorities would fully...

The fragile ice shelf of speculative bets and debt clinging to the mountainside is making strange creaking sounds– will you listen or will you ignore it because ‘the Fed has our back’? Feast your eyes on the chart below of the Nasdaq 100 stock market Index, which is dominated by the six FAAMNG (rhymes with “famine”) stocks: Facebook, Apple, Amazon, Microsoft, Netflix and Google which now account for over 20% of the entire U.S. stock market’s capitalization. Notice...

By Dara O’Sullivan, Derrick Leonard, and Ilan Solot Covid-19 related measures for restricted markets remain largely unchanged this week. Philippines, Bangladesh and Kuwait have extended their lockdown periods, while Kenya and Nigeria continue to face limited liquidity. Please see trading comments below Sri Lanka: The Colombo Stock Exchange (CSE) resumed operations on May 11, 2020 following an extended period of closure. Foreign exchange trading is still permitted...

“There are no libertarians in an epidemic” crowed Atlantic reporter Peter Nicholas back on March 10, as he listed the numerous economic interventions the Trump administration was undertaking in the wake of the mounting COVID-19 crisis. This intervention, Nicholas declared, just goes to show you that whatever antigovernment talk one might talk, government intervention in the economy is “nothing new and, as may well prove the case this time around, it’s often...