SNB & CHF

Selling in May, With Precision If you “sell in May and go away”, you are definitely on the right side of the trend from a statistical perspective: While gains were achieved in the summer months in three of the eleven largest stock markets in the world, they amounted to less than one percent on average. In six countries stocks even exhibited losses! Only in two countries would an investment represent an interesting...

Summary China’s government approved the creation of a bond link between Hong Kong and the mainland. S&P upgraded Indonesia one notch to investment grade BBB- with stable. Fitch revised the outlook on Vietnam’s BB- rating from stable to positive. Egypt will announce a package of social spending soon. Moody’s changed the outlook on Poland’s A2 rating from negative to stable. Brazil press reported that meat-packing...

Zurich – © Europhotos | Dreamstime.com Six Swiss regions make the top ten most prosperous regions of Europe measured in terms of GDP per person, according to an analysis by the University of Lausanne. The six Swiss regions are Zurich (3rd), Ticino (4th), Basel (5th), the region around Zug (6th), Bern-Solothurn (7th) and Suisse romande, Switzerland French-speaking region (8th). The only regions ranked higher were...

In 2016, withdrawals of gold from the Shanghai Gold Exchange totalled 1970 tonnes, the 4th highest annual total on record. This was 24% less than SGE gold withdrawals recorded in 2015, which reached a cumulative 2596 tonnes (See Koos Jansen’s  6 January 2017 blog at BullionStar “How The West Has Been Selling Gold Into A Black Hole” for more details of the 2016 withdrawals). SGE gold withdrawals are an important metric...

Second, and ultimately, Maron’s success will depend on his ability to revive the French economy. The French economy has been a lagged for several years.  The unemployment rate is near 10%, more than twice the UK and US rate.  The German unemployment rate is below 6%, and the lowest since unification.  Macron will likely emphasize labor market reforms and tax cuts. France Unemployment Rate, Q1 2017(see more posts on...

Retail sales estimates are not adjusted for inflation, but even so whenever they get down toward the 3% growth level you can be sure there is serious economic trouble. The 6-month average for overall retail sales dropped below 3% in March 2001, the month that marked the start of the official dot-com recession (though that is not the official name for the cyclical peak, it probably should be). They would remain near or...

Judging from investors’ reactions, the only thing worse that than the low volatility environment is when volatility spikes higher, as it did yesterday. Higher volatility is associated with weakening equity markets, falling interest rates, pressure on emerging markets, a strengthening yen and, sometimes, as was the case yesterday, heavier gold prices. A fragile stability has enveloped the markets after US equities...

Neuchâtel, 15.05.2017 (FSO) – In 2015 approximately 570 000 people were affected by income poverty in Switzerland. Just under 145,000 of these were employed. The groups most affected were persons living alone or in single parent households with minor children, persons with no post-compulsory education and those living in households where no-one works. The poverty rate has hardly changed when compared with the previous...

Neuchâtel, 15.05.2017 (FSO) – In 2015 approximately 570 000 people were affected by income poverty in Switzerland. Just under 145,000 of these were employed. The groups most affected were persons living alone or in single parent households with minor children, persons with no post-compulsory education and those living in households where no-one works. The poverty rate has hardly changed when compared with the previous...

The numbers of farms in Switzerland has halved since 1980 - Click to enlarge The trend for fewer but larger farms continued in Switzerland last year, with the total number dropping by 990 to 52,263. While small and conventionally farmed businesses were throwing in the towel, organic agriculture flourished.  The number of jobs in farming dropped 1.3% to 153,400, of which two-thirds were full-time, the Federal...