SNB & CHF

24.03.2016 09:15  - FSO, Economic structure and analyses (0353-1602-90) Bankruptcy Statistics 2015 Increase in the number of bankruptcies Neuchâtel, 24.03.2016 (FSO) – The number of bankruptcy proceedings opened in 2015 rose to 13,016 cases, a 9.9% increase compared with 2014. The Lake Geneva region was particularly affected by this trend. Overall, this upsurge is due mainly to bankruptcies of persons registered in the Commercial Registry. Over the same period the number of debt collection...

The euro's rallied shortly after the ECB announced numerous monetary measures that in their totality were more than expected.  Many saw this as proof that monetary policy had lost its effectiveness, and central banks have lost credibility.    Recall summer of 2012.  The market anticipated another round of asset purchases by the Federal Reserve.  The euro rallied from about $1.2050 in late July to $1.30 on September 13 when Bernanke announced the open-ended QE3.  The euro peaked two days...

Of the many rules prescribed for investment success, the most golden of all is to cut your losses before they get too big. As this bearish market is teaching us, it is a rule that is always best kept to! The speculator and dancer (!) Nicolas Darvas gave us ideas how to set the stop-loss. If you read this Newsletter regularly, you will already have appreciated its importance. You may have also witnessed the peaking and catastrophic falls of such market favorites as Weight Watchers (WTW)...

The UK referendum is three months away.   Three-month options are a common benchmark for various market segments; from speculators, to fund managers to corporations.  Events over the past week have raised the risks that the UK votes to leave the EU. The market has responded forcefully today, and even if you only follow the spot market, what is happening in the options market is significant.  First, three-month volatility has jumped 2.6 percentage points to 14.5%.  It appears to be the...

An ill-conceived strategy undermined by mismanagement and bad fortune is increasing the risks that the UK votes to leave the EU in June.    Nearly everything that could, has gone wrong for UK Prime Minister Cameron. While many investors have anticipated the UK would remain in the EU, the increased risks will likely weigh on sterling, with potential for sharp losses.  Sterling is already the worst performer among the majors here in Q1.  It is from 3.3% which is more than twice the loss of...

Until last September, the Federal Reserve seems to play down the market-based measures of inflation expectations, preferring the surveys that showed views were anchored.    At the September 2015 FOMC meeting where the Fed had been expected to tighten until the August turmoil, officials cited among other considerations, the decline in market-based measures of inflation expectations.   There are many problems with using the spread between conventional Treasuries and the inflation-linked...

A series of attacks at Brussels airport and metro casts a pall over the market.  The attacks come as Europe prepares what for many will be a long holiday weekend.  Gold, the dollar and yen seem to have been the beneficiaries.   Bonds are generally firmer and equities lower.   However, in late morning activity in London, the markets began stabilizing.  Sterling remains the weakest of the major currencies.  It is nearly as much as it was yesterday (0.7%) against the dollar.  Osborne has...

22.03.2016 09:15  - FSO, Economic Surveys (0353-1601-50) Labour costs 2014 Labour costs in Switzerland: marked differences according to enterprise size Neuchâtel, 22.03.2016 (FSO) – In 2014, average labour costs in Switzerland amounted to CHF 59.60 per hour worked across the secondary and tertiary sectors. According to the Federal Statistical Office (FSO), costs vary considerably from one sector to another and are influenced by enterprise size. Download this press release (pdf, 129 KB)...

22.03.2016 09:15  – FSO, Health (0353-1603-60) Assisted reproductive technology in 2014: definitive data Uptake of in-vitro fertilisation on the rise again Neuchâtel, 22.03.2016 (FSO) – In 2014, 6269 couples wishing to have children turned to in-vitro fertilisation. This resulted in the birth of 1955 live children. These figures are slightly higher than those for 2013 but remain lower than those observed between 2009 and 2012. These are some of the latest results of the assisted...

Es war einmal ein Bauer. Willy hiess er. Er hatte einen Hof, 65 Kühe, seine Frau Vreneli, einen anständigen und allseits respektierten Fuhrpark, war glücklich, zufrieden und wohlhabend. Dann kam die Wende auf dem Milchmarkt: Milch kam ausser Mode. Er wusste nicht wie weiter und suchte Rat bei seinem Knecht Christian. Christian empfahl im Rahmen des Fitnessprogramms “Farm95” einen Teil der Kühe zu verkaufen. Es blieben noch 42. Der Milchertrag war noch gut. Nach der Jahrtausendwende kam...