Monday , August 2 2021
Home / Tag Archives: 2) Swiss and European Macro

Tag Archives: 2) Swiss and European Macro

Weekly View – Staying on script

Big US banks released their 2Q earnings last week. The figures were good thanks to robust growth in investment-banking income as well as a drop in loan-loss provisions. But banks also reported that wage costs were beginning to rise, and while a booming housing market has boosted mortgage-loan business, the renewed retreat in long-term yields has been a drag on interest income. In the main, however, the message from US banks is that business is good as a strong...

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Swiss Trade Balance Q2 2021: export record

We do not like Purchasing Power or Real Effective Exchange Rate (REER) as measurement for currencies. For us, the trade balance decides if a currency is overvalued. Only the trade balance can express productivity gains, while the REER assumes constant productivity in comparison to trade partners. Who has read Michael Pettis, knows that a rising trade surplus may also be caused by a higher savings rate while the trade partners decided to spend more. This is partially...

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Swiss Producer and Import Price Index in June 2021: +2.9 percent YoY, +0.3 percent MoM

13.07.2021 – The Producer and Import Price Index rose in June 2021 by 0.3% compared with the previous month, reaching 102.7 points (December 2020 = 100). In particular, basic metals and semi-finished metal products, scrap and petroleum products saw higher prices. Compared with June 2020, the price level of the whole range of domestic and imported products rose by 2.9%. These are the results from the Federal Statistical Office (FSO). In particular, higher prices for...

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Swiss Consumer Price Index in May 2021: -0.6 percent YoY, +0.1 percent MoM

01.07.2021 – The consumer price index (CPI) increased by 0.1% in June 2021 compared with the previous month, reaching 101.1 points (December 2020 = 100). Inflation was +0.6% compared with the same month of the previous year. These are the results of the Federal Statistical Office (FSO).The 0.1% increase compared with the previous month is due to several factors including rising prices for fruiting vegetables. International package holidays also recorded a price...

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Swiss Retail Sales, May 2021: +2.3 percent Nominal and +2.8 percent Real

01.07.2021 – Turnover adjusted for sales days and holidays rose in the retail sector by 2.3% in nominal terms in May 2021 compared with the previous year. Seasonally adjusted, nominal turnover fell by 1.9% compared with the previous month. These are provisional findings from the Federal Statistical Office (FSO). Real turnover adjusted for sales days and holidays rose in the retail sector by 2.8% in May 2021 compared with the previous year. Real growth takes...

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Swiss Consumer Price Index in May 2021: +0.6 percent YoY, +0.3 percent MoM

07.06.2021 – The consumer price index (CPI) increased by 0.3% in May 2021 compared with the previous month, reaching 101.0 points (December 2020 = 100). Inflation was +0.6% compared with the same month of the previous year. These are the results of the Federal Statistical Office (FSO).The 0.3% increase compared with the previous month is due to several factors including rising prices for housing rentals. International package holidays also recorded a price increase,...

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Swiss Trade Balance April 2021: Exports Stagnate at a High Level

After jumping 5.9% in March, exports stagnated in April, however, rising to a high level of 20 billion francs. Imports confirmed their vitality in previous months, up 3.5% to 16.8 billion francs (actual: + 2.2%). The trade balance closes with a surplus of 3.3 billion francs. Switzerland Trade Balance, April 2021(see more posts on Switzerland Trade Balance, ) Source: Investing.com - Click to enlarge [embedded content]...

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Employment Barometer in the Q1 2021: Fell for the fourth Consecutive Time – but Outlook is Positive

27.05.2021 – In the 1st quarter 2021, total employment (number of jobs) fell for the fourth time in a row compared with the same quarter a year earlier (–0.6%; –0.2% compared with previous quarter). In full-time equivalents, employment in the same period declined by 0.7%. There are, however, signs of improvement in the employment situation: The Swiss economy counted 4000 more vacancies than in the corresponding quarter of the previous year (+6.0%) and the employment...

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Where Europeans Get To Work From Home

The social distancing measures introduced in response to the Covid-19 pandemic has forced many people to work from home and accelerated the trend of remote working. Eurostat have released some interesting new data showing the share of employed people aged between 15 and 64 in Europe who usually do home office. As Statista’s Miall McCarthy notes, over the past decade, that has been hovering at around five percent and the pandemic has seen it rise to 12.3 percent....

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Swiss Producer and Import Price Index in April 2021: +1.8 percent YoY, +0.7 percent MoM

The Producer Price Index (PPI) or officially named “Producer and Import Price Index” describes the changes in prices for producers and importers. For us it is interesting because it is used in the formula for the Real Effective Exchange Rate. When producers and importers profit on lower price changes when compared to other countries, then the Swiss Franc reduces its overvaluation. The Swiss PPI values of -6% in 2015 (see below), compared to -3% in Europe or -1% in...

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