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– London house prices falling at fastest pace since 2009 – Values fell by 2.6% in year through January – London house prices likely to be weakest in UK over next five years  – Inflated prices make London property more exposed to economic and political shocks – Worries over house prices are having a knock-on effect in wider economy– Physical gold to act as much needed hedge against falling property prices A new study by...

Q4 2017 In the fourth quarter of 2017, the current account surplus amounted to CHF 20 billion, or CHF 2 billion less than the year -back quarter. Lower receipts from investment income resulted in a slight expenses surplus on primary income (labour and investment income), which had shown a receipts surplus in the corresponding quarter of 2016. Moreover, the expenses surplus on secondary income (current transfers) rose....

Following the Swiss National Bank’s (SNB) publication of Switzerland’s balance of payments data for Q4 2017, in this note we look deeper into the Swiss current account to try to find out why Switzerland persistently runs a surplus and whether or not the current account balance can be used to assess the fair value of the Swiss franc. In 2017, the current account surplus stood at around 9.8% of GDP or CHF66bn. This was...

Swiss Franc The Euro has fallen by 0.07% to 1.1755 CHF. EUR/CHF and USD/CHF, March 27(see more posts on EUR/CHF, USD/CHF, ) Source: markets.ft.com - Click to enlarge FX Rates We argued that the talk of trade war was exaggerated. The confrontation, strong demands and a climb down is the Art of the Deal, and is part of the way the Trump Administration negotiates. We see striking parallels between the policymakers...

USD/CHF The USDCHF pair provided negative trades after 0.9488 proved its strength against the recent positive attempts, to keep the bearish trend scenario valid efficiently in the upcoming period, supported by the EMA50 that pushes negatively on the price, waiting to test 0.9373 initially. Breaking the mentioned level will extend the bearish wave to reach 0.9300 as a next station, while holding below 0.9488...

The agile fintech has so far been able to slip over EU borders (Loanboox) - Click to enlarge Award-winning Swiss fintech firm Loanboox is planning further expansion into Europe having obtained a foothold in Germany. The digital portal for matching institutions with investors plans a move into France and is also looking at other European markets. The Zurich-based company started off operations in Switzerland...

See the introduction and the video for the terms gold basis, co-basis, backwardation and contango. Smoke Signals Gold went up by 33 of the Master’s Notes, but silver went up only 22 of the His Cents. The rising gold-silver ratio is one thing we add to others that signal the not-good economy. Silver has industrial uses, but gold basically does not. So a rising ratio shows rising monetary demand relative to industrial...

Eurozone The investment meme of a synchronized global upturn has been undermined by the recent string of US and European economic data. The flash March eurozone composite reading fell to 55.3, the lowest reading since January 2017. Although Q4 17 US GDP may be revised higher (toward 2.8% from 2.5%) mostly due to greater inventory accumulation, the curse of weak Q1 GDP appears to be showing its hand again, with...

Today’s first batch of euro area March business surveys looks worrying at first sight. The drop in the euro area composite PMI index, from 57.1 to 55.3 in March (consensus: 56.8), was the second one in a row and the largest monthly decline in six years. New orders fell to a 14-month low. The correction in business sentiment was predominantly driven by the manufacturing sector, which could reflect broader concerns of a...

Swiss Federal Railways CEO Andreas Meyer presented the company's annual figures on Tuesday at a press conference in Bern. (Keystone) - Click to enlarge The Swiss Federal Railway’s net profit increased by CHF18 million ($19 million) to CHF399 million ($418 million) last year despite posting a loss in its troubled freight division. The company confirmed a previous decision to cut 800 freight jobs but plans to...