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Signs from last week’s SURE programme to finance partial unemployment schemes are highly encouraging for the EU’s plans for recovery fund issuance which could start, we believe, in mid-2021. Last week’s SURE issue was close to 14 times oversubscribed at a rate lower than that for French government bonds of comparable duration. We believe this sale marks the arrival of a major new sustainable asset that benefits from the highest rating. An increase in ECB bond...

[embedded content] Alhambra’s’ Bob Williams describes Charitable Remainder Trusts and how they can be used as a planning tool to create a win-win for you and charities. You Might Also Like What The PMIs Aren’t Really Saying, In China As Elsewhere China’s PMI’s continue to impress despite the fact they continue to be wholly unimpressive. As with most economic numbers in today’s stock-focused...

Does it matter if we call irreversibly comatose patients “dead?” Our guest is Doyen Nguyen, OP, MD, STD. Dr. Nguyen was previously an academic hemato-pathologist and is currently a Catholic moral theologian and bioethicist. She has authored books and articles both in medicine and in moral theology/bioethics and authored a 600-page monograph that takes a critical look at brain death from a variety of perspectives. SHOW NOTES Nguyen D. The New Definition of Death...

Swiss Franc The Euro has fallen by 0.05% to 1.0717 EUR/CHF and USD/CHF, October 26(see more posts on EUR/CHF, USD/CHF, ) Source: markets.ft.com - Click to enlarge FX Rates Overview: The surging virus ravaging large parts of Europe and the United States is fanning concerns over the economic implications as new social restrictions and curfews are announced in several countries. US additional fiscal support remains elusive as aid for states and local governments...

© Dnaveh | Dreamstime.com Land use is strictly governed in Switzerland. However, a new initiative, which aims to increase construction restrictions further, recently gathered enough signatures to qualify for a a popular vote. The initiative, dubbed the countryside initiative, was officially registered after gathering 104,487 valid signatures, more than the 100,000 that must be collected within 100 days to qualify for a referendum. The federal law on land management...

EM FX took advantage once again of broad dollar weakness. Most EM currencies were up last week against the dollar, with the only exceptions being ARS, TRY, INR, THB, PEN, and MYR. We expect the dollar to remain under pressure this week and so EM should remain bid. However, the growing spread of the virus in Europe and the US supports our view that Asia is likely to continue outperforming. AMERICAS Chile held a referendum Sunday on whether to draft a new constitution....

© Martinmark | Dreamstime.com On Sunday 25 October 2020, Geneva’s HUG hospital issued a call for volunteers as the number of Covid-19 patients rises rapidly. The hospital seeks medical, care and administrative volunteers to bolster and relieve their staff. In addition, they seek those who might have recently retired or who are on leave. Bertrand Levrat, the hospital’s chief, said that it’s highly likely that the hospital’s peak number of 550 Covid-19 patients reached...

© Axel Bueckert | Dreamstime.com Today, Germany announced it had added Switzerland to its list of Covid-19 risk countries, effective from 24 October 2020. Until now only certain Swiss cantons were on Germany’s list. The Robert Koch Institut, Germany’s health authority, advises German residents against non-essential travel to Switzerland. Other new additions to Germany’s list include Liechtenstein, Ireland, Poland, Great Britain, Northern Ireland, Gibraltar and much...

They should be drooling over the prospects of a clearing path toward normality. The pain and disaster of 2020’s economic hole receding into a more pleasant 2021 which would have been in position to conceivably pay it all back before any long run damage. Getting back to just even with February instead is becoming a distant probability, the kind of non-transitory shortfall with which we’ve grown far too accustomed. Therefore, “they” now salivate (reported to be...

Part II of II Outlook and wider impact As showcased during the debates and in the entire campaign rhetoric, politicians in the US but also in Europe, are solely focused on promoting solutions that only serve to paper over the problems and address the symptoms of the disease. From “covid checks” to rent relief, and everything in between, all their proposed “fixes” are only providing some temporary breathing room to those millions of citizens affected by the economic...