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Credit Suisse chairman Urs Rohner announces the findings of the bank’s investigation into the surveillance affair. The usually discrete world of Swiss private banking has been shaken by spying revelations at Credit Suisse, the country’s second largest wealth manager. Chairman Urs Rohner has acknowledged that the sordid affair has damaged the reputation of the bank and the Swiss financial centre. Despite Rohner’s profuse apologies, and the bank pinning the blame...

With China closed for its National Day Golden Week holiday, the stage was set for Japan to steal the market spotlight. If only briefly. The Bank of Japan announced last night that it had had enough of the JGB curve. The 2s10s very nearly inverted last month and BoJ officials released preliminary plans to steepen it back out. Japan’s central bank says that it might refrain from buying JGB’s at the long end. This is upside down from when YCC was first attached to QQE...

  Chaos in Overnight Funding Markets Most of our readers are probably aware that there were recently quite large spikes in repo rates. The events were inter alia chronicled at Zerohedge here and here. The issue is fairly complex, as there are many different drivers at play, but we will try to provide a brief explanation. There have been two spikes in the overnight general collateral rate – one at the end of 2018, which was a first warning shot, and the one of last...

Dear readers, SNBCHF has changed sending service. If you are missing the daily newsletters, please look in your spam or quarantine program. Related posts: FX Daily, June 18: Draghi Ends Calm Ahead of FOMC, Sending the Euro and Yields Down The Economy Has Fundamentally Changed in the 21st Century–and Not for the Better Here’s How We Are Silenced by Big Tech USD/CHF technical analysis: Greenback jumps and settles above 0.9726...

Swiss Franc The Euro has risen by 0.66% to 1.0928 EUR/CHF and USD/CHF, October 2(see more posts on EUR/CHF, USD/CHF, ) Source: markets.ft.com - Click to enlarge FX Rates Overview: Shockingly poor ISM data sent shivers through the market on Tuesday and hand the S&P 500 its biggest loss in five weeks and took the shine off the greenback. The S&P 500 reached a five-day high before reversing course and cast a pall over today’s activity. All the markets were...

02.10.2019 – The consumer price index (CPI) fell by 0.1% in September 2019 compared with the previous month, reaching 102.0 points (December 2015 = 100). Inflation was +0.1% compared with the same month of the previous year. These are the results of the Federal Statistical Office (FSO). The decrease of 0.1% compared with the previous month can be explained by several factors including falling prices for foreign package holidays and petrol. The prices of airfares and...

(bloomberg) Credit Suisse Group Chief Operating Officer Pierre-Olivier Boueeexternal link has resigned following a spying scandal that has rocked Switzerland’s financial circles and which the lender said caused severe reputational damage to the bank. Bouee, a long-time associate of Chief Executive Officer Tidjane Thiam, assumed responsibility for the surveillance of former Credit Suisse executive Iqbal Khan along with the bank’s head of security. The board of...

The US repo market appears to finally be normalizing. The low pace of normalization is concerning and so a more permanent solution may be needed to head off similar problems at year-end. We do not think this issue has any implications for the economic outlook, which we continue to view as solid. RECENT DEVELOPMENTS The repo market provides an efficient, reliable, and predictable channel to raise short-term funding. It is but one part of a larger short-term funding...

Swiss Franc The Euro has risen by 0.17% to 1.0893 EUR/CHF and USD/CHF, October 1(see more posts on EUR/CHF, USD/CHF, ) Source: markets.ft.com - Click to enlarge FX Rates Overview: The US dollar is rising against nearly every currency today as global growth concerns deepen. Japan’s Tankan Survey showed large manufacturers confidence is a six-year low. The Reserve Bank of Australia cut 25 bp as widely expected and kept the door open for more. The final EMU PMI...

01.10.2019 – Turnover adjusted for sales days and holidays rose in the retail sector by 1.3% in nominal terms in August 2019 compared with the previous year. Seasonally adjusted, nominal turnover fell by 1.6% compared with the previous month. These are provisional findings from the Federal Statistical Office (FSO). Real turnover adjusted for sales days and holidays fell in the retail sector by 1.4% in August 2019 compared with the previous year. Real growth takes...