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Stock Markets EM FX ended Friday on a firm note, capping off a generally softer week overall. TRY and PHP were the best performers last week, while CLP and ZAR were the worst. US core PCE, ISM manufacturing, FOMC meeting, and jobs data all pose risks to EM this week. We remain a bit defensive on risk assets in general now. Stock Markets Emerging Markets, April 25 - Click to enlarge Korea Korea reports March IP...

– Russia buys 300,000 ounces of gold in March and nears 2,000t in gold reserves – Russia now holds just over 1,861 tonnes, more than officially reported by China at 1,842t – Both Russia and China have the power to destabilise US dollar by dumping dollar-denominated assets – Turkey has removed all gold held in the U.S. opting for Bank of England and BIS  – Turkey follows trend set by both Germany, Netherlands and others...

For those who fly regularly, living close to an airport might be convenient, but it’s also noisy. © Ifeelstock | Dreamstime.com - Click to enlarge To reduce noise, Basel-Mulhouse airport has decided to reduce the number of flights taking off between 11pm and midnight by half, according to a press release. Unlike Geneva airport, which is located entirely on Swiss soil but still operates a French side, Basel-Mulhouse,...

 L’endettement mondial, qui a atteint 164.000 milliards de dollars en 2016 et représente 225% du PIB mondial, représente un risque pour l’économie, a prévenu mercredi le FMI. Le monde est désormais 12% plus endetté que lors du précédent record en 2009 », a déploré le FMI. (Crédits: afp) - Click to enlarge L’endettement mondial atteint des records, sous l’impulsion de la Chine, au point de dépasser largement les...

Family Offices and HNWs Are Investing In Gold Again – Rising interest by family offices and high-net-worth (HNW) into gold bullion investments – Gold ETF assets have reached almost $100 billion due to HNWs and pension funds’ increased demand – Volatility in equities, concerns over trade wars, Trump’s Presidency and other economic worries are spurring demand for gold coins and bars – Prudent money ‘trickle’ back into...

Another ECB meeting, another balanced message of confidence and prudence. Unsurprisingly, the statement mentioned the deterioration in the data flow since March, but our impression is that the ECB is largely brushing off concerns about a soft patch in the economy for the moment. Indeed, Mario Draghi described the recent “moderation” in growth as the result of a pullback in sentiment from elevated levels, with economic...

The cantons of Neuchâtel (14.7%) and Geneva (14.6%) have the highest percentages of taxpayers owing money, according to the newspaper SonntagsBlick. © Siriporn Kaenseeya | Dreamstime.com - Click to enlarge Fribourg (12.6%), Bern (9.5%) and Luzern (6.5%) complete the top-five. Vaud (5.9%), Basel-City (5.5%) and Zurich (2.4%) are further down. Aargau (2.0%) and Uri (1.0%) sit at the bottom with fewest with oustanding tax...

The term itself gives it away. They called it quantitative easing for a specific reason. Both words mean to convey substantial concepts. The first part, quantitative, was used because it sounds deliberate, even scientific. It implies a program where great care and study was employed to come up with the exact right amount. It’s downright formulaic, where you intend that by doing X you can predictably create Y. The...

Monetas founder Johann Gevers told investors he has found a replacement buying after an earlier deal fell through. (Nik Hunger) - Click to enlarge Troubled Swiss blockchain payments firm Monetas has found a new mystery buyer to pull it out of the mire, swissinfo.ch has learned. The company has run into major problems in the last few months, including enforced bankruptcy proceedings and the acrimonious...

The increasing volatility of SNB Earnings Annual results are not really definite. Given that the SNB accumulates foreign currencies with interventions, they have huge swings. But the SNB may lose 50 billion in one year and win 60 billion in the next year or vice verse. Good years of the Credit Cycle This trend was stopped in 2016, even without the need for a cap on the franc. But one should consider that we are in the...