"The problem is that the fake products today, have better quality and are cheaper than those who have the mark" Jack Ma, Alibaba guru said yesterday. China's largest portal of e-commerce has been repeatedly accused of being indifferent to the offering for sale of products that mimic the original: and do nothing to halt the trade. However the words Alibaba boss left aftermath. In fact the official disapproval of the Director of the Centre for Research on e-commerce Hangzhou Cao She promptly arrived. "For a few specific cases it may be true, but it is wrong to generalize the phenomenon" also "is inappropriate for someone of Jack's caliber But to say things like that."
It seems to start the comeback the Empire State index of New York, which last month had fallen into negative territory, signaling a sharp deterioration of conditions in the manufacturing sector of the state. The indicator, produced by the Federal Reserve of New York, came in May at +6.01 points resulting in a strong recovery compared to -9.02 in May. The figure today is even better than expected, which estimated a more limited recovery to -4 points.
The latest Fed minutes had opened the door to a second rate hike in response to continued solid consumer spending figures, an acceleration in demand for credit, and a squeeze on wages, as the US is almost in full-employment. However, the latest job creation figures (38,000) dashed hopes of a rapid rate hike.
Art Basel has announced it will produce a new report on the annual art market in collaboration with UBS. The author will be Clare McAndrew, the known economist for the report on the art market of TEFAF, which will stop sign. It is unknown if TEFAF will continue to produce a report and who will be the author.
Once again the Chinese A-Shares, the shares listed on the Shanghai and Shenzhen Stock exchanges in renminbi, the MSCI Emerging Markets. The index provider MSCI has again postponed the inclusion of local Chinese shares in its benchmark on global emerging stressing that the Asian giant has to do more to make its markets accessible to foreign investors. MSCI returns so for the third consecutive year the inclusion of A Shares and this year analysts gave a probability of greater inclusion to 50 percent, with Goldman Sachs who recently said that the odds were well 70 per cent believing that latest moves of the China Securities Regulatory Commission had dissolved concerns about the "beneficial ownership" of the shares held.
Swiss banks could benefit from a possible Brexit, while taking account of the turmoil that would affect the markets is what emerges in a conference organized by Reuters in Zurich today. "In the area of asset management, the Swiss would take advantage of a Brexit" the director of the Swiss branch of the consulting firm Boston Consulting Group says, whereas London is the city where more billionaires, from Asians to Russians.
Similarly to the Scottish independence referendum in 2014, markets are starting to get nervous two weeks from the Brexit vote. A single poll by an independent newspaper showing 55% in favour of Brexit, was enough to spur doubt among investors. The volatility on European markets spiked up and oil fell 3% last Friday. The EUR/CHF is also particularly affected with 1 month implied volatility reaching the highest level since the summer of last year.
Murdoch also intervenes in the referendum on Brexit through "Sun". The British newspaper largest circulation owned by Australian tycoon Rupert Murdoch, in fact invites voters to choose to leave the EU. The result of the referendum on 23 June, will have consequences far-reaching and important political and economic implications, as well as in defense, on migration flows and on diplomatic relations between London and the rest of the world. According to the latest polls in the campaign for the release of the UK from the European Union, the 'leave' option appears in the lead by about seven points on that 'remain'.
In an interview with the Italian newspaper Repubblica, Geert Lovink, a critic of the Dutch media, expressed some thoughts about the future of digital money: "In the UK electronic payments exceed those in cash. The Indian prime minister Narendra Modi says he wants to turn India into a cashless society. When we say goodbye to the bill? 'Payment systems and currencies will become largely, if not entirely, digital. New technologies will govern our wallets within ten or at most twenty years. The monetary system will not change with a reform but with an earthquake: there will be a crisis, an emergency and the elites try to impose a new system. With the bitcoin went something like this: the first cryptocurrency was launched after the 2008 "crisis.
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