Although high-speed Internet access is easy, the home telework is still the exception in Switzerland: in 2015 only 2.7% of the working population worked from home comfortably. Reading in a complete statistics, from 2001 to 2015 the number of "teleworkers" people has quadrupled, reaching a height of 120,000, as the Federal Statistical Office (FSO) indicates in his report "The home telework in Switzerland, 2001- 2015 ".
This morning the Swiss Consumer Price Index came out in line with the analysts’ expectations (0.1% vs 0.2% expected MoM and -0.4% vs -0.4% expected YoY). The figure is, in absolute value, very low and comparatively, it is located in the average of what we experienced since 2010. This does confirm what we explained with the Foreign Currency Reserves, which was the highest number ever for the SNB.
The Bilderberg Club which brings together the powerful of the earth, by the big economic and finance to policy, from industrial to the most influential personalities of the media world, will meet from June 9 to June 12 in Dresden, Germany, and will have at the center of discussions the possible exit of the UK from the EU, the so-called Brexit, and the secret and controversial transatlantic treaty of free trade between the EU and USA.
The SNB foreign currency reserves came out this morning. They were significantly higher than the previous month (602.1bn vs 587.6bn CHF). This is the highest number ever for the SNB, which keeps increasing its reserves since early 2009 and dramatically accelerated since 2012. This shows what, intuitively, we thought: the SNB is still intervening massively to stabilize the EURCHF exchange rate, which is trapped in the 1.10-1.11 range since late April, and almost always above 1.09 since January. And this is not going to stop.
Change of ownership for the brand of candy Rossana: the Nestlé Group has signed a preliminary agreement for the sale to Fida, an Italian company with headquarters in Asti, the business unit relating to the Rossana brand candies, Fluxes, Glacia, Fruttallegre, lemoncella and cloves. Nestlé, according to a joint statement, has chosen the proposal submitted by Fida, Asti company established in 1973 which operates exclusively in the candy industry.
The World Bank has cut its global economic growth forecasts and subscribed to cut forecasts operated by other supranational institutions, due to the uncertainty of the macroeconomic scenario. The new estimate indicates an increase of 2.4% compared to 2.9% previously indicated. Growth readjusts well to the levels of 2015, and will tend to rise to 2.8% in 2017 and 3% in 2018.
The yield on German 10-year Bund retouchs historic low. The record marked yesterday with an interest of 0.47% has been canceled today at the start of trading on European markets. The yield on the Bund falls to 0.33% and approaches the fateful zero. All government bonds of the euro area are well procured from a few sessions but not with the intensity of the German 10-year. Meanwhile, today part of the plan purchases of corporate bonds non-bank by the ECB as part of the Qe and with the goal of bringing in 80 billion euro monthly purchases. Among the operators some fear that the Eurotower not reach at least 5 billion of corporate bonds and the level below € 3 billion would be read as a failure.
The output from the Union is likely to cost the UK exporters 5.6 billion pounds - about 7.2 billion Euros, if not longer as a result of exchange rate volatility, in additional customs duties. To launch this new cost warning of a possible vote by the EU for the divorce was the Director General of the WTO, Roberto Azevedo. Azevedo has clarified such as London, in case of Brexit, should renegotiate their agreements from scratch.
The Kremlin leader Vladimir Putin gave his welcome address to the International Economic Forum in St. Petersburg. during the presentation speeches. "The global economy is increasingly influenced by political and social factors," said the Russian president in the welcome message to the event which will take place from 16 to 18 June. As communicated to the president of the European Commission, Jean-Claude Juncker from Brussels should be present.
Facebook is also involved in the referendum on Brexit, which will see the UK go to the polls next June 23 to decide whether to remain in the European Union. The popular social network has decided to side openly with an alert sent to citizens under 45 years, statistically mostly against Brexit, to register before the deadline of this evening to participate in the referendum of 23 June. Collecting approximately 100 thousand favorable responses from users who have immediately followed the advice. In one day there were 155 thousand people: 52 thousand between 18 and 24 years, 68 thousand from 25 to 34 and 35 thousand from 35 to 44. It is more than three times what they had done in previous days: According to The Times, three fifths were convinced by Facebook.
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