Switzerland's economy unexpectedly accelerated, while exports showed signs of resilience in 2015, despite a strong Swiss Franc, migrant crisis and adverse external environment undermined the country's performance. The Swiss economy expanded 0.4% in the fourth quarter of 2015, supported by consumption expenditure from private households and the public sector, according to the State Secretariat for Economic Affairs.
The ultra-low policy that a growing number of Central banks is pursuing is damaging the entire economic system. In his monthly Investment outlook Bill Gross warns investors about it and points out the way Janus Capital unconstrained portfolios deal with it.
Now things are changing, as more central banks are starting to charge institutional depositors instead of paying them. In theory, it’s just another step in efforts to prod economic growth by making borrowing cheap, or encouraging those with cash to use it rather than store it. But “negative” interest rates are something of an unknown quantity, making many wonder if the policy could backfire.
The European housing markets keep on the recovery path, albeit with differences amongst the single countries. Pushing sales and prices are favourable conditions like low interest rates and economic growth. The headwinds come from markets turmoils, risk aversion and concerns about the strength of the banking sector in some countries.
Swiss GDP numbers came out significantly better than economist’s had anticipated. Swiss exports which rose 3.9% QoQ and 9.5% YoY is the main driver for the beat. The fact the EURCHF gravitated between 1.07 and 1.0950 and USDCHF traded close to parity during that period may have given the Swiss economy some respite.
Moody's lowered the outlook on China's credit rating from stable to negative, citing a weakening of fiscal metrics and a continuing fall in foreign exchange reserves. The rating agency also noted uncertainty over the capacity of authorities to implement the reforms needed to address imbalances in the world's second-largest economy
• Gold's bullish momentum faded ahead of key resistance at 1253. The metal is pushing slightly higher. Hourly supports lies at 1211 (26/02/2016 low). Daily resistance can be found at 1263 (11/02/2016 high). • In the long-term, the technical structure suggests that there is a growing upside momentum. A break of 1392 (17/03/2014) is necessary ton confirm it, A major support can be found at 1045 (05/02/2010 low).
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