Since reflation trades topped out between December and February, Cyclical sectors and Financials have underperformed. During this period, growth stocks and especially Big Technology have widely outperformed, followed by Consumer Discretionary, also a growth sector, as well as Defensive sectors (Staples, Healthcare, Utilities). We believe that these rotations should reverse during the Summer, as Growth and Defensives handover to Financials and Cyclical and give life to a second leg up for reflation assets towards early 2018.
The US economy expanded at a stronger-than-initially-expected pace in the March quarter amid higher consumer spending. The Commerce Department reported on Thursday that the domestic economy grew at an annualised pace of 1.4% in the Q1 of 2017, following the preceding quarter's expansion of 2.1% and surpassing the prior estimate of 1.2% growth.
Banks in Switzerland saw their profits nearly halve to CHF 7.9 billion in 2016 amid continuing global pressure on their famed secrecy walls. Surprisingly, the overall customer deposits, domestic as well as foreign, rose in Swiss banks. The staff count, however, was down, as the number of banks, which declined again last year, from 266 to 261, for the fourth year in a row. While two new banks came up seven moved out from the list, as per the annual statistics released today by Zurich-based Swiss National Bank (SNB), the country's central banking authority.
In June 2017, the KOF Economic Barometer rises by 3.5 points (from revised 102.0 in May) to 105.5. It thus largely recovers from the substantial decrease in the previous month. Accordingly, the short-term outlook for the Swiss economy suggests above-average growth rates.
Nobel Prize winning-economist Robert Shiller says the U.S. equities markets are "quite high" currently but may go even higher in coming months, and that's why he's not exiting the market completely. He was reffering to the valuations measured by the cyclically adjusted price-earnings (or CAPE) ratio he developed with John Campbell. In fact, the only times they have been higher were in 1929 and 2000, the Yale professor said. Both years saw historic market crashes. The metric compares current prices to average earnings over the past 10 years adjusted for inflation.
China’s central bank, the People’s Bank of China (PBoC), is working on a prototype of a cryptocurrency that it could end up in circulation in the near future. Hovewer, there is currently no timetable for this, and the bank seems to be proceeding cautiously. It would be introduced alongside the China’s primary currency the renminbi. China will be simulating possible scenarios and running mock transactions using the cryptocurrency with some commercial Chinese banks.
Nike, the world's largest footwear maker, said on Thursday it would launch a pilot program with Amazon.com to sell a limited product assortment on its website. In a call with analysts Thursday, Nike CEO Mark Parker said that Amazon would carry "a limited Nike product assortment" of footwear, apparel, and accessories, and that Nike was seeking to improve its presence on the e-commerce site. "We're in the early stages, but we really look forward to evaluating the results of the pilot," Mr. Parker said.
Greek and Turkish Cypriot leaders restarted negotiations on Wednesday for the island’s reunification. Cyprus is divided for the last 43 years, following an invasion by Turkey in 1974, triggered by a coup backed by the Greek Colonel’s regime. Greek Cypriot leader Nicos Anastasiades and Turkish Cypriot leader Mustafa Akinci met in the Swiss Alpine resort of Crans-Montana, joined by senior U.N. and European Union officials and the foreign ministers of Greece and Turkey. The conference brings all the main players to the table – including representatives from Cyprus’ guarantor powers, Greece, Turkey and Britain – in what is being billed as an arena “for big and lasting decisions”.
Monaco, the home of the Grand Prix, was by far and away the leader of cities with millionaires as some 30.6% of people living in the city have a net worth over $1m, according to Business analysis service Verdict and GlobalData WealthInsight. The study calculated millionaire density based on the percentage of residents with assets over $1m, excluding the value of the first home. Geneva and Zurich ranked in second and third, but density was well under that of Monaco’s, with 6% and 5.2% respectively. They fell significantly on the previous year, however, when Geneva had 17.7% density and Zurich has 24.3%.
Trinidad & Tobago is the last remaining tax haven in the world, according to Organisation for Economic Co-operation and Development (OECD). The Paris-based body said the caribbean state is the sole "non-compliant" tax jurisdiction of a list of 15 regions it has complied, a statement many will view as controversial. It said that compared to last year, 13 jurisdictions have now become "largely compliant". Precisely, they are: Andorra, Antigua and Barbuda, Costa Rica, Dominica, the Dominican Republic, Guatemala, the Federated States of Micronesia, Lebanon, Nauru, Panama, Samoa, the United Arab Emirates and Vanuatu. According to the report, the Marshall Islands are "partially compliant".
Cet événement, organisé par Business and Professional Women (BPW) Switzerland, le magazine L'Agef
La relazione con le banche, le aspettative delle parti e le problematiche pratiche
Trust, fondazioni e altri istituti di pianificazione
Die Investora Zürich bringt das Top-Management von börsenkotierten Schweizer Firmen mit Small- und
Dieser Intensivkurs bietet Ihnen praxisorientierten Uberblick der modernen konzepte, die Sie als ins
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