FX Weekly Preview Warning: Treacherous Week Ahead

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All three of the major central banks met last week and confirmed that monetary policy would continue to diverge for at least another year. The clarity of the trajectory of monetary policy reduces the impact of high-frequency economic data. Source: snbchf.com

Emerging Markets: What Changed

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US-China trade tensions are rising. Pakistan devalued the rupee for a third time since December. Bulgaria will seek to join the eurozone banking union and ERM-2 simultaneously. The National Bank of Hungary appears to have tilted more hawkish. Newly elected Egyptian President El-Sisi shuffled his cabinet. Argentina has a new central bank chief after Federico… Read More

Gold Divergences Emerge

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Bad Hair Day Produces Positive Divergences. On Friday the ongoing trade dispute between the US and China was apparently escalated by a notch to the next level, at least verbally. The Trump administration announced a list of tariffs that are supposed to come into force in three week’s time and China clicked back by announcing… Read More

Union européenne. Les chiffres de la dette. LHK

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Le volume cumulée d’endettement de l’UE atteint en 2017 le chiffre respectable de 12, 46664 billions d’euros (à ne pas confondre avec le billion américain!). – Cela revient à un endettement cumulé de 12 466 640 000 000 euros, soit 12 trillions d’euros (référence de mesure US) Source: snbchf.com

Here We Go Again: Our Double-Bubble Economy

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The bubbles in assets are supported by the invisible bubble in greed, euphoria and credulity. Well, folks, here we go again: we have a double-bubble economy in housing and stocks, and a third difficult-to-chart bubble in greed, euphoria and credulity. Source: snbchf.com

Switzerland remains biggest offshore wealth centre

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The stock market boom boosted personal financial wealth around the globe by 12% last year – to the benefit of Switzerland. It is still the world’s biggest centre for managing offshore wealth at $2.3 trillion (CHF2.3 trillion). Figures revealed in a Boston Consulting Group report published on Thursday put the country ahead of Hong Kong… Read More

Swiss Unemployment Continues to Fall

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The number of registered unemployed in Switzerland dropped by 9% in May 2018 to a rate of 2.4%, down from 2.7% in April, according to a report by the State Secretariat for Economic Affairs (SECO). The rate in May 2018 was 22% lower than in May 2017. Source: snbchf.com

Recent Concerning Consumer Credit Trends Carry On Into April

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US consumers continue to recover from their debt splurge at the end of last year. Combined with still weaker income growth, the Federal Reserve estimates that aggregate revolving credit balances grew only marginally for the fourth straight month in April 2018. To put it in perspective, the total for revolving credit (seasonally adjusted) is up… Read More

Financial watchdog accuses Raiffeisen of major governance failings

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The Swiss Financial Market Supervisory Authority (FINMA) has concluded its investigation into Swiss bank Raiffeisen, saying it identified “serious shortcomings” in governance. “FINMA has found that the bank’s handling of conflicts of interest was inadequate,” the regulatory body said in a statementexternal link on Thursday. Source: snbchf.com

Chinese Inflation And Money Contributions To EM’s

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The People’s Bank of China won’t update its balance sheet numbers for May until later this month. Last month, as expected, the Chinese central bank allowed bank reserves to contract for the first time in nearly two years. It is, I believe, all part of the reprioritization of monetary policy goals toward CNY. How well… Read More

Remember This Friday The 13th – Americans Are More Optimistic About The Stock Market Than They Have Ever Been Before

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Happy days are here again for the U.S. economy – at least temporarily. On Friday, U.S. stocks hit another brand new record high. It seems like we are saying that almost every day lately, and most investors are absolutely thrilled by this seemingly endless surge. Global stocks are surging too – today world stocks hit a new record high for the 4th consecutive day in a row. But of course it isn’t just stock prices that are rising. As the week ended, pretty much everything was up, and we also got some good news about consumer sentiment. According to the new University of Michigan survey that was just released, U.S. consumers are the most optimistic about the economy that they have been since 2004…
The consumer sentiment index, a survey of consumers by The University of Michigan, rose to 101.1 in October, far ahead of the 95 economists polled by Reuters anticipated.
“Consumer sentiment surged in early October, reaching its highest level since the start of 2004,” Richard Curtin, chief econ..

Andy Xie Warns “The Bubble Economy Is Set To Burst” As Political Tension Soars

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Authored by Andy Xie via The South China Morning Post,
Central banks continue to focus on consumption inflation, not asset inflation, in their decisions. Their attitude has supported one bubble after another. These bubbles have led to rising ­inequality and made mass consumer inflation less likely.

Since the 2008 financial crisis, asset inflation has fully recovered, and then some. The US household net worth is 34 per cent above the peak in 2007, versus 30 per cent for nominal GDP. China’s property ­value may have surpassed the total in the rest of the world combined. The world is stuck in a vicious cycle of asset bubbles, low consumer ­inflation, stagnant productivity and low wage growth.
The US Federal Reserve has indicated that it will begin to ­unwind its QE (quantitative easing) assets this month and raise the ­interest rate by another 25 basis points to 1.5 per cent. China has been clipping the debt wings of grey rhinos and pouring cold water on property speculation. They are..

“You’ll Love My Dick” – Amazon Suspends Video Chief After Sexual Harrassment Allegations

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Amazon has reportedly suspended Roy Price, its point man in Hollywood and the head of its ambitious video program, according to ReCode.

HollywoodReporter reports that in the wake of revelations about Harvey Weinstein’s alleged years-long sexual harassment and assault, a producer of one of Amazon Studios’ highest-profile TV shows is ready to talk about her “shocking and surreal” experience with Amazon’s programming chief.

“You will love my dick,” Price allegedly said to Isa Hackett, a producer on 'The Man in the High Castle,' who details a July 2015 incident at Comic-Con in San Diego.
On the evening of July 10, 2015, after a long day of promoting Man in the High Castle at Comic-Con in San Diego, Hackett attended a dinner with the show's cast and Amazon staff at the U.S. Grant Hotel. There she says she met Price for the first time. He asked her to attend an Amazon staff party later that night at the W Hotel (now the Renaissance) and she ended up in a taxi with Price a..