Posts Tagged ‘carousel’

United States: uneven ISM indices, but pointing to strong growth in the fourth quarter

The ISM manufacturing survey published on Monday once again delivered a positive surprise. The headline index inched up further from 56.4 in October to 57.3 in November, above consensus estimates (55.1), marking its highest level since April 2011. ISM manufacturing: widespread improvement in November The details of the reports showed that the improvement was quite […]

Interview with Prof. Youssef Cassis

A leading financial historian discusses the origins of banking in Switzerland, its evolution through the years and how it has adapted to the internationalisation and then globalisation of financial markets. Perspectives: When did banking first come to Switzerland? Professor Youssef Cassis: Like most European countries, Switzerland has a banking tradition going back to the Middle Ages, […]

In conversation with Yossi Vardi

Yossi Vardi has founded and helped build more than 60 high-tech companies since 1969, in fields such as software, the internet and mobile applications. He attributes Israel’s record of innovation to its entrepreneurial ecosystem—and an open culture of risk versus failure The difference between an entrepreneur and the rest of the population is easy to explain, he says, explaining it as some […]

Deflationary pressures mounting in Europe

• Editorial outlook: A failure of momentum • Macroeconomics: Economic dynamics favourable overall • Strategy: Cyclical plays to the fore • Headline news from around the world: Monetary policies moving in divergent directions • Asset classes: Risk factors confirmed as taking over as driving forces • Topic of the month: Are hedge funds staging a comeback? […]

Adjust your sights

With markets focused on the likely timing and scale of reduced quantitative easing by the US Federal Reserve, Yves Bonzon, Pictet’s chief investment officer, argues that their focus is on the wrong place. Instead, the US fundamentals that will dictate the Fed’s eventual decision should be closely watched and assessed as to whether any QE […]

Pictet is recognised as Best Private Bank in Europe

The 2013 awards, presented by Professional Wealth Management, a Financial Times publication, attracted entries from 103 banks in 45 countries. The panel of nine judges singled out Pictet as an example of a bank that is already devoting itself to improving its wealth management service and reinventing itself with the times.

United States: Third-quarter retail sales data encouraging for consumption growth

Nominal total retail sales dropped by 0.1% m-o-m in September, below consensus expectations of unchanged sales. The figures for the previous few months were unrevised. This decline was linked in a good part to a 2.4% m-o-m contraction in nominal car sales. This kind of sharp fall was expected as already published data on unit […]

After gold and equities, normalisation has been spreading to interest rates and currencies

Last December, in our investment guidance for 2013, we suggested that the year could be characterised by a decline in the Swiss franc, particularly against the euro. Movements in the first half seemed to confirm this prognosis, since in January and again in May the exchange rate soared above 1.25 (although it failed to stay […]

Germany: Economic activity

In August, German industrial production increased by 1.4% m-o-m, better than consensus expectations (1.0% m-o-m). Moreover, the July figure was revised up from -1.7% m-o-m to -1.1% m-o-m. As a result, July and August average industrial production continued to increase (by 0.6% q-o-q compared with Q2, against 1.5% q-o-q in Q2).   Factory orders: disappointing […]

United States: ISM surveys are uneven, but still point to strong growth in the third quarter

The ISM manufacturing survey published on Tuesday once again delivered a positive surprise. The headline index inched up further from 55.7 in August to 56.2 in September, above consensus estimates (54.0). ISM manufacturing: ‘employment’ sub-component improved in September The ‘new orders’ sub-component eased down slightly, while the ‘production’ sub-index inched up marginally, but both remained […]

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