Posts Tagged ‘switzerland’

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, […]

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.

Sudden Swiss franc depreciation

Following the recent fall of the Swiss franc against the euro, there were paradoxical comments on the opportunity on both moving the Swiss National Bank’s floor lower (say to 1.25 for example) or on abandoning it altogether (or moving it higher). We believe both options are very unlikely, at least in the coming months. Moving […]

Switzerland: GDP grew by more than expected in Q3

With the euro area economy likely to remain in recession over the coming few months, and expected to recover only very tentatively thereafter, it is hard to be really optimistic on the Swiss economy for the coming few quarters. Today’s GDP data were encouraging but other indicators including the manufacturing PMI (see chart below) have […]

Swiss franc weakness unlikely to last

We believe the weakening of the Swiss franc downward move is unlikely to last over the medium run. The EUR/CHF exchange rate will again become a two-way bet and we remain cautious on the eurozone crisis. Peripheral countries are in recession and Germany is slowing. Austerity programmes are a powerful drag on growth and public […]

Markus Boesch: “We know most of the families that own a Boesch boat”

When Markus Boesch was growing up, he always assumed that he would join the speedboat business founded 91 years ago by his great-grandfather Jakob. As a young boy, he had played in its boatyard on the shores of Lake Zurich, and later worked there during his summer holidays. But after failing to complete a degree […]

Switzerland: Economic expansion almost came to a standstill in Q4 2011

Swiss GDP grew by 0.1% quarter-on-quarter in Q4 2011 (+0.4% annualised), above consensus expectations (-0.1%), but below the growth rate recorded in Q3 (+0.3%, revised up from +0.2%). On a year-on-year basis, GDP growth edged down from 1.6% in Q3 (revised up from 1.3%) to 1.3% in Q4. Consensus expectations were heading for a lower […]

The Swiss franc: what to expect after Mr Hildebrand

In the early days of 2012, the Swiss National Bank (SNB) came under the spotlight again. This time, however, it was not because of its currency interventions but because of its (now) former head, Philipp Hildebrand. Indeed, Mr Hildebrand had to resign after his wife bought US dollars a couple of days before the SNB, […]

Don’t fight the Swiss National Bank

On 6 September, the Swiss National Bank (SNB) set a maximum value for the franc at EUR/CHF 1.20. After about two months, we can say that this exceptional operation has been successful. The Swiss franc has remained above 1.20 without experiencing any evident speculative attack. Moreover, early SNB criticism has waned because this operation has […]

The SNB sets a maximum value for the franc

This morning, the Swiss National Bank (SNB) set a minimum exchange rate at CHF 1.20 per euro, the latest measure to prevent the strengthening of the Swiss currency. It should be noted that the SNB is not pegging the franc to the euro; it is merely setting a threshold the Swiss franc should not exceed. […]

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