Murdoch also intervenes in the referendum on Brexit through "Sun". The British newspaper largest circulation owned by Australian tycoon Rupert Murdoch, in fact invites voters to choose to leave the EU.
The result of the referendum on 23 June, will have consequences far-reaching and important political and economic implications, as well as in defense, on migration flows and on diplomatic relations between London and the rest of the world. According to the latest polls in the campaign for the release of the UK from the European Union, the ‘leave’ option appears in the lead by about seven points on that ‘remain’.
Similarly to the Scottish independence referendum in 2014, markets are starting to get nervous two weeks from the Brexit vote. A single poll by an independent newspaper showing 55% in favour of Brexit, was enough to spur doubt among investors. The volatility on European markets spiked up and oil fell 3% last Friday. The EUR/CHF is also particularly affected with 1 month implied volatility reaching the highest level since the summer of last year.
Swiss banks could benefit from a possible Brexit, while taking account of the turmoil that would affect the markets is what emerges in a conference organized by Reuters in Zurich today.
"In the area of asset management, the Swiss would take advantage of a Brexit" the director of the Swiss branch of the consulting firm Boston Consulting Group says, whereas London is the city where more billionaires, from Asians to Russians.
The SNB foreign currency reserves came out this morning. They were significantly higher than the previous month (602.1bn vs 587.6bn CHF). This is the highest number ever for the SNB, which keeps increasing its reserves since early 2009 and dramatically accelerated since 2012. This shows what, intuitively, we thought: the SNB is still intervening massively to stabilize the EURCHF exchange rate, which is trapped in the 1.10-1.11 range since late April, and almost always above 1.09 since January. And this is not going to stop.
The American Federal authorities guarantee of bank deposits has announced today that it has concluded an agreement with eight financial institutions, including UBS and Credit Suisse, which concerns a total of $ 190 million (188 million francs).
The agreement puts an end to a series of disputes about the sale of securities related to real estate loans of the former Countrywide Financial. In a statement the Federal Deposit Insurance Corp (FDIC) states that the agreement was signed with UBS, Credit Suisse, Barclays, BNP Paribas, Deutsche Bank, Edward D. Jones & Co., Goldman Sachs and Royal Bank of Scotland.
Swiss KOF leading indicator, designed to predict the Swiss economy over the next 6 months hit a new high reading at 102.9 since 1 year. The KOF continues to trend higher, which is a sign Swiss companies have started to adapt to the stronger franc.
Dieter Behring’s trial begins today, Monday, to the Federal Criminal Court in Bellinzona, and will last until the end of June. The financier Basel is accused of fraud for scam to trade and money laundering; defined the Swiss Madoff, he had damaged 2,000 investors between September 1998 and October 2004, promising to invest safely halt the capital that relied more speculative areas and the other half, to get more returns high. He ended up leaving a chasm of 800 million francs, because in reality the money of new clients was used to repay the previous ones and to fund his lavish lifestyle (up to 600,000 francs autoconcesso salary, watches and jewelery).
The outlook for the Swiss economy improved slightly in May: the barometer of the economic research center at ETH Zurich (KOF) stood at 102.9 points, 0.3 points more than in April (revised indicator from 102,7 to 102.6).
The figure is in line with forecasts: the analysts interrogated by the agency AWP betting on an index of 102.0 and 103.0 points. Since last February, the barometer is moving steadily above the long-term average: this suggests a continuation of the positive economic development in the coming months, the KOF said in a statement today.
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