Europe

La monnaie britannique a atteint son niveau le plus bas en trente et un ans face au dollar et en sept ans face à l’euro.

UBS said Spain asked Switzerland for help in tax matters on Friday,agency Reuters reported. Similar requests came from France and the Netherlands earlier this year.

Last month, however, the Federal Court has given the green light to the delivery of data to the Netherlands for a UBS Dutch client, disavowing the TAF that was opposed in March.

France’s industrial production rebounded more than expected in August, figures from the statistical office Insee showed Friday. Industrial output grew 2.1% in August from July, when it fell by revised 0.5%. This was the fastest growth since December 2014, when it advanced 3.7%.

Forecast’s economists were a moderate 0.6% growth after July’s initially estimated decrease of 0.6%. Following three months of declines, which is partially linked to strikes and blockades in May and June, it’s a good news for French economy. Likewise, manufacturing output gained 2.2% in August, the biggest since late 2014 and reversed a revised 0.2% drop in July.

Output was expected to gain 0.3%. Production for July was revised from 0.3 %. Construction output declined 2.6% after expanding 3.4% a month ago.

During three months to August, industrial production dropped 0.5% and manufacturing fell 0.2% from the previous three months.

Theresa May outlined a vision for Britain after Brexit in the speech to Tory conference during its annual convention yesterday. British Prime Minister said the vote for Brexit was a rejection, not just of the European Union, but of an entire social and economic order. “It was about a sense – deep, profound and let’s face it often justified – that many people have today that the world works well for a privileged few, but not for them.

Novartis will close Schlieren’s plant in the canton of Zurich, cutting 73 jobs.
The Swiss pharmaceutical company said yesterday that it would be moving its key research facility here to Basel ad Cambridge (US) as part of a “broader, global strategic plan” to shore up its resources. Novartis will leave also Singapore where it set up a private-public partnership with Singapore’s Economic Development Board.

Retail sales in the Eurozone fell less than expected in August, according to the latest figures from Eurostat.
EU’s statistics agency said retail sales dipped 0.1% from July, beating expectations of a 0.3% decline. However, they rose 0.6% y/y, forecasts were of a 1.5% increase.

The British pound hit a new 31-year low against the U.S. dollar on Tuesday as markets continued to digest the news that the U.K. seems head for a "hard" exit from the European Union. The pound closed at $1.2759. It’s weakest value since June 1985.
The so-called "hard Brexit’ is the way to leave it with restricted access to the EU single market.

Italy launched its first 50-year Bond on Tuesday. Like Spain, France and Belgium, in a statement, the Italian Finance Ministry said the bond would mature on March 1, 2067 and would be issued “in the near future”, as widely announced in recent weeks. The sale was arranged by Banca IMI, BNP Paribas, Goldman Sachs, HSBC France, JP Morgan Securities and Unicredit.
Italy joined other euro zone countries that have locked in historically low rates by selling ultra-long debt this year.