Europe

The Federal Statistical Office (FSO) today released the quarterly statistics of the border in Switzerland. If in Ticino in the first quarter of 2016, the data registers 62 647, or + 0.3% compared to the last quarter of 2015, compared to the same quarter last year is -0.5%.

At the Swiss level, frontier workers are 306,245, 0.7% more than in the previous quarter and 3.8% more than in the same quarter last year. According to the data, growth in the second quarter covers the whole of Switzerland: + 1% in the Lake Geneva region (+ 5.4% over one year), up 0.6% in the Central Plateau, + 0.7% in Northwestern Switzerland, + 0.6% in Zurich, + 0.9% in Eastern Switzerland and + 4.5% in the middle.

According Tidjane Thiam, Credit Suisse CEO, the bank does not need a further capital increase. In an interview given to the agency Bloomberg, the manager claims that, in the light of most of the scenarios, the institute does not need an additional injection of money.

Meanwhile, the bank continues with the restructuring; the process, which will involve the sacrifice of 6,000 jobs, calls for strengthening of asset management at the expense of the investment bank.

The food delivery market is going to be more and more competitive. According to Rocket Internet estimates, its value is around 90 billions of dollars, an element that is carrying several big players, such as Uber and probably Amazon, soon to enter the European market.

Deliveroo, London-based company born in 2013, has decided to "pump fresh cash", through a collection funding and raises $ 361 milllion, tanks to a group of new investors led by private equity fund Bridgepoint. In less than three years, the start-up has already put together $ 475 million that drives up the evaluation, though analysts do not unbalance of what could be the company’s value on the market.

Switzerland has always been one of the safest havens in the financial field, as evidenced by its public bonds, which until the expiry of 30 years still offer negative returns. The exchange rate between the Swiss franc and euro is practically to the beginning of the year, being rocked in recent months in a fairly narrow range (1.07 to 1.11).

The post-Brexit statement was only the second time the SNB has officially confirmed intervention to weaken the Swiss franc since January 2015. The first happened when Greece announced a referendum on its bail-out by European partners.

The Swiss tourism industry saw a drop in the first half: the hotel industry registered 16.8 million overnight stays, with a 1.2% decline compared to the same period last year. The decrease was due to foreign guests (-2.5%), while domestic demand has held (+ 0.5%).

According to figures published today by the Federal Statistical Office (FSO) at the regional level, the Ticino has a low step back (-0.1% to 916’190 nights), an improvement compared to the same period of 2015 (-5, 2%).

The Swiss labor market is unlikely to improve in the coming months: it is the result of the use indicator calculated by the economic research center at ETH Zurich (KOF). In July it stood at -1.5 points, in progression compared to -2.6 points in the previous survey, dating back to April, but it remained negative.

The economic recovery in the euro area continued, supported by domestic demand, while export growth remains modest. Looking ahead, the economic recovery should proceed at a moderate pace. The Economic ECB Monthly Bulletin explaining how "domestic demand continues to be supported by the transmission of monetary policy measures of the real economy ECB" but the risks to the outlook for growth "remain on the downside": Brexit, other geopolitical uncertainties, the outlook for growth contained in emerging markets.

"It ‘s likely that inflation rates remain very low in the coming months and then go back later in 2016 in large part due to the reasons of the base effects of change on-year rate of energy prices". In the newsletter it is stressed that with the support of the "monetary policy measures and the expected recovery of the economy, inflation rates are expected to rise further in 2017 and 2018".

The ECB continues to expect that interest rates will remain at levels equal to or lower than the current ones for an extended period of time, far beyond the horizon of the net asset purchases. "In economic bulletin states that" if necessary "Frankfurt ready to act "using all the tools available within its mandate."

Finally for the ECB, "the bank lending survey in the euro area for the second quarter of 2016 showed further improvement of the offer conditions of loans to businesses and households and the continuing increase in demand for all categories of loans. " Therefore, according to the institute in Frankfurt, "it is essential that the channel of bank loans continue to function properly."

Brexit might make its effects felt also in the UK bureaucracy: if all European citizens who live, study and work in Britain would appear to ask for a residence visa, there would be a clogging equal to work for 140 years dispose of all the amount of paperwork. The administrative effects could be very serious: it is the result of a study by the Migration Observatory at Oxford University, as reports the Financial Times.

The "right" to residence, depending on the outcome of the referendum may be required for more than 3.5 million people and since, at the time, the Ministry of Interior English is no more than 25 thousand practices a year, the race to seen could create an unprecedented bureaucratic gridlock, since they would be disposed of a file number 140 times higher than average.