Europe

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.

Employed in the manufacturing sector increased in Germany in April. According to estimates released today by Destatis, the increase amounted to + 0.9% from the previous year, an increase of about 49 thousand working units employed in factories with more than 50 employees. Overall, the German National Statistical Institute points out, at the end of April, some 5.4 million people are employed in the sector.

The number of hours worked in April grew by 4.9% trend, reaching € 723 million. Total revenues of the sector, in the month under review, totaled 23.6 billion euro, up 2.9% from April 2015.

From next August PostFinance will reduce the interest rates of different current accounts: the private account in CHF or EUR is even zero, from the current 0.01%. The result of this decision is the current difficult context of the interests in domestic and international financial markets, leading to pressure on operating results.

The interest rate on savings E-bill for private customers, business or associations (in CHF or EUR) is reduced to 0.05% from 0.10%, as the press release informs.

The day of the referendum for the Brexit is running and the latest survey, conducted by the Institute for Independent Orb, sees the Eurosceptics ahead by 10 percentage points: 55% of British voters believe that Britain should leave the EU compared to 45% who want to remain. It is one of the widest margins of advantage for the campaign Leave newly registered.

Axpo, the Aargau power company, recorded a sharp drop in profits for the first half year 2015/2016, which ended in March, net profit amounted to 350 million francs, a -18%. Revenue fell by almost 5% to 3.04 billion. The statement today indicates that the company has continued to suffer the repercussions of low energy prices in the wholesale.

Russian Energy Minister Alexander Novak told the press that negotiations for the resumption of gas supplies to Ukraine will depend on the proposals of Kiev. "Everything will depend on what will be proposed by Ukrainian colleagues, and in this sense, for all I know," Naftogaz "and" Gazprom "are in contact," said when asked about resumption of gas supplies.

Formerly the CEO "Gazprom" Alexey Miller declared that the company had received the request of "Naftogaz" to resume gas supplies from Russia to Ukraine in the second half of 2016 until April 2017. The "Naftogaz" answer is that it has offered to " Gazprom "to sign a supplementary agreement to the contract for the supply of gas in the next three quarters, economically reasonable considering the price level" less transportation hub. "

The title of Credit Suisse is at historic lows: at the Zurich Stock Exchange the title stock of the second Swiss bank has been exchanged in the afternoon at 11.61 francs, the lowest level since 1989, according to Reuters calculations.

Around 15.30 the share has come to lose about 4% over Friday, then it is slightly relieved: after 16:00 left on the ground about 2%. Bank stocks are under pressure throughout Europe. UBS also not exempt from this trend.