This morning the Swiss Consumer Price Index came out in line with the analysts’ expectations (0.1% vs 0.2% expected MoM and -0.4% vs -0.4% expected YoY). The figure is, in absolute value, very low and comparatively, it is located in the average of what we experienced since 2010. This does confirm what we explained with the Foreign Currency Reserves, which was the highest number ever for the SNB.
Although high-speed Internet access is easy, the home telework is still the exception in Switzerland: in 2015 only 2.7% of the working population worked from home comfortably.
Reading in a complete statistics, from 2001 to 2015 the number of "teleworkers" people has quadrupled, reaching a height of 120,000, as the Federal Statistical Office (FSO) indicates in his report "The home telework in Switzerland, 2001- 2015 ".
The output from the Union is likely to cost the UK exporters 5.6 billion pounds – about 7.2 billion Euros, if not longer as a result of exchange rate volatility, in additional customs duties. To launch this new cost warning of a possible vote by the EU for the divorce was the Director General of the WTO, Roberto Azevedo.
Azevedo has clarified such as London, in case of Brexit, should renegotiate their agreements from scratch.
The yield on German 10-year Bund retouchs historic low. The record marked yesterday with an interest of 0.47% has been canceled today at the start of trading on European markets. The yield on the Bund falls to 0.33% and approaches the fateful zero.
All government bonds of the euro area are well procured from a few sessions but not with the intensity of the German 10-year. Meanwhile, today part of the plan purchases of corporate bonds non-bank by the ECB as part of the Qe and with the goal of bringing in 80 billion euro monthly purchases. Among the operators some fear that the Eurotower not reach at least 5 billion of corporate bonds and the level below € 3 billion would be read as a failure.
The World Bank has cut its global economic growth forecasts and subscribed to cut forecasts operated by other supranational institutions, due to the uncertainty of the macroeconomic scenario.
The new estimate indicates an increase of 2.4% compared to 2.9% previously indicated. Growth readjusts well to the levels of 2015, and will tend to rise to 2.8% in 2017 and 3% in 2018.
Among the solutions, economiesuisse says including process optimization, review of purchase channels, the increased investment, the temporary increase in working hours, hiring freezes and also downsizing and relocations abroad. Taking advantage of the slight weakening of the franc, the worst scenarios wasn’t realized.
The cautious evolution of the global economy prevents a more sustained recovery, but the current trend has the merit of bringing stability. Therefore, economiesuisse expects an improvement in consumer sentiment over the year. After a smooth start, the economy looks up and growth of new approaches of the rates recorded in Germany.
According to the European Statistical Office, Eurostat, the third and final estimate of GDP for the 1st quarter indicates an increase of 0.6% on the quarter and 1.7% on year. These forecasts exceed those announced last month respectively 0.5% and 1.5%.
In the fourth quarter of the year there has been a growth of 0.3% qoq and 1.6% yearly. The entire European Union (EU) economy recorded an increase of 0.5% as compared to the cyclical same quarter last year, there was an increase of 1.8%.
In the morning the Madrid headquarters of BNP Paribas was raided by the Central Operating Unit Civil Guard officers (Uco) that required, by order of Judge José de la Mata, data and information relating to alleged money laundering at the bank in Geneva hsbc.
The raid comes four days after a similar operation at the headquarters of Banco Santander in Boadilla del Monte. The origin of the survey is the so-called Falciani list.
Judge José de la Mata is investigating the activities of HSBC in Spain in relation to Falciani list, which includes more than 600 holders of Spanish accounts worth about 6 billion euro, held at the headquarters of the Geneva private bank.
