How far should Switzerland go when it comes to shielding state-owned companies from foreign takeovers? According to Marco Salvi, senior fellow at think tank Avenir Suisse, Swiss companies don’t need to be saved.
Asian indexes ended the day markedly up, but European stock exchanges struggled to recover fully. The SMI closed slightly up: 0.24% at 8660.25 points. Wall Street remains hesitant, while tech equities in Asia and the U.S. are finding momentum.
U.S. President Donald Trump has said that he doesn’t like the Federal Reserve’s decision to continue to hike interest rates. According to Esty Dwek, senior investment strategist at Natixis Investment Managers, you can’t really blame the Fed alone for the latest market sell-off.
This Thursday, global markets continued to struggle with the SMI hit badly, closing down 2.85 percent to 8,639.19. Tonight’s Markets Summary looks at the sell-off in U.S. stocks and why Swiss banks were hit hard.
For IMF chief Christine Lagarde, India has the potential to become the world’s fastest growing economy. In an interview with CNNMoney Switzerland, Chrys Kamber, head of Indian investments at Picard Angst, sees positive signals despite the macroeconomic headwinds.
Patrice Gautry, chief economist at UBP, explains the weakening of the renminbi is part of Beijing’s response to the trade dispute with Washington. He warns that the RMB could be further devalued. Gautry also gives his assessment on what the finance industry can do against global warming.
The SMI was under pressure today and closed down 0.79 percent to 8,892.88. Global markets showed concern over the Italian budget and trade tensions, while Bitcoin reached its lowest volatility point in 17 months.
Jan Brzezek, CEO and co-founder of Crypto Finance, anticipates volatility and the price of Bitcoin and other cryptocurrencies to increase again soon. Brzezek also explains what his new crypto asset-management license—the first ever granted by Finma—will change.
Despite being under financial pressure, Italy still has significant resources—but they are private and increasingly invested abroad. Anastassios Frangulidis, of Pictet Asset Management, explains this dynamic. He also gives his take on the IMF’s latest forecasts for the U.S., China, and Switzerland.
It was a bumpy day for the SMI, but it eventually closed flat at 8,964.11 points. Global markets reacted to the latest IMF forecasts, and the euro weakened against the dollar amid the Italian sovereign bonds sell-off.
Will banks in Geneva remain optimistic? It depends on the coming tax and pension reforms, says Yves Mirabaud, chairman of the Geneva Financial Center. The banker also shares his views on the relationship between Switzerland and the EU.
Karsten Junius, chief economist at the research division of Bank J. Safra Sarasin, explains why investors have been selling U.S. treasury bonds pushing yields up. Junius also tries to decipher Italy’s public spending strategy.
Marie Owens Thomsen, chief economist at Indosuez Wealth Management, discusses the IPCC report and Nobel Prize in economics. She also explains why she’s concerned asset prices don’t reflect the impact of global warming on businesses.